Business

Iraq’s Oil Contracts Make Joining OPEC Output Cut More Painful

By Ahmad Ghaddar and Ahmed Rasheed LONDON/BAGHDAD, Nov 18 – Iraq would have to compensate international oil companies for limits placed on their production, according to industry sources and documents seen by Reuters, further reducing the prospect it will join any OPEC deal to curb the group’s output. The compensation – stipulated in contracts –

[ Read More ]

Saudi Energy Minister Urges OPEC to Cut Oil Output to 32.5 Mln Bpd

By Reem Shamseddine, Tom Finn and Rania El Gamal RIYADH/DOHA, Nov 17  – The energy minister for top OPEC exporter Saudi Arabia said on Thursday he was optimistic about OPEC’s deal to limit oil output and mentioned the lower end of a previously agreed production target, helping spur a rally in the price of crude.

[ Read More ]

OPEC Ready to Reach ‘Forceful’ Deal on Cutting Oil Output

CARACAS, Nov 17 – OPEC countries are ready to reach a “forceful” agreement on cutting oil output, Venezuelan President Nicolas Maduro said on Wednesday, following a meeting with OPEC Secretary-General Mohammed Barkindo in Caracas. “There is sufficient will among OPEC countries to take the step we need to take in the month of November, (to

[ Read More ]

OPEC Pushes for Consensus On Oil Cut, Gaps Narrowing – Sources

By Alex Lawler and Rania El Gamal LONDON/DOHA, Nov 16 – OPEC officials are working to nail down details of their plan to limit oil supply and gaps over some sticking points are narrowing, OPEC sources said, a sign of progress in finalising the exporter group’s first such deal since 2008. OPEC agreed in Algeria

[ Read More ]

Some OPEC Ministers Likely to Meet in Doha on Friday – Algerian Source

ALGIERS, Nov 16 (Reuters) – A number of energy ministers from OPEC oil-producing countries are likely to meet informally in Doha on Friday to try to build consensus over decisions taken by the full group in September in Algiers, an Algerian energy source said. At the September meeting, OPEC agreed on modest, preliminary, oil output

[ Read More ]

Oil Wars: How Kremlin’s $13 Bln Indian Deal Almost Fell Apart

By Dmitry Zhdannikov, Nidhi Verma and Katya Golubkova LONDON/NEW DELHI/MOSCOW, Nov 16 – A multi-billion-dollar Russian deal to buy Indian refiner Essar was nearly sunk at the eleventh hour by a rival bid from Saudi Arabia as the two oil superpowers vie for supremacy across the world. The deal between Essar and a consortium led

[ Read More ]

Once Critical, Gulf Executives Want to do Business with Trump

By David French DUBAI, Nov 13 – Gulf executives who were upset by Donald Trump’s campaign trail comments about Muslims took a conciliatory tone following his election victory and said they were open for business with the United States. In Dubai, boards displaying the President-elect’s name and his support for a DAMAC project to build

[ Read More ]

IMF Approves Egypt’s $12 Billion Loan Agreement, $2.75 Billion Disbursed

By Ahmed Aboulenein and David Lawder CAIRO/WASHINGTON, Nov 12- Egypt won International Monetary Fund approval on Friday for a three-year, $12 billion bailout program aimed at reviving a struggling economy, bringing down public debt and controlling inflation while seeking to protect the poor. The IMF said its executive board’s approval immediately disbursed an initial loan

[ Read More ]