News / International
Venezuela, Saudi Talks Promise No Oil Supply Cuts
Venezuela and Saudi Arabia held talks about mutual cooperation between OPEC members to stabilize the global oil market currently flooded with a surplus of 2mb/d.
Non-OPEC Oil Supply Estimated to Decline in 2017
Oil supply from non-OPEC countries is forecast to decline to 56.4mb/d in 2017 due the global oil prices drop and in result of which, OPEC will have to boost its production by 2020, a Bank of America's (BoA) recently published report stated.
Iran to Increase Production from South Pars Oil Field
Iran is planning to increase daily oil production to 750mcm from the South Pars field, jointly operated with Qatar, once the new phases are implemented.
Saudi Aramco Cuts Light Crude Prices for Asia
Saudi Arabia cut pricing for March sales of its light crude grades to Asia to $1 a barrel, less than the regional benchmark.
Shell Postpones Deep Water Project in Nigeria
Royal Dutch Shell has announced it would postpone the Final Investment Decision (FID) on the $12b Bonga South-West oil project in deep-water Nigeria amid the sustained drop in oil prices, as its adjusted profit fell by 56% in Q4 of 2015.
Libya’s NOC Warns of Unauthorized Oil Sales
Libya’s national oil company has warned shipowners of unauthorized attempts by rival factions to export crude, in further evidence of the power struggle between east and west over oil revenues.
Mozambique to Finalize Eni, Anadarko Gas Projects Deals
Mozambique is to give the final go-ahead for gas projects that are being developed by Italy's Eni and US energy firm, Anadarko, by the end of 2016, the state-run National Hydrocarbon Company (ENH) announced.
Mexico’s Crude Price Fall amid Oil Pipeline Theft
Mexico saw prices of its crude fall to $24.47 a barrel in February. The country is also facing a severe oil pipeline theft problem.
