Business / Energy

Omani refinery products rise 12% in H1 05 Aug 2017 - 11:55 pm

Oman Oil Refineries and Petroleum Industries Company (ORPIC) said that the total refinery products and petroleum industries in the Sultanate recorded a rise...

Russian oil giant lends support to Venezuela oil company 05 Aug 2017 - 11:47 pm

Russia’s largest oil company disclosed another advance payment to Venezuela’s state producer after the US sanctioned President Nicolas Maduro on Monday. Rosneft PJSC...

BP sees oil prices below $55 a barrel in 2018 01 Aug 2017 - 01:21 pm

LONDON: BP expects global oil prices to hold within a range of $45-$55 a barrel next year as US shale production grows, the...

Shell preparing for world economy that shifts away from oil 28 Jul 2017 - 02:09 am

LONDON: Royal Dutch Shell is planning for the day when demand for oil starts fading as major economies move away from oil and...

Bolivia International Gas&Oil Congress 27 Jul 2017 - 01:17 am

(L to R) Seyed Mohammad Hossein Adeli, Secretary General of Gas Exporting Countries Forum; REPSOL-Spain Executive Director for Latin America & The Caribbean...

Financial sanctions to hit Venezuela’s oil revenue 22 Jul 2017 - 10:55 pm

The United States is considering financial sanctions on Venezuela that would halt dollar payments for the country’s oil, according to a senior White...

As Immelt bows out, GE shows stench of oil is hard to escape 22 Jul 2017 - 10:20 pm

In his final days atop General Electric Co., Jeffrey Immelt still can’t throw off oil’s stink. In his farewell earnings report, the chief...

Oil edges up towards $49, US drilling slowdown supports 17 Jul 2017 - 03:52 pm

LONDON: Oil edged up to about $49 a barrel on Monday as fewer drilling rigs were added in the United States, helping ease...

Cash from shale without dime spent on drilling 16 Jul 2017 - 11:18 pm

New York: Bob Ravnaas raised a paddle in a Houston auction house to secure his first block of mineral rights 19 years ago,...

Algeria’s energy production up 2.5 % 12 Jul 2017 - 12:34 am

Algeria: Algeria’s overall energy production rose 2.5 percent in the first quarter of 2017 compared with the same period last year, mainly due...

Hungary signs gas deal with Russia 06 Jul 2017 - 01:27 am

Budapest: Hungary signed a deal with Russia’s Gazprom to link the country with the Turkish Stream pipeline by end-2019 on Wednesday, a day...

Oil retreats after bull run, on rising OPEC exports, strong dollar 05 Jul 2017 - 05:28 pm

LONDON: Oil prices fell more than 2 percent on Wednesday, ending their longest bull-run in more than five years, as climbing OPEC exports...

China to receive more gas from Russia 05 Jul 2017 - 12:25 am

Moscow: Russia will start supplying gas to China through a new pipeline by the end of 2019, state gas giant Gazprom said yesterday,...

Nigeria oil firm saved $2bn by renegotiating contracts 04 Jul 2017 - 11:33 pm

Nigeria: Nigeria’s state oil company has saved $2bn in the past year by renegotiating its upstream servicing contracts, it said yesterday, as it...

Brent crude stabilises near $50 a barrel 04 Jul 2017 - 11:33 pm

London: Brent oil prices gained slightly yesterday, stabilising near $50 a barrel on tentative signs that a persistent rise in US crude production...

Oil price resumes longest rally since 2012; Opec output a concern 04 Jul 2017 - 12:46 am

London: Oil pared earlier losses yesterday, resuming its longest stretch of daily rallies in more than five years after data pointed to moderating...

Oil resumes longest rally since 2012; OPEC output a concern 03 Jul 2017 - 05:11 pm

LONDON: Oil pared earlier losses on Monday, resuming its longest stretch of daily rallies in more than five years after data pointed to...

Total to sign Iran gas deal, biggest since sanctions lifted 02 Jul 2017 - 03:55 pm

Tehran: French energy giant Total will finally sign its multi-billion-dollar agreement to develop an Iranian offshore gas field on Monday, the oil ministry...