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Middle East Crude Oil News

Oil Pares Gains After Soaring To 2-Year Highs

Oil Pares Gains After Soaring To 2-Year Highs

Brent crude prices were propelled to a two-year high yesterday, triggered by concerns about a Kurdish referendum vote to seek independence from Iraq. Although the vote is non-binding, a yes vote would pave the way for negotiations to secede from Iraq.Neighboring countries such as Iran and Turkey are against the…

Statoil among firms seeking stakes in Abu Dhabi offshore blocks – Energy,UAE

Statoil among firms seeking stakes in Abu Dhabi offshore blocks – Energy,UAE

Statoil is among producers involved in discussions with the Abu Dhabi National Oil Co (Adnoc) about joining offshore production in the emirate, according to a Norwegian diplomatic dispatch. “All the major oil companies, including Statoil, are positioning themselves for a cooperation with Adnoc in the offshore segment,” Norway’s embassy in…

OPEC to discuss extending cuts, quotas: UAE minister – Energy,UAE

OPEC to discuss extending cuts, quotas: UAE minister – Energy,UAE

OPEC will discuss extending production cuts that have boosted oil prices and imposing output quotas on all cartel members at a November meeting in Vienna, an Emirati minister said Monday. UAE Energy Minister Suheil al-Mazrouei said the oil market had rebalanced after OPEC and non-OPEC producers agreed to cut output…

Cracks Emerge In OPEC-Russia Oil Output Cut Pact

Cracks Emerge In OPEC-Russia Oil Output Cut Pact

While OPEC and Russia are leading the production cut deal, Russia’s estimates for $40 oil doesn’t bode well for the future of the output pact that the cartel and a dozen non-OPEC producers led by Russia forged at the end of last year, Robin Mills writes for Bloomberg View in…

UAE confirms first nuclear power plant to open in 2018 – Energy,Construction,UAE,Middle East

UAE confirms first nuclear power plant to open in 2018 – Energy,Construction,UAE,Middle East

The United Arab Emirates on Monday announced plans to open a nuclear power plant next year, in what would be a first for the emirate and the Arab Gulf region.The $20 billion Barakah plant west of Abu Dhabi is being constructed by a consortium led by Korea Electric Power Corp."We…

Russia And Saudi Arabia Are Becoming Unlikely Allies

Russia And Saudi Arabia Are Becoming Unlikely Allies

Five years ago, the idea of OPEC and Russia working together on any oil and gas issue would have seemed absurd to any energy analyst worth his or her salt. But the unusual market circumstances of the past three years have made this unlikely scenario a reality.Now, Saudi Arabia, the…

What Happens If Trump Trashes The Iran Nuclear Deal?

What Happens If Trump Trashes The Iran Nuclear Deal?

U.S. President Donald Trump trashed the Iran nuclear deal at the UN last week, sparking speculation about whether he intends to pull the U.S. out of the deal before a key deadline by mid-October.The U.S. president needs to recertify the agreement every three months, with the latest deadline coming up…

ABB to acquire GE Industrial Solutions for $2.6bn

ABB to acquire GE Industrial Solutions for $2.6bn

ABB expects to realise approximately $200mn of annual cost synergies in year five, which will be key in bringing GE Industrial Solutions to peer performance. ABB announced the acquisition of GE Industrial Solutions, GE's global electrification solutions business.GE Industrial Solutions has deep customer relationships in more than 100…

Cheap Oil Or A Weak Dollar: Pick One

Cheap Oil Or A Weak Dollar: Pick One

Glance at this chart of the trade-weighted U.S. dollar, and note the swing highs and lows in the price of oil per barrel around each peak and trough. You can look up historical inflation-adjusted prices of oil in USD on this handy chart: Crude Oil Prices - 70 Year Historical Chart (macrotrends.net).(Click to…

U.S.-Backed Forces Retake Syrian Conoco Gas Plant From ISIS

U.S.-Backed Forces Retake Syrian Conoco Gas Plant From ISIS

U.S.-backed Syrian forces have seized a Conoco gas plant from Islamic State in the oil-rich Deir Ezzor area, depriving the militants from an important revenue source.Kurdish-led Syrian Democratic Forces (SDF), backed by the U.S.-led coalition, said on Sunday that they were making gains in eastern Syria after seizing the Conoco…

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