News / International
OPEC Pumps Record 2m bpd in Q1
The world's biggest oil exporters in OPEC have increased production and are now pumping almost 2m bpd more crude than required, the highest surplus for at least a decade.
Libya Shuts Down El Feel Oilfield
Libya has shut down the El Feel oilfield, an engineer at the western field said on Saturday.
‘Floating’ Format for Iran’s New Post-Sanction Petroleum Contracts
Iran said on Saturday that the terms of its new format of oil contracts – that will be unveiled in London in September – will vary according to the structure of the reservoirs and the risk involved in implementing the projects.
Bahrain’s ‘Futuristic’ Power Station for Sewage Treatment
Plans to spend BD5 million ($13.1 million) on a new power station that will feed Tubli Sewage Treatment Plant in Bahrain, which is undergoing a major expansion, have been given the green light.
UAE Energy Minister Replaces Khadem al-Qubaisi as IPIC Head
The United Arab Emirates energy minister has been appointed the new managing director of Abu Dhabi investment fund International Petroleum Investment Company (IPIC) in a reshuffle of the board.
Hedge Funds Feel After Effects of Yemen Conflict
The June ICE Brent/NYMEX WTI spread settled $1.02 wider at $8.13/barrel Friday after hitting a one-month high early in the session amid ongoing fighting in Yemen and bearish supply pressure in the US.
French GDF Suez Revamps itself Under New ‘Energy’ Label
French gas utility GDF Suez said on Friday it was changing its name to "Engie" to reflect an evolving energy sector and the group's growing involvement in renewable power, marking a break from its former state monopoly past.
Iran: Rouhani Declares Oil Dependence Reaching New Lows
Iranian President Hassan Rouhani says the country’s dependence on oil revenues will drop to its lowest level ever in the current Iranian year (which began on March 21).
