2016, October, 13, 18:50:00RUSSIA & SAUDI COOPERATION
Coordinated output curbs by Russia and the Organization of Petroleum Exporting Countries, who together pump about half the world’s oil, could boost fuel prices for consumers and revive the fortunes of a battered energy industry. While Putin’s comments are the firmest indication yet that such an agreement is possible, Russia is still pumping at record levels and has stopped short of a commitment to pull back. OPEC members also have many hurdles to overcome before implementing their first cuts in eight years.
2016, October, 7, 18:40:00OPEC - RUSSIA MEETING
Last week, the Organization of the Petroleum Exporting Countries agreed to cut between 200,000 barrels a day and 700,000 barrels a day of their output to reduce a global oil glut. The 14-nation oil-producing group controls over a third of the world’s oil production, but said it also wanted non-OPEC producers to join the effort to curb output.
2016, October, 6, 18:55:00SAUDI'S DIFFICULT DECICIONS
If Nigeria and Libya restore production, the kingdom may need to cut twice as much. U.S. shale drillers also stand ready to fill any supply gap.
2016, October, 5, 18:35:00IRANIAN DEAL: $2.5 BLN
Paolo Scaroni, the former chief executive of Italy’s Eni SpA, said Iran is able to pump as much as 4.1 million to 4.2 million barrels daily.
2016, September, 30, 18:35:00AN IMPORTANT ISRAELI GAS
Europe sees Israel and the region as an important supplier of gas to Europe
2016, September, 29, 18:40:00SAUDI - IRAN COMPROMISE
While Tehran wants to set its production target at about 4.2 million barrels per day, Riyadh last week asked its regional rival to freeze its output at 3.6 million barrels per day in return for a production cut.
2016, September, 28, 18:50:00IRAN WANTS 13%
The Securities and Exchange Commission today announced that oil services company Weatherford International has agreed to pay a $140 million penalty to settle charges that it inflated earnings by using deceptive income tax accounting. Two of the company’s senior accounting executives at the time have agreed to settle charges that they were behind the scheme.
2016, September, 27, 18:35:00SAUDI'S INVESTMENT: $334 BLN
"Saudi Aramco is forecast to spend around $334 billion. This will be spent on material and services to support service facilities, infrastructure projects, drilling and maintain (oil) potential projects, unconventional resources both in the exploration phase and development and several other projects,"
2016, September, 23, 21:00:00NEW SAIPEM'S CONTRACTS: $430 MLN
In Saudi Arabia, Saipem has been awarded an extension of three years to drilling activities being carried out by ten 2000 HP drilling rigs. In South America, in addition to various extensions ranging in duration from two to twenty-four months for medium and high power rigs in Peru, Colombia, Bolivia and Chile, Saipem has also been awarded a new contract for operations in Argentina, which will be carried out by an hydraulic type rig over a period of eighteen months.
2016, September, 21, 18:45:006 MB IRANIAN OIL FOR INDIA
India, seeking to hedge against energy security risks as it imports about 80 percent of its oil needs, is building emergency storage in vast underground caverns to hold a total of 36.87 million barrels of crude, enough to cover almost two weeks of demand.
2016, September, 7, 18:45:00SAUDI CUTS DEFICIT $20 BLN
The government is reviewing thousands of projects valued at about 260 billion riyals ($69 billion) and may cancel a third of them, three people said, asking not to be identified as the discussions are private. The measures would impact the budget for several years, according to two of the people.
2016, September, 6, 18:45:00SAUDI & RUSSIA COOPERATION
Saudi Arabia hopes to work with Russia for stability in oil markets, Prince Mohammed bin Salman said Sunday in a meeting with the Russian president in Hangzhou, China. World leaders are gathering in China this week for a summit of Group of 20 nations. Russia and Saudi Arabia will meet with other producers in Algeria this month to discuss oil markets.
2016, September, 5, 18:50:00ASIA'S OIL PRODUCTION DOWN
Asia's net oil imports surpassed the total amount of oil consumed in North America in 2015 and are set to rise after producers slashed spending on exploration and production on low oil prices, leaving oilfields at risk of sharp production declines in the next decade.
2016, September, 5, 18:45:00SAUDI RAISED PRICES
State-owned Saudi Arabian Oil Co., known as Aramco, increased its official selling price for Arab Light crude to Asia by 90 cents a barrel, to 20 cents below the regional benchmark, it said Sunday in an e-mailed statement. The company had been expected to raise Arab Light prices by 50 cents a barrel, to 60 cents less than the benchmark for Asian buyers, according to the median estimate in a Bloomberg survey of seven refiners and traders in the region.
2016, September, 2, 18:40:00OIL PRICE COMPROMISE
“From the viewpoint of economic sense and logic, then it would be correct to find some sort of compromise,” Putin said in an interview in Vladivostok. “I am confident that everyone understands that. We believe that this is the right decision for world energy.”