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ADIPEC 2016 sets new records

The Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) posted continued global success, celebrating a milestone year in its 19th edition, and realizing ongoing industry acclaim from world oil and gas leaders.

Saudi Arabia starts telling refiners oil supply will be cut

Saudi Arabia has started to tell its customers it will reduce crude shipments from January, with the curbs focused on Europe and North America while Asian refineries are so far largely spared.

Iraq can’t count on Kurds or oil companies to meet OPEC cuts

Iraq can’t count on self-governed Kurds in the country’s north or international oil companies to help it cut crude production as promised at an OPEC meeting last week.

Shell returns to Iran with deal to assess oil and gas fields

Royal Dutch Shell and Total will sign initial agreements on Wednesday to develop oil and gas fields in Iran, in the first European petroleum deals in the Persian Gulf country since sanctions eased earlier this year, an Oil Ministry official said.

Joint Kuwait-Saudi oil fields to stick to OPEC caps if restarted

Kuwait and Saudi Arabia agreed that any resumption of crude production from shared oil fields along their border won’t raise their output beyond limits set at an OPEC meeting last week, according to two officials familiar with the talks.

Saudi Arabia switches OPEC tack with eye on world’s top IPO

To understand why Saudi Arabia changed course and decided OPEC should go back to managing supply, look at two of the kingdom’s biggest policy challenges: the urgent need to plug holes in its budget and the plan to sell a stake in the state-owned oil monopoly.

OPEC deal can work, but ‘We tend to cheat,’ Al-Naimi says

OPEC’s agreement to cut production for the first time in eight years has the potential to balance the oil market, as long as everyone sticks to it, former Saudi Arabia Oil Minister Ali al-Naimi said.

Apex International Energy awarded first blocks in Egypt

Apex International Energy, an independent oil and gas exploration and production company focused on Egypt, is pleased to announce that it has been awarded Blocks 8 and 9 by the Egyptian General Petroleum Company (EGPC) from their 2016 Bid Round.

OPEC deadlocked as Iran, Saudis harden positions on oil deal

An OPEC deal to curtail oil production appeared in jeopardy as Iran said it won’t make cuts while Saudi Arabia insisted Tehran must be willing to play a meaningful role in any agreement.

Iran rules out production cut ahead of OPEC meeting

Oil retreated below $46/bbl in New York after OPEC officials failed to work out a compromise deal to ease a global supply glut and Iran ruled out reducing its production.

Emerson helps Kuwait Oil Company maximize value of reservoir assets

Emerson Automation Solutions has supplied its Roxar RMS reservoir modeling software to Kuwait Oil Company (KOC). The new licenses will be used to build more accurate and detailed reservoir models.

Saudi Aramco in trillion cell reservoir simulation run

The EXPEC Advanced Research Center (EXPEC ARC) TeraPOWERS Technology Team, under the leadership of Saudi Aramco fellow Ali Dogru, has achieved a major breakthrough with the industry’s first trillion cell reservoir simulation run.

BP farms into Eni’s supergiant Zohr gas field offshore Egypt

BP has agreed to buy from Eni a 10% interest in Egypt's Shorouk concession, which contains the supergiant Zohr gas field, for $375 million.

OPEC tries to salvage deal as Saudis say cut may not be needed

OPEC ministers flew to Moscow and officials in Vienna launched another round of talks in an effort to salvage an agreement on production cuts, just as Saudi Arabia raised the possibility of leaving without a deal.

Iran said to assess 1.1 MMbpd collective OPEC cut

Iran is assessing a proposal for a collective OPEC output cut, but hasn’t announced any commitment to reduce its own production as the group tries to end disagreements about how to share the burden of supply cuts ahead of a meeting in Vienna.

Saudis sink Russia oil talks as OPEC deal hangs in the balance

Saudi Arabia pulled out of planned talks with non-OPEC nations including Russia as disagreements about how to share the burden of supply cuts stood in the way of a deal to boost prices just days before a make-or-break meeting in Vienna.

OPEC’s last push for oil-cuts deal shifts focus to Iran, Russia

OPEC’s final push to implement the Algiers supply accord and boost oil prices shifted focus to Iran and non-members such as Russia as Iraq appeared to reverse its opposition to output cuts.

Saudi Aramco awards contract extension to Jacobs

Jacobs Engineering Group has received an amendment from Saudi Aramco for its general engineering services (GES) contract.

Iraq says it will participate in OPEC deal to cut output

Iraq will shoulder part of the burden of oil-output cuts, said Prime Minister Haider Al-Abadi, reversing the nation’s previous insistence for an exemption and potentially removing an obstacle to an OPEC deal next week.

Libyan oil production shows signs of continued gains: Wood Mac

Wood Mackenzie's latest study on Libya's oil production shows the country's output has doubled from 300,000 bopd in early September to close to 600,000 bopd today, adding to the global oil supply glut.