oil

Oil Over Troubled Waters?

The privatization of Aramco casts a spotlight on Saudi oil reserves By Robin Mills “When a man knows he is to be hanged in a fortnight, it concentrates his mind wonderfully,” said Dr Samuel Johnson. The same is true of a major oil producer when the price falls below $28 per barrel, as happened on Friday.

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Saudi Arabia Alarmed, in Private, at Iran’s Sanctions Relief

By Angus McDowall RIYADH, Jan 18 – Saudi officials have said little in public, but they fear the end of sanctions on Iran could boost what they see as its subversive activities in the Middle East while also enriching a diverse economy that the oil-dependent kingdom views as a major competitor for regional influence. Saudi-Iranian

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Iran Set to Boost Oil Production by 500,000 BPD

DUBAI, Jan 18 – Iran has issued an order to increase crude oil production by 500,000 barrels a day, the deputy oil minister was quoted as saying on Monday, implementing its policy to boost production as soon as sanctions were lifted. Oil prices hit their lowest since 2003 on Monday as the market braced for

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Rouhani Hails “Golden Page” in Iran’s History as Sanctions Lifted

DUBAI, Jan 17 – President Hassan Rouhani hailed on Sunday a nuclear deal with world powers as a “golden page” in Iran’s history, and looked forward to an economic future less dependent on oil as the country emerges from years of sanctions and isolation. But in an address to parliament he noted bitter opposition to

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Four Oil Tanks on Fire at Libyan Ports After Clashes

BENGHAZI, Libya, Jan 6 – Fires caused by clashes between Daesh militants and guards near Libya’s biggest oil ports have spread to four oil storage tanks that were still burning on Wednesday, a guards spokesman said. Ali al-Hassi said the Petroleum Facilities Guards were in control of Es Sider and Ras Lanuf ports, but that skirmishes

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Global Markets: Asia Shares, Currencies Tumble; Oil Jumps

By Hideyuki Sano TOKYO, Jan 4  – Asian shares and currencies tumbled on Monday on the first day of trading in 2016 after China factory activity contracted and its central bank guided the yuan lower, while oil prices jumped as much as 3 percent on rising tensions in the Middle East. Leading the losses, mainland

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Big Oil to Cut Investment Again in 2016

By Karolin Schaps and Ron Bousso LONDON, Jan 3  – With crude prices at 11-year lows, the world’s biggest oil and gas producers are facing their longest period of investment cuts in decades, but are expected to borrow more to preserve the dividends demanded by investors. At around $37 a barrel, crude prices are well

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Dubai Says Its Non-oil Foreign Trade Worth $263 bn During Jan-Sept 2015

DUBAI Dec. 30 – Dubai has managed to contain the impact of the instability of the global economic environment, marked by a decline in commodity prices and currency rates, to maintain a strong economic performance in 2015 writes the Government of Dubai’s Media Office. Despite the adverse impact of the recent downturn in oil and

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