Category: Middle East

Oil demand seen rising by Saudi’s al-Naimi as markets calm

Brent crude futures, a benchmark for more than half of the world’s oil, gained 3.6 percent this year, after plunging 48 percent in 2014.  More »

Oil extends weekly loss as Libya opens pipeline

West Texas Intermediate lost as much as 2.5 percent after falling 4.6 percent last week.  More »

Saudi oil output rising amid fight for market share

Saudi Arabia, the world’s largest crude exporter, led the Organization of Petroleum Exporting Countries’ decision in November to maintain its output target to preserve market share, rather than cut supply to boost prices.  More »

Iran’s Khamenei threatens to halt oil sales if sanctions persist

Iran’s economy has languished under sanctions imposed over concerns that its nuclear program could lead to the development of atomic weapons.  More »

World’s largest oil exporter said to seek $10 billion

The rapid decline in oil prices since June last year may encourage a wave of consolidation and acquisitions in the energy sector.  More »

Saudi Arabia’s oil exports fell in 2014 in ‘tough year’

Saudi Arabia will maintain output, Oil Minister Ali Al-Naimi said in December, according to the state-run Saudi Press Agency.  More »

Brent trades near two-month high

Brent crude futures were little changed in London, paring an earlier increase of as much as 1.7 percent.  More »

Iran nuclear deal must end all sanctions, Rouhani tells rally

Rouhani said on Wednesday that since taking office in 2013 his government had been able to escape a “dead end” in its relations with the outside world  More »

Occidental pledges to $500 million oil exploration project in UAE

Abu Dhabi, the largest emirate in the United Arab Emirates, is seeking to boost oil production capacity to 3.5 million barrels a day by the end of 2017.  More »

King Abdullah’s death not expected to change oil policy

No change in oil policy is expected.  More »

Iran sees ‘no threat’ from $25 oil

OPEC has made no decision to reduce its production ceiling despite a worldwide supply glut that’s driving down prices.  More »

Iraq pumps crude at record level amid plummeting prices

The Middle East nation, holder of the world’s fifth-largest crude reserves, is rebuilding its energy industry after decades of wars and economic sanctions.  More »

Meeting between Iran and Saudi Arabia foreign ministers delayed

A meeting between the foreign ministers of OPEC’s Iran and Saudi Arabia was delayed in part due to discord over falling crude prices, said Hossein Amir-Abdollahian, Iran’s deputy foreign minister for Arab and African affairs  More »

Iraq to double exports of Kirkuk crude amid oil surplus

Iraq, holder of the world’s fifth-largest crude reserves, is rebuilding its energy industry after decades of wars and economic sanctions.  More »

Venezuela, Saudi leaders meet and talk oil prices in Riyadh

The official Saudi Press Agency reported that the leaders discussed areas of cooperation between the two OPEC-member countries and ways to promote bilateral ties  More »
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