No Extension Needed on OPEC Cuts if Prices Continue to Rise: Iran
An extension to the oil production cuts will not be necessary if crude prices continue to rise, Iranian Oil Minister Bijan Zanganeh has said.
News / International
Kuwait Oil Tanker Company Agrees $167M Deal with Hyundai
Kuwait Oil Tanker Company has agreed a $167.6 million deal with South Korean shipbuilding firm Hyundai Mipo Dockyard for the construction of four petroleum tankers.
Kuwait Affirms Continued Support for OPEC Production Cuts
Kuwait affirms the country’s commitment to the OPEC-led oil production cuts put in place to increase prices.
Libyan Pipeline Attack Sees Estimated Loss of 100,000 b/d
A Libyan crude oil pipeline was set on fire on April 21 causing losses of between 70,000 barrels per day (b/d) and 100,000 b/d.
Iraqi Oil Exports Rise 11% Y.o.Y
Iraq’s oil exports rose 11.5% in the year to March 2018.
Saudi Aramco, Gazprom to Increase Cooperation over Gas
Saudi Aramco and Gazprom have agreed to increase their cooperation in the gas sector by setting up a joint coordinating committee.
Aramco Accounts Reveal Low 2017 Downstream Profits
The majority of Saudi Aramco’s profits in the first six months of 2017 came from its upstream ventures, with the company’s downstream profits remaining far behind those of its major rivals.
KPC to Invest $113B Over 5 Years
Kuwait Petroleum Corporation plans to invest $113 billion over the next five years with the aim of boosting oil exploration and production both inside and outside the country.
Iraq’s Basra Crude Sees Higher Exports as Refinery Rates Rise
Basra Light crude imports to the Louisiana Offshore Oil Port (LOOP) have risen by more than 4.4 million barrels so far in April versus the same period in March, according to data from Platts Analytics and US Customs.
Most Countries Back OPEC, non-OPEC Agreement Extension: Al-Mazrouei
The majority of OPEC and independent oil producing countries support turning the OPEC non-OPEC agreement into a long-term producers’ alliance.
