Category Archives: Energy

Saudi Electricity Company signs pact with PCMC to reduce carbon emissions

The Saudi Electricity Co. (SEC) and the Petroleum, Chemicals and Mining Co. (PCMC), a subsidiary of the Saudi Binladin Group, have signed a partnership and cooperation agreement aimed at reducing carbon emissions. The deal, which is to be implemented via

Iraq’s Basra oil export terminal to stop loading for 24 hours

Iraq’s main oil export terminal, off the southern city of Basra, will stop loading operations for 24 hours, starting midnight Tuesday, because of work to install a new pipeline feeding the facility, two sources at the state-run South Oil Company

Oil edges further above $55 on Russia, OPEC cuts

Oil edged further above $55 a barrel on Wednesday supported by signs that Russia and OPEC producers are delivering on promised supply reductions, although a report showing a large rise in US crude inventories limited gains. Russia has cut production

Oil edges further above $55

Oil edged further above $55 a barrel on Wednesday supported by signs that Russia and the Organization of the Petroleum Exporting Countries (OPEC) are delivering on promised supply reductions, although a report showing a large rise in US crude inventories

Oil slips as US drilling recovery weakens deal to cut output

Oil prices fell on Monday as news of another weekly increase in US drilling activity spread concern over rising output just as many of the world’s oil producers are trying to comply with a deal to pump less to try

Oil experts cautiously optimistic over Saudi oil output cut

Saudi Minister of Energy, Industry and Mineral Resources Khalid Al-Falih’s announcement on Thursday that the Kingdom has reduced its oil output to its lowest levels in two years has created a wave of cautious optimism. The announcement, made at the

UAE’s ADNOC says fire at Ruwais oil refinery contained

Abu Dhabi’s state-owned national oil company ADNOC said on Wednesday it had contained a fire at the Takreer Ruwais refinery and that production and supply had not been affected. ADNOC had earlier said on its Twitter account that no casualties

GCC and Russia ministers discuss ways to ensure oil market stability

GCC energy ministers and Russian Energy Minister Alexander Novak Sunday discussed the current developments in the oil market, including cooperation between the Gulf states and Russia in the energy sector to stabilize crude prices. The tone for the GCC-Russia energy

KSA is among the healthiest of oil producing countries

Saudi Arabia is among the healthiest of the oil producing countries of the world, a top Riyadh-based economist asserted Saturday as reports said the Kingdom, Russia, Qatar and Venezuela will monitor the oil market following the recent agreement in Doha

KSA, Russia agree to freeze oil output

Al-Naimi: Kingdom wants stable crude price Top global producers Saudi Arabia and Russia have agreed to freeze oil output in a bid to shore up prices after a 70 percent drop due to chronic oversupply. According to AFP, Petroleum and

Nigeria seeks talks with Gulf producers

The mood inside the Organization of the Petroleum Exporting Countries (OPEC) is shifting from mistrust to a growing consensus that a decision must be reached on how to end the global oil price rout, Nigeria’s oil minister told Reuters. Oil

Oil tumbles close to 12-year lows

US crude oil prices were down as much as 4 percent on Thursday, approaching 12-year lows hit last month, weighed down by brimming US crude inventories and a Goldman Sachs forecast that prices would remain low and volatile until the

ECB to decide soon on fate of 500-euro banknotes

The European Central Bank will take a decision soon on whether to keep printing 500-euro banknotes, with the arguments for doing so becoming “less and less convincing,” a top-ranking official said. “We’re actively considering the question and will take a

Saudi Arabia, Venezuela focus on measures to stabilize oil prices

Saudi Arabia and Venezuela discussed on Sunday ways to stabilize the crude market. Petroleum and Mineral Resources Minister Ali Al-Naimi and Venezuelan Oil Minister Eulogio Del Pino discussed the latter’s recent talks with other crude producers and the results of

Oil prices likely to climb by end of 2016: Aramco

Saudi Arabia’s oil giant expects oil prices to climb toward the end of the year, saying the current price of around $30 a barrel is not sustainable. Saudi Aramco’s CEO Amin Nasser, speaking Tuesday at the 9th Global Competitiveness Forum,

Saudi Aramco, Bahri, Lamprell ink deal for maritime complex

Saudi Aramco has signed a memorandum of understanding (MoU) to establish a shipbuilding and repair complex in the Kingdom. According to the oil giant, Saudi Aramco and the National Shipping Company of Saudi Arabia (Bahri) have amended the expired MoU

Aramco IPO could be open to world markets

Khalid Al-Falih

An initial public offering of Saudi Aramco could be on the local or international markets but would not include Saudi energy reserves, the company’s chairman told Al-Arabiya channel. “The reserves would not be sold, but the company’s ability to produce

U.S. military urges action against ISIS in Libya

Decisive military action is needed to halt the spread of Islamic State of Iraq and Syria (ISIS) in Libya, the top U.S. military officer said on Friday, saying the group wanted to use the north African nation as a platform

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