oil

Burning The Midnight Oil

Saudi Arabia’s refusal to budge on oil prices has won it few friends BY Omar Al Ubaydli “You can’t run a business based on sympathies,” the controversial billionaire oil broker, Marc Rich once said. The business of oil is no different; it lubricates the region. And as the price of oil has taken a hit

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Gunmen Shoot Dead Senior Employee of Iraq’s North Oil Company

KIRKUK, Iraq, Dec 14 (Reuters) – Gunmen shot dead a senior employee of Iraq’s state-run North Oil Company (NOC) on Monday, the third company official to be killed in the past four months, police and sources within the company said. Deputy inspector-general Hassan Salim and three other employees were driving to their office in the

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Airline Profits to Hit Record Levels on Low Oil

GENEVA, Dec 10 (Reuters) – Low oil prices and healthy demand for travel will boost airline profits again in 2016, the International Air Transport Association said on Thursday. IATA, which represents almost 260 airlines accounting for 83 percent of global air traffic, said net profits would reach record levels of $36.3 billion in 2016 after

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The Fed is Unlikely To Cut Rates

Crude prices may fall further BY Nouraldin Al Hammoury The ISM Manufacturing Purchasing Managers Index (PMI) shocked the markets recently with a recessionary signal, as it dropped below the 50 key mark for the first time since 2012. This constitutes the largest decline and worst reading since 2009 when the PMI dropped to a 48.6

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Saudi-Iran Rivalry Sets Scene for OPEC Showdown Over Output

By Alex Lawler, Vladimir Soldatkin and Shadia Nasralla VIENNA, Dec 7 (Reuters) – It used to be said of OPEC that it was like a teabag – it only worked in hot water. If that is so, conditions on world oil markets could hardly be more difficult as prices languish at almost seven-year lows near

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Asian Imports of Iran Oil Fall to Lowest Level in Two Years

By Aaron Sheldrick TOKYO, Nov 30 (Reuters) – Asian imports of Iranian oil fell to the lowest level in two years in October, as Iran’s biggest crude buyers held off from increasing purchases following a landmark agreement on Tehran’s disputed nuclear programme in July. Imports by Iran’s four biggest buyers – China, India, Japan and

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Saudi Deputy Crown Prince Says Kingdom Considering Subsidy Cuts

RIYADH, Nov 25 – Saudi Arabia may reduce energy and water subsidies for wealthy citizens, impose a value added tax (VAT) and taxes on unhealthy goods like cigarettes and sugary drinks, Deputy Crown Prince Mohammed bin Salman was quoted as saying on Wednesday. The world’s top oil exporter has previously said it was studying increases

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U.S. Develops New Tools in Economic War Against Daesh

By Yeganeh Torbati and Brett Wolf WASHINGTON, Nov 24 – Since last month, U.S. warplanes have struck Daesh’s oil infrastructure in Syria in a stepped-up campaign of economic warfare that the United States estimates has cut the group’s black-market earnings from oil by about a third. In finding their targets, U.S. military planners have relied

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Oil Price Faces Fresh Downturn as Russia, Saudi Tussle in Europe

By Libby George and Amanda Cooper LONDON, Nov 9 (Reuters) A sales push by Saudi Arabia into north Europe’s refineries, a step into rival Russia’s backyard, piles fresh pressure on oil prices already struggling against oversupply. Stung by Russia’s success in supplanting it in the giant Chinese market, Riyadh has embarked on a charm offensive

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