Regional News

Bloomberg The trains are running late for Canada’s oil producers just when they need them the most. After a two-week shutdown of one of the largest export pipelines to the US caused oil to back up in Alberta tank farms, Canadian railroad companies struggling to fulfill commitments to ship other commodities aren’t able to help ease the oil glut. “It’s ...

Bloomberg Crude’s rally fizzled out for a third week, with prices stalled near $57 a barrel as concerns over excess supplies next year temper enthusiasm for OPEC’s extended production curbs. Futures in New York closed just about where they started, with small gains over the past two days merely offsetting losses in previous sessions. While the halt of the Forties ...

Bloomberg A week ago, Cameroon was getting ready to jostle for space in a global liquefied natural gas market already crowded with new supplies from the US and Russia. Now the extra output couldn’t come at a better time. France’s Perenco SA and US-traded Golar LNG Ltd. will start shipments from their $1.2 billion LNG project off Cameroon in February, ...

Bloomberg Lebanon granted its first offshore energy rights to a group comprising Total SA, Eni SpA and Novatek PJSC, joining a regional race to find and develop oil and natural gas wealth in the eastern Mediterranean after years of delay. The cabinet awarded two licenses in its first offshore bidding round, allowing the companies to jointly explore blocks 4 and ...

DAMMAM / AGENCIES Saudi Aramco signed on Wednesday agreements with foreign and local companies worth at least 39 billion riyals ($10.4 billion). The bulk of the memorandum of understanding agreements were part of a drive to promote local manufacturing, the company said. One agreement was also signed with drilling and oil service company Schlumberger worth 6 billion riyals. Meanwhile, the ...

DAMMAM / Reuters Saudi Arabia will establish an export bank with capital of $8 billion to support overseas sales by its industrial and mining projects, energy, industry and mineral resources minister Khalid al-Falih said on Wednesday. “A bank for exports with a capital of 30 billion (riyals) will be established to encourage and support exports, and 5 billion riyals have ...

Bloomberg Natural gas flows resumed overnight in Europe after an explosion at an Austrian hub threatened supplies already pinched by a closed pipeline in the North Sea and a cold snap across the continent. Oil company OMV AG, which controls the Baumgarten gas hub, managed to divert international transit flows and restored supplies to Italy, Germany and Hungary before midnight, ...

Reuters OPEC expects the world oil market to be balanced by late 2018 as its deal with other producers to cut output reduces excess oil in storage, even as US and other producers outside the group pump more crude. The Organization of the Petroleum Exporting Countries, in a monthly report, cut its estimate of global demand for its crude in ...

Bloomberg The world’s largest oil consumer exported more hydrocarbons than ever before in 2017 and shows no signs of slowing down. You name it — crude oil, gasoline, diesel, propane and even liquefied natural gas — all were shipped abroad at a record pace. While the surge comes many years after the shale boom started, it can be traced straight ...

DAMMAM / Reuters Saudi Aramco plans to raise its spending to $414 billion over the next 10 years, including on infrastructure and drilling, as the state oil giant moves into new businesses, executives said. The spending plan is higher than Aramco’s projection last year of around $334 billion by 2025, as the oil producer has been expanding its businesses, the ...