Oil Dips as Qatar Rift Threatens Output Cuts
Oil falls as some question impact of diplomatic row over Qatar. Oil prices fell on Monday on concerns a diplomatic rift among some of the Arab world's major energy producers could weaken a global deal on output cuts, while sterling shrugged off a deadly attack in London and focused on this week's UK election.
Saudis Halt Egypt Oil Shipments
Saudi Arabia has informed Egypt that shipments of oil products expected under a $23 billion aid deal would be halted indefinitely, suggesting a deepening rift between the Arab world's richest country and its most populous. Saudi Arabia agreed to provide Egypt with 700,000 tonnes of refined oil products per month for five years in April, during a visit by King Salman.
No More 'Free' Saudi Money for Egypt
Saudi Arabia's financial support for strategic ally Egypt will no longer involve "free money" and will increasingly take the form of loans that provide returns to help it grapple with low oil prices, a Saudi businessman familiar with the matter said. "This is a change in strategy. Return on investment is important to Saudi Arabia as it diversifies sources of revenue…
Saudis Commit $20bln to Finance Egypt's Energy Needs
Saudi Arabia is expected to sign a $20 billion deal to finance Egypt's petroleum needs for the next five years and a $1.5 billion deal to develop its Sinai region, two Egyptian government sources told Reuters on Tuesday. The agreements are tabled to be signed on Thursday during a visit to Cairo by Saudi Arabia's King Salman, a rare foreign trip.
Greece, Cyprus, Egypt to Speed Up Talks Over Sea Boundaries
Greece, Egypt and Cyprus agreed on Wednesday to speed up talks to demarcate sea boundaries in the Eastern Mediterranean as part of efforts to turn the region into an offshore natural gas hub. Egyptian President Abdel Fattah al-Sisi, Greek Prime Minister Alexis Tsipras and Cypriot President Nikos Anastasiades…
Egypt Court Acquits Ex-oil Minister of Corruption Charges
An Egyptian court acquitted former oil minister Sameh Fahmy of charges of selling cheap gas to Israel and squandering public funds and threw out his 15-year jail sentence, a judicial source said on Saturday. Fahmy was first arrested and held in custody in April 2011. Prosecutors said former president Hosni…
Low Oil "Double-Edged Sword" for Egypt
Egypt expects to save $4.2 bln due to cheap oil in 2014/15. The fall in global oil prices will cut Egypt's fuel subsidy bill but could hit the finances of oil-exporting Gulf allies who have showered it with billions of dollars in aid. Oil has dropped dramatically over the past six months, with Brent crude trading at $60.87 a barrel on Tuesday…
Struggle for Libyan Oilfield Reflects Fractured Nation's Conflict
Libya's biggest oilfield, shut down by gunmen last week, may struggle to rebuild production as the conflict splintering the desert nation draws in ever more groups of fighters, including poor southern tribes staking a claim to land resources. The 340,000-barrels-a day El Sharara oilfield was attacked last…
Egypt, Greece, Cyprus Pledge More Energy Cooperation
Egypt, facing its worst power crisis in decades, on Saturday pledged greater energy cooperation with Greece and Cyprus, a diplomatic move that opened up the possibility of progress in talks to import natural gas from Cyprus. The meeting in Cairo between Anastasiades, Egyptian President Abdelfattah al-Sisi…
Egypt Signs $350 mln in Oil, Power Financing Deals with Saudi
Egypt signed $350 million worth of financing agreements with Saudi Arabia on Saturday aimed at upgrading its power grid and securing imports of petroleum products as it seeks to end its worst energy crisis in decades. Power cuts have become common in Egypt as the cash-strapped government struggles to supply…
Kuwait to Ship Crude to Egypt in October
Kuwait said on Wednesday it would ship around two million barrels of crude oil in early October to Egypt, giving it priority as a buyer ahead of sales from storage into the Mediterranean market. The deal for two million barrels a month of Kuwaiti crude was signed this week with the Arab Petroleum Pipeline Co., known as SUMED.
Militia Clashes Spread Towards Zawiya Oil Port
Clashes in Libya spread from Tripoli to the western town of Zawiya near Tunisia's border, where a large oil port is located, killing four people over the last two days, local town council officials said on Thursday. Foreign governments have mostly closed their embassies and evacuated staff after three weeks…
Tripoli Airport Ablaze, Rockets Leave Libya in Chaos
Diplomats flee Libyan chaos; Politicians appeal for international intervention. Clashes in Tripoli, Benghazi kill around 160 over two weeks, while Libyan capital face fuel, power shortages. A rocket hit a fuel storage tank in a chaotic battle for Tripoli airport that has all but closed off international flights to Libya…
Suicide Attack Escalates Libya Violence, Oil Output Slips
Crude output slips for first time since port deal; fresh clashes in Tripoli and Benghazi. Brega oil port seen open in few days. A twin suicide bombing at a Libyan army base in Benghazi killed at least four solders in an escalation of clashes between Islamist militants and regular forces battling to oust them from the eastern city.
Egypt Opens Tender To Import Fuel In July-Sept 2014
Egypt has launched a tender to import hundreds of thousands of tonnes of petroleum products in the third quarter of 2014, an energy official said on Saturday, as the country tries to stave off a summer energy crisis. Egypt's government wants to avoid major power blackouts during the months of increased consumption in the summer…
Libyan Rebels Reject Talks With PM, Keep Oil Ports Shut
Rebels occupying major oil ports in eastern Libya said on Wednesday they would boycott Prime Minister Ahmed Maiteeq and keep two major export terminals shut for now, a blow to efforts to restore vital oil exports. The rebels even warned they would take action if Tripoli did not fulfil its part of a recent agreement to reopen the oil ports…
Kuwait Boosts Oil and Diesel Supplies to Egypt
Kuwait will boost its supply of crude oil to Egypt by nearly a third and increase shipments of petroleum products in a deal the Gulf state's oil minister said was an obligation to help Cairo through its problems. State-run Kuwait Petroleum Corporation (KPC) will provide 85,000 barrels per day (bpd) of oil to Egypt…
