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Tag Archives: Saudi Arabia

OPEC October oil output falls led by Saudi, Iraq – Reuters survey

LONDON – OPEC oil output has fallen in October from the previous month, a Reuters survey found on Friday, as declines in top producers Saudi Arabia and Iraq outweighed higher supply from African members. The drops are not indicative of deliberate supply cuts to prop up prices, sources in the survey said, and the Organization of the Petroleum Exporting Countries ...

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Iraqis tour North Dakota to study gas-capturing technologies

BISMARCK, N.D. — The Iraqi government has turned to North Dakota for help in finding solutions to the wasteful burning of natural gas that’s a byproduct of oil production. Iraq, OPEC’s second-biggest oil producer behind Saudi Arabia, is having much the same problem dealing with excess natural gas that North Dakota has had as oil production there has increased, though ...

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Saudis looking at raising domestic energy prices – oil minister

RIYADH – Saudi Arabia is looking at raising domestic energy prices, Oil Minister Ali al-Naimi said on Tuesday, confirming that the kingdom could cut a lavish system of subsidies blamed for waste and surging fuel consumption. Asked on the sidelines of a mining conference whether he expected domestic energy prices to increase in the near term, Naimi told reporters: “What ...

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Volatile times loom for NM’s oil patch

New Mexico’s oil and gas industry is bracing for another round of volatile ups and downs in crude prices that could push the market — and ultimately production in the southeastern part of the state — to its lowest point in more than a decade. The industry has already been battered by steep price declines over the past year that ...

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OPEC will keep oil output high, traders say

LONDON – Saudi Arabia and the other big Middle East oil producers in OPEC will keep pumping hard to build market share despite mounting over-supply that has brought prices to six-year lows, the world’s top traders say. The Organization of the Petroleum Exporting Countries probably will not change tack and trim output even if it means prices stay low for ...

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Halliburton revenue misses on weak drilling in North America

(Reuters) – Halliburton Co <HAL.N>, the world’s No.2 oilfield services provider, reported a bigger-than-expected 36 percent drop in quarterly revenue, hurt by weak drilling and pricing in North America. Halliburton and bigger rival Schlumberger Ltd’s <SLB.N> disappointing results highlight the struggles of the oil and gas industry, which is seeing little hope of a rebound in crude oil prices The ...

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Russia overtakes Saudi Arabia for second time in China crude supply

BEIJING/SINGAPORE – Russia supplied a record amount of crude oil to China in September, surpassing Saudi Arabia for the second time as the top seller to the Asian giant, customs data showed, boosted by demand from independent refiners. In an unprecedented reform to its previously state-dominated oil market, China has since July allowed in half a dozen new crude oil ...

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IMF: Low oil prices, turmoil keeps Mideast growth ‘subdued’

DUBAI, United Arab Emirates — The International Monetary Fund said Wednesday a fall in oil prices and deepening turmoil in parts of the Middle East will keep growth in the region subdued this year at 2.5 percent. Masood Ahmed, IMF director of the Middle East and Central Asia, said oil-exporting countries are facing tough choices as they brace for a ...

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$400M floating gas terminal to be built

MANAMA, Bahrain — A contract to set up a multi-million dollar floating gas terminal off the coast of Bahrain will be awarded next month. The $400 million Liquefied Natural Gas (LNG) terminal will be constructed near Khalifa Bin Salman Port, on Bahrain’s northeast shore. Energy Minister Dr Abdulhussain Mirza said it would be operational by early 2018 and would receive ...

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