Oil Prices | Egypt Oil & Gas - Part 11
Vitol CEO: Oil Prices to Bounce Around $40 – $60 a Barrel
Oil prices will stay low for the next ten years over Chinese economic slowdown and the US shale industry acting as a cap on any rally, Ian Taylor, CEO of Vitol Group BV, the world’s largest independent oil-trading hou...
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. The company informed that its...
US Gas Firm Anadarko Cuts Capital Expenditure by 50% in 2016
The third-largest US natural gas producer, Anadarko Petroleum Corporation, cut its spending plans by almost 50% to $2.8b in 2016, after having filed a net loss of $1.25b in Q4 of the last year, Bloomberg reported. The...
Nigeria Asks for $3.5b Emergency Loans from World Bank, AfDB
Nigeria has asked the World Bank (WB) and the African Development Bank (AfDB) for $3.5b in emergency loans to fill a growing gap in its budget in the latest sign of the economic damage being wrought on oil-rich nation...
Gulf Stock Markets Rose Following Oil Price Surge
Gulf countries’ stock markets rose sharply after oil prices surged at the end of January, reported Reuters. Egypt’s stock index also rose by as much as 2.1% in response to the firm tone of global equity ma...
IMF Recommends Bahrain to Adopt Further Austerity Measures
Bahrain has announced austerity measures in line with IMF recent recommendations, in a bid to return to international bond market and to finance its expanding budget deficit of 15% of the country’s GDP, reported...
Venezuela in Talks with Global Oil Majors to Tackle Low Oil Prices
Venezuela has made four formal proposals to OPEC and non-OPEC states to hold talks in an attempt to summon a joint emergency meeting to tackle the continuously declining oil prices and stabilize the market, Reuters re...
Kuwait Committed to its Planned $100b Oil Investment
Kuwait is committed to its petroleum investment plans despite the prospect of low oil prices persisting, reported Arabian Business. Kuwait Petroleum Corporation (KPC) CEO, Nizar al-Adsani, said that the company was an...
