prices | Egypt Oil & Gas - Part 6

Oil Prices Fall as US Dollar Strengthens

Oil prices ticked lower Monday on a stronger dollar and weak Chinese manufacturing data.

More Disagreements Over Planned Oman-Iran Gas Pipeline

Discussions are still going on to finalize the route for the proposed 230-km gas pipeline project with Iran, said Dr Mohammed bin Hamad al Rumhy, Minister of Oil and Gas, at a special briefing for the media yesterday.

OPEC Should Cut Oil Output, Libya Official Says

OPEC should change course and cut oil supply by 800,000 barrels per day (bpd) or more to prevent an expected return of Iranian exports from weighing on prices, Libya's OPEC governor said.

Saudi Still Waiting for Non-OPEC Help, Moving into Shale

Saudi Arabia's oil minister Ali al-Naimi said on Tuesday that the kingdom stood ready to "improve" prices but only if other producers outside of the Organization of the Petroleum Exporting Countries (OPEC) joined the ...

Brent Price Falls on Expectations of Higher Supplies from OPEC, US

Brent crude oil fell below $54 a barrel on Friday and was on track for its third straight weekly loss, hurt by worries of rising supplies from Opec and the United States.

South Africa’s Sasol Implements Saving Scheme due to Volatile Oil Market

Major oil companies are scrambling to cut costs as global oil prices plummet. Sasol, South Africa’s petrochemicals giant, is the latest to roll out its aggressive savings plan, involving potentially thousands of job ...

Oil Prices Recover as Netanyahu Speaks to US Against Iranian Deal

Oil rebounded on Tuesday as Israeli Prime Minister Benjamin Netanyahu warned the Obama administration against accepting a weak nuclear deal with Iran, while rival Libyan forces targeted oil terminals in the African n ...

Angola to Cut Budget by 25% as Oil Revenue Plunges

Angolan President Jose Eduardo dos Santos said oil revenue in this year’s budget will plunge by almost half, forcing Africa’s second-largest crude producer to cut spending.

OPEC may hike oil output to ease prices

Major oil cartel OPEC may consider increasing output for the first time in 4 years to ease prices and lessen the drag of high energy costs on global economic growth.

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