Oil

World’s most profitable company, Aramco, to go public

Saudi Arabia’s market regulator approved on Sunday Saudi Aramco’s application to list on the domestic stock market as the kingdom seeks to diversify and create the world’s most valuable listed…

Read More Here

Fracking banned in England over earthquake fears

Fracking in England has been banned after new research raised fresh fears over the risk of earthquakes. The decision comes after a report by the Oil and Gas Authority found…

Read More Here

Greek-flagged tanker believed to be source of Brazil oil spill

Brazilian officials suspect a Greek-flagged tanker was the source of an oil spill that has stained about 2,500km of Brazil's coastline. The spill was first detected on 2 September, and…

Read More Here

Brent price seen within $60 to $65 next year – IEEJ

Brent crude prices are expected to be around $60 to $65 a barrel next year as any possible price hikes from geopolitical risks would be countered by ongoing trade war,…

Read More Here

Eni production rate hits record high as third-quarter profit slumps

Italian energy group Eni racked up its highest ever production rate in the third quarter and said more was to come as net profits fell sharply on lower oil and…

Read More Here

Pentagon readying plan to contain ISIS, safeguard oil in Syria

U.S. military leaders are preparing a plan that could keep ISIS fighters from regaining a foothold in Syria, while preventing Syrian oil from falling into the hands of Iran or…

Read More Here

Clean-up on Brazilian beaches affected by mysterious oil spill

Thousands of people have taken part in a huge clean-up operation to remove oil and tar from beaches along Brazil's north-eastern coast. Volunteers, as well as government workers, used wheelbarrows,…

Read More Here

‘Business as usual’ for oil after Saudi attacks, oversupply looms: IEA

Global oil markets have quickly recovered from attacks on Saudi oil facilities last month and even face oversupply next year as global demand slows, the International Energy Agency said. Saudi…

Read More Here

Iran will use any possible way to export its oil

Iran will use any possible way to export its oil, Iranian Oil Ministry’s website SHANA quoted Oil Minister Bijan Zanganeh as saying on Sunday, adding that exporting crude was the…

Read More Here

Kuwait oil sector heightens security

Kuwait’s oil sector is on high alert and has raised its security to the highest level as a precautionary measure in the wake of the weekend attack on Saudi Arabia’s…

Read More Here

Hurds Bank is used by Venezuela for significant oil products transfer, bypassing US sanctions – The Times

The Times reveals that Hurds Bank to Malta’s east is being used by Venezuela to make ‘significant’ transfers of oil products, bypassing US sanctions. An industry source said that vessel-to-vessel…

Read More Here

IEA warns oil demand growth so far in 2019 lowest since 2008

Mounting signs of an economic slowdown and a ramping up of the U.S.-China trade war have caused global oil demand to grow at its slowest pace since the financial crisis…

Read More Here

US wanted to spy on Maltese PM and Keith Schembri over Russian refueling

Darren Debono, the suspected Maltese fuel smuggler currently facing charges in an Italian court in Catania, has alleged in court that officials from the United States embassy asked him for…

Read More Here

Turkey says another drill ship en route to eastern Mediterranean

Two Turkish drill ships are continuing operations in the eastern Mediterranean and another ship will join them this month, Energy Minister Fatih Donmez said, as a dispute over natural resources…

Read More Here

Oil prices drop as U.S.-China trade war fuels growth concerns

Oil prices fell on Monday amid concerns about weaker crude demand after U.S. President Donald Trump said he would impose tariffs on more Chinese imports, potentially ramping up a trade…

Read More Here

Transfer of Russian oil to Venezuela off Maltese coast

Various transfers of Russian oil products bound for Venezuela, had taken place off Malta’s coast during the first half of last year, media reports and data reveal. Media outlets Bloomberg…

Read More Here

Oil gains as Gulf tanker seizure raises tensions

Oil prices rose on Monday amid high tensions in the Middle East after a British tanker was seized by the Iranian military at the end of last week. Brent crude…

Read More Here

Oil prices rise after the U.S. Navy destroyed an Iranian drone

Oil prices rose more than 1% on Friday after the U.S. Navy destroyed an Iranian drone in the Strait of Hormuz, a major chokepoint for global crude flows, again raising…

Read More Here

Five exploratory drills over the next two years around Cyprus

Five exploratory and five confirmatory drillings in the licensed plots of the Cypriot EEZ will take place over the next two years, according to the Minister of Energy of the…

Read More Here

Libyan oil revenue drops to 11.2%

Libya’s oil revenue dropped 11.2% to 14.3 billion dinars ($10,2 billion) in the first six months of 2019, compared with the same period last year, the Libyan central bank announced…

Read More Here

Turkish Cypriot leader proposed creating a joint committee to address tensions over offshore energy reserves

Turkish Cypriot leader Mustafa Akinci on Saturday proposed creating a joint committee across the divided Mediterranean island, to address tensions over offshore energy reserves. The measure aims to "pass the…

Read More Here

EU signals sanctions on Turkey over Cyprus drilling

The European Union will put on hold high-level talks with Ankara and negotiations on an air transport agreement, as well as freezing funding for Turkey next year, over “illegal” drilling…

Read More Here

UPDATED: Washington urges Turkey to halt drilling operations off the coast of Cyprus, Ankara reacts to EU warning

UPDATED: Turkey said on Wednesday it rejected Greek and European Union assertions that Turkish drilling for gas and oil off Cyprus was illegitimate, and said it showed the EU could…

Read More Here

Midday Dispatch – Corporate and Financial News

The euro dropped to a three-week low against a broadly stronger dollar on Tuesday as investors re-assessed their expectations of how much the Federal Reserve may cut interest rates this…

Read More Here

OPEC and Russia-led allies to extend deal to cut oil output by nine months

OPEC agreed on Monday to extend oil supply cuts until March 2020, three OPEC sources said, as the group’s members overcame their differences in order to prop up the price…

Read More Here

ExxonMobil and other oil firms targeted in rocket attack in Iraq

A rocket landed at a residential and operations headquarters of several global major oil companies, including U.S. giant ExxonMobil, near Iraq's southern city of Basra early on Wednesday, wounding…

Read More Here

Turkey to launch second drilling vessel for natural gas operations near Cyprus

Reuters reports that Turkish Energy Minister Fatih Donmez announced that Turkey will launch a second drilling vessel, the Yavuz, on Thursday that will begin natural gas operations near Cyprus at…

Read More Here

Foreign firms seek to renew Libya licences

Foreign firms have started to renew their business licences with Libya’s internationally recognised government to keep operating in the country. In an interview with Reuters, Ali Abdulaziz Issawi, the…

Read More Here

Instability could lead to 95% oil production loss in Libya

Mustafa Sanalla, Libya's National Oil Corporation (NOC) chief, told reporters in Jeddah that the continued instability in Libya could make it lose 95% of its oil production. Currently…

Read More Here

Cyprus expresses anger at UK about comments on offshore economic rights

President Nicos Anastasiades of Cyprus said his government would lodge a complaint to British Prime Minister Theresa May over remarks by Britain's Foreign Office minister that Nicosia considers"unacceptable" remarks.…

Read More Here

No increase in Saudi Arabian oil output for now

The Financial Times is reporting that Saudi Arabia will not rapidly ramp up its oil output after the US ended the sanctions waivers for buyers of Iranian crude. This was…

Read More Here

US to end exemptions from sanctions for countries buying oil from Iran

US Secretary of State Mike Pompeo announced the State Department will not renew sanction waivers for countries importing Iranian oil. The increased pressure on Iran comes nearly one year after…

Read More Here

Italian companies in energy sector leave Tripoli… ISIS attack in Fuhaqa

The Libya Observer reported that the President of the Italian-Libyan Chamber of Commerce, Gianfranco Damiano confirmed that part of the Italian companies operating in the oil and gas sector and…

Read More Here

Utilities prices across Europe enjoy windfall in view of excess liquified natural gas

The Financial Timesb reports that utilities across Europe are enjoying a windfall, as a gas glut caused by excess liquefied natural gas shipments from Asia drives prices to multi-year lows. A…

Read More Here

Force majeure lifted at the El Sharara oilfield

Libyan state oil company (NOC) announced the lifting of force majeure at the El Sharara oilfield . The decision was taken after the operating company Akakus had received written assurance…

Read More Here

Weather conditions force Libya to shut oil export terminals

Libya’s oil exports have been suspended as bad weather conditions forced the OPEC country to shut all its export terminals, a local shipping agent and a Libyan oil source told…

Read More Here

Qatar to quit OPEC

Qatar will quit Opec from next year, a group that it has been a part of since 1961, the country’s energy minister said on Monday. Saad al-Kaabi told reporters the…

Read More Here

US ExxonMobil to conduct test drills for hydrocarbons off the coast of Cyprus despite Turkey’s warning

US energy giant ExxonMobil said on Friday it plans to conduct test drills for hydrocarbons off the coast of Cyprus later this year despite Turkey warning international firms against exploration.…

Read More Here

Turkey set to start drilling its first Mediterranean based oil well

AA: Turkey, with the aid of the country's first drilling vessel, Fatih, will drill its first well in the Mediterranean this year Fatih, Turkey's Energy and Natural Resources Minister Fatih Donmez…

Read More Here

Oil Trading in Libya under scrutiny

Libya Observer: The Chairman of the National Oil Corporation (NOC), Mustafa Sanallah, stated on Wednesday that the parallel Oil Corporation in east Libya has a history of manipulating oil prices and…

Read More Here

Thursday’s Morning Briefing

Good morning, The arrival of MV Lifeline in Malta, the agreement for a Putin-Trump summit and the elimination of Germany from the World Cup are among the most salient news…

Read More Here

OPEC countries to increase oil production

OPEC issued a communique on Friday that called on a return to 100 percent compliance for the group, down from 152 percent in May. The announcement deferred country-specific allocations, likely because they…

Read More Here

Pope Francis says oil companies should convert to clean fuel

Meeting the energy needs of everyone on Earth, must be done in ways that avoid creating environmental imbalances resulting in deterioration and pollution gravely harmful to our human family, both…

Read More Here

Libya exports first natural gas shipment to Italy after four years

The National Oil Corporation (NOC) shipped on Wednesday its first quantity of propane gas from the Zueitina port to Italy, estimated at approximately 61,761 barrels. The NOC said in…

Read More Here