Arkad, ABB form Joint Venture
Saudi Arabia’s Arkad is forming a joint venture with Swiss ABB Ltd. in order to extend its operations throughout the Gulf and into North Africa.
News / International
$4B KRG Debt Hindering Iraq-Turkey Export Agreement
The central government is negotiating an agreement with Turkey to export oil from the KRG and Kirkuk through the KRG’s oil pipeline.
Italy Seizes Diesel Smuggled from Libya
Italy seized a smuggling vessel sailing from Libya bearing 100 tons of diesel, indicating that fuel smuggling from Libya continues despite previous efforts by the Italian government to arrest smugglers.
Saudi Energy Minister: “More Needs to be Done”
Oil producers must do more to reduce the global oversupply of crude oil, the Saudi Energy Minister, Khalid El Falih, said on Saturday.
Production from Libya’s Sara Oilfield down 50,000 b/d
Production from the Libyan oilfield, Sara, has fallen by 50,000 barrels per day (b/d).
Saudi Arabia, Kazakhstan Reiterate Importance of Production Cuts
Officials from Saudi Arabia and Kazakhstan noted the importance of ongoing production cuts during a recent meeting in Uzbekistan.
December OSPs Rise
Last week Saudi Arabia and the UAE raised their official selling prices (OSPs) for December.
UAE to Continue Cuts into December
The UAE announced it would continue its production cuts in December.
Protests Cause Production Drop of 40,000 b/d in Libya
Protests have cut production by 40,000 barrels per day (b/d) from oilfields operated by Wintershall in Libya.
Russia, Iran Sign Energy Agreements Worth $30B
During a state visit by Russian President Vladimir Putin to Iran, the two countries announced preliminary energy agreements worth $30 billion.
