barrels

OPEC expects higher demand for its oil

Jeddah - Muslimchronicle

The Organization of the Petroleum Exporting Countries predicted higher demand for its oil in 2018 on Wednesday and said its production-cutting deal with rival producers was getting rid of a glut, pointing to a tighter market that could move into a deficit next year. In a monthly report, OPEC said the world would need 33.06 million barrels per day (bpd) of itsRead more

Libya announces new gas field discovery

Tripoli - Arab Today

Libya's National Oil Corporation (NOC) and the Italian company Eni announced the discovery of a new offshore gas field - located about 140 km away from Tripoli, Russia Today news channel reported. In a statement on Wednesday, the NOC said the well is 2,981 meters deep. The statement added that the daily output of the well's surface layer is expectedRead more

South Korea's Crude Oil Imports Up 5.1% in 2016

Seoul - QNA

South Korea's imports of crude oil climbed 5.1% last year from a year earlier, South Korean government data showed Monday. The combined inbound purchase of crude oil reached 1.78 billion barrels at the end of December, compared with 1.26 billion barrels the previous year, according to the Ministry of Trade, Industry and Energy. The import of petroleum products grew 8.3Read more

Saudi Aramco ‘explores supply cuts to meet OPEC target’

London - Arab Today

Saudi Aramco has started talks with customers globally to discuss possible cuts of 3 percent to 7 percent in February crude loadings as it moves to implement an agreement on curbing global oil output, sources said on Thursday. The Organization of the Petroleum Exporting Countries (OPEC) agreed in late November to cut production in the first half of 2017 toRead more

OPEC Forecasts Growth of Global Oil Demand in 2017

Vienna - QNA

Demand for OPEC crude next year will be slightly higher than the supply OPEC has pledged, and together with the promised non-OPEC cuts, this is expected to speed up the drawdown of global stockpiles and bring forward the rebalancing of the oil market to the second half of 2017, OPEC said in its Monthly Oil Market Report. OPEC said priceRead more

Ecuador, Venezuela hail non-OPEC countries' agreement on production cut

Quito - Xinhua

Ecuadorian Foreign Minister Guillaume Long hailed on Saturday non-OPEC oil-producing countries' decision to reduce their production. Following a deal by OPEC to cut production by 1.2 million barrels a day in November, this agreement will see non-OPEC states reduce their production by 558,000 barrels. In a statement hailing the deal, the Ecuadorian Foreign Ministry said that it was "the firstRead more

Ecuador, Venezuela hail non-OPEC countries' agreement

Quito - Xinhua

7.5 Million Barrel Draw in Weekly Crude Oil Stock

New York - QNA

The latest American Petroleum Institute (API) weekly inventory data recorded a very substantial draw of 7.5 million barrels in the latest week after the 1.4 million barrel build the previous week. There have been substantial API draws in two of the last three weeks and the latest data will support market sentiment, although the official data on Wednesday will stillRead more

Kuwait's Crude Oil Exports to Japan Down for 3rd Month

Kuwait - QNA

Kuwait's crude oil exports to Japan fell 8% in July from a year earlier to 5.93 million barrels, or 191,000 barrels per day (bpd), down for the third straight month, government data showed. As Japan's sixth-biggest oil provider, Kuwait supplied 6.1% of the Asian nation's total crude imports, the Japanese Natural Resources and Energy Agency said in a preliminaryRead more

OPEC output hits record

London - Arab Today

OPEC’s oil output is likely in August to reach its highest in recent history, a Reuters survey found on Wednesday, as extra barrels from Saudi Arabia and other Gulf members make up for losses in Nigeria and Libya. Production in top OPEC exporter Saudi Arabia has likely reached a fresh record, sources in the survey said, as it meets seasonallyRead more