oil

Algeria Plans Bank Privatisations As Oil Money Dries Up

By Hamid Ould Ahmed ALGIERS, Sept 25  – Algeria plans to allow its dominant state banks to list on the local stock exchange to help develop its financial markets and diversify sources of funding after the oil price slide, a senior financial official said. The plan will open the door for foreign investors to acquire

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Libya Exports First Oil Cargo from Ras Lanuf Port Since 2014

BENGHAZI, Libya Sept 21 – An oil tanker left the Libyan port of Ras Lanuf for Italy early on Wednesday with the first crude export cargo from the terminal since at least late 2014, the port manager said. The port manager said a second tanker was preparing to load at Ras Lanuf, one of four

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Libya’s NOC Lifts Force Majeure at Eastern Ports, Exports to Resume

BENGHAZI, Libya, Sept 15  – Libya’s National Oil Corporation is lifting force majeure at three ports seized days earlier by eastern forces, and exports will resume immediately at two of them, it said on Thursday. NOC Chairman Mustafa Sanalla said in a statement he had accepted a handover of the ports from forces loyal to

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BUSINESS OUTLOOK: Volatility is on the Rise Again

BY Noureldeen Al Hammoury Crude Oil Rally Fades Since the beginning of the year, when oil producers decided to discuss the intention to freeze their oil production, crude oil prices recovered dramatically, moving from as low as $26 per barrel during January trading sessions to crossing the $50 threshold towards the end of May. However, the

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Saudis Tighten Their Belts for Eid in Age of Austerity

By Marwa Rashad and Reem Shamseddine RIYADH/KHOBAR, Saudi Arabia, Sept 5  – A cartoon widely circulated in Saudi Arabia on Twitter last month showed three old men in traditional robes, named Unemployment, Prices and Poverty, looking down at a young boy with torn clothes named Salary. “When will you grow bigger like us?!” the men

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Japan, Israel Upgrade Relations as Arab Oil Influence Wanes

By Tova Cohen TEL AVIV, Sept 5 – Japanese executives say they are increasingly drawn to investments in Israel as the price of oil falls and, with it, the influence Arab oil suppliers have on Japan’s decision-making. Over the past two years, Japan and Israel have strengthened business ties, signing a series of economic agreements

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Iraq Blacklists Tankers Involved in Shipping Kurdish Crude

By Dmitry Zhdannikov LONDON, Aug 30 – Iraqi state oil firm SOMO has blacklisted three tankers involved in shipping crude from Kurdistan, stepping up pressure on the semi-autonomous region amid tense talks on sharing oil revenue. Kurdistan has been exporting crude independently via Turkey since mid-2015 after saying Baghdad had failed to respect an oil

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Saudi Arabia Isn’t Flooding Oil Market Ahead of Freeze Talks

By John Kemp LONDON, Aug 23 (Reuters) – Saudi Arabia’s oil production hit a record in July, according to published statistics, and is likely to hit another in August, according to industry sources. Some analysts have interpreted the increases as an aggressive demonstration of the kingdom’s ability to ramp up output ahead of an informal

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