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 …
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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, …
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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 …
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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 …
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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 …
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Bloomberg The Trump administration is preparing to unveil as soon as this week an expansive offshore oil plan that would open the door to selling new drilling rights in Atlantic waters, according to people familiar with the plan. President Donald Trump ordered his Interior Department to write the new blueprint with the aim of auctioning oil and gas drilling rights …
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LONDON / Reuters Less than two weeks after OPEC’s decision to extend oil production cuts, Libya and Nigeria — the only two exempt members of the group — are signalling their intent to raise output next year. While several ministers at the November 30 meeting of the Organization of the Petroleum Exporting Countries suggested the two nations had joined the …
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Bloomberg The effects of a hairline crack in one of the world’s most important oil conduits is rippling through crude markets from Europe to the US and Asia. The Forties Pipeline System is being shut after the fault was discovered near Aberdeen, Scotland. That pushed global benchmark Brent futures over $65 a barrel for the first time since June 2015, …
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Bloomberg Egypt and Russia signed a $30 billion deal to build North Africa’s first nuclear power plant as the Kremlin moves to expand its influence in the region. Russian President Vladimir Putin and his Egyptian counterpart Abdel-Fattah El-Sisi witnessed the signing ceremony in Cairo on Monday. The project increases Russia’s economic presence and political influence in the Middle East, already …
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Bloomberg Saudi Arabia plans to raise domestic gasoline and jet fuel prices in January, part of a program to gradually eliminate energy subsidies as the kingdom seeks to overhaul its economy and balance the budget, according to a person with knowledge of the matter. Gasoline prices are set to increase by about 80 percent, while jet fuel prices will be …
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