Energy

  BAGHDAD / Reuters Iraq’s Oil Minister Jabar Ali Al Luaibi is reshuffling senior officials in a bid to revitalise a ministry that wants to improve the OPEC nation’s ability to boost oil production, an Iraqi oil official said. Deputy minister of upstream operations, Fayadh Al Nema, will become deputy minister for refining operations, replacing Dhiaa Al Mousawi who is ...

  Bloomberg As the oil market anxiously awaits OPEC’s decision next week, some of the countries hardest hit by the biggest price crash in a generation may have found a lifeline outside of the group. India, the world’s fastest growing crude consumer whose appetite for fossil fuels is forecast to surge in the next two decades, will likely decide next ...

  Bloomberg A glut of North Sea oil that’s helped depress global prices and heap pressure on OPEC is poised for short-term relief after traders booked tankers to take as much as half of the region’s key oil flow to Asia. Mercuria Energy Group Ltd. and Royal Dutch Shell Plc booked Forties crude onto tankers that typically haul 2 million ...

  Bloomberg Oil traded near $48 a barrel as OPEC members sought to reach an agreement on output cuts. January crude fluctuated in New York, rising as much as 2 percent after dipping 1.1 percent. The details of a deal will be finalized Tuesday and “everybody is on board,” Nigerian OPEC delegate Ibrahim Waya said in Vienna, where the group ...

  BENGHAZI / Reuters Libya’s Waha Oil Co says its production has reached more than 75,000 barrels per day (bpd) through the Waha and Samah fields and it expects that to increase when crude from the Jalu field comes online. Production at the Waha field, one of the main contributors to Libya’s Es Sider export grade, resumed last month after ...

  MOSCOW / Reuters A planned gathering of Russian oil firms and President Vladimir Putin which was expected to discuss possible output curbs has been delayed until after OPEC holds its Vienna meeting on Nov. 30, two energy industry sources said. The meeting of Russia’s energy industry commission, which had been scheduled for Nov. 23, has been put back to ...

  Riyadh / Reuters Saudi Arabia will establish a national program to optimise water and energy consumption, it announced in a cabinet statement, further moves in areas where the government is seeking to cut back huge subsidies. The new program will review policy incentives currently in place for the energy and water sectors, taking into account both economic productivity needs ...

  DUBAI / Reuters Iraq’s oil minister Jabar Ali Al Luaibi will make suggestions at a meeting of OPEC oil ministers at the end of the month to implement an agreement to restrain crude supply in order to push up prices, according to a statement from his ministry on Monday. The statement didn’t indicate what these suggestions are but hinted ...

  Riyadh / Emirates Business The Kingdom of Saudi Arabia is realizing Saudi Vision 2030 energy goals with advanced offshore construction technology, experts announced on Sunday in the build-up to ADIPEC 2016. Saudi Vision 2030 aims to increase oil and gas localization from 40 percent to 75 percent. Supporting these energy goals, leading Middle East’s leading firms are driving investment ...

  DUBAI / Reuters Iranian Oil Minister Bijan Zanganeh expressed optimism on Saturday about an upcoming OPEC meeting and said crude prices could jump to $55 a barrel if an agreement is reached and non-OPEC producers cooperate. “We are receiving positive signals that increase the likelihood of agreement at the meeting … and I’m optimistic about the situation,” Zanganeh told ...