Why Trump is Pressing Saudis to Lower Oil Prices: Kemp
The United States and Saudi Arabia appear to have reached an understanding: Washington will reduce or eliminate Iran’s oil export revenues and in return Riyadh will guarantee oil supplies and stabilise prices. The basic deal is well understood by policymakers in both countries, with U.S. President Donald Trump repeatedly emphasising his great personal relationship with the Saudi king and crown prince. But strong personal relationships between the leaders and agreement on the overall deal obscure disagreement on some key details, not least the desirable level for oil prices.
Iran: Qatar Crisis Not to Impact Work at South Pars Gas Field
Iran's Oil Minister said on Wednesday Qatar's regional isolation will not affect Tehran's plans to develop its vast South Pars offshore gas field that it shares with the Arab Gulf country, state TV reported. "We will continue our work as planned. There is no problem," Bijan Zanganeh said. In a heightened crisis between Arab states, Saudi Arabia, Egypt, the United Arab Emirates (UAE) and Bahrain severed relations with Qatar on Monday and closed their airspace to commercial flights, saying it was funding militant groups. (Writing by Parisa Hafezi)
Oil Inches Back Up, OPEC Promises Support
OPEC looks set to extend output cuts through 2017; but rise in U.S. drilling undermines group's efforts. Oil prices recovered some lost ground on Monday after big losses last week, driven by expectations that OPEC will extend output cuts till the end of 2017, although a rise in U.S. drilling capped gains. Brent crude futures rose 38 cents by 1148 GMT to $52.34 per barrel. U.S. West Texas Intermediate (WTI) crude oil futures added 41 cents to reach $50.03 a barrel. Prices fell steeply last week on the back of stubbornly high crude supplies…
Oil Tankers Queueing in US Gulf Seen as New Symbol of Glut
A traffic jam of oil tankers has emerged along the U.S. Texas coast this month, a snarl that some traders see as the latest sign of an unyielding global supply glut. More than 50 commercial vessels were anchored outside ports in the Houston area at the end of last week, of which 41 were tankers, according to the Houston Pilots, an organization that assists in the navigation of larger vessels in and around port areas. Normally there are between 30 to 40 vessels anchored offshore, of which two-thirds are tankers, according to the pilots.
OPEC, non-OPEC Alike Mull Ven's Oil Proposal
OPEC and non-OPEC countries are studying a Venezuelan proposal for a heads-of-state summit to address low oil prices, the energy minister of Qatar said on Thursday. "The different countries are studying this proposal and if there was a response from OPEC and outside OPEC then OK," Qatar's Mohammed al-Sada said. Cash-strapped Venezuela has for months been pushing for an emergency meeting of the Organization of the Petroleum Exporting Countries with Russia to stem a tumble in prices. Oil is trading below $48 a barrel, less than half its level of June 2014.
Venezuela's Maduro pushes for OPEC heads of state summit
Venezuelan President Nicolas Maduro has suggested to the Emir of Qatar a summit for heads of state of OPEC countries to defend oil prices, an idea he said the leader of the Arab Gulf state "liked". "I made the proposal, he liked the idea, he said he was in agreement with the idea, and as president of our organization for summits he will make the necessary consultations," Maduro said in an interview with television channel Telesur on Saturday. The Venezuelan leader, who met with the emir…
Oil Rises After Saudi's Asia Price Hike
Saudi raises crude prices to Asia for 2nd month. Oil futures climbed more than $1 a barrel on Monday, after Saudi Arabia raised its prices for crude sales to Asia for the second month running, signalling improved demand in the region. International benchmark Brent regained ground after tumbling as much as 5 percent on Thursday, when a preliminary nuclear deal was finally reached between world powers and Iran. More Iranian oil could enter global markets if that is followed by a comprehensive deal by June.
ProSep Appoints McPherson for Middle East
Houston headquartered oil, gas and water treatment specialist, ProSep has appointed a General Manger for the Middle East as it plans for significant growth in the region. Ryan McPherson joins the company from the Industry Technology Facilitator (ITF), where he has been Regional Director for the Middle East and Asia Pacific based in Abu Dhabi since 2011. ProSep, which offers a life-cycle portfolio of patented solutions to the global oil and gas industry, has also signed a lease on a new office space in Abu Dhabi in the Al Muroor area as it prepares to deliver more projects in the region.
Egypt Tries Crude Swaps to Import Crucial Foreign Oil
Egypt is offering to swap some of its domestic oil production for Iraqi crude better-suited to its ageing refining system, as Cairo's budget woes restrict its ability to buy on international markets. Egypt's state-owned Egyptian General Petroleum Corp issued a tender to swap a 435,000-450,000 barrel cargo of its Qarun crude oil grade for a similar-sized cargo of Iraqi Basra Light for August delivery, a tender document showed. The tender closes on July 14 with offers remaining valid until July 21.
