Oman, the biggest Middle Eastern oil producer that’s not a member of OPEC, is boosting crude output to as much as possible with the global price rout over, Salim Al Aufi, undersecretary of the oil and gas ministry, said.
Saudi Arabia is boosting oil production, pursuing its policy to maintain market share as prices fall.
ProSep has launched an Industry Technology Facilitator (ITF) joint industry project (JIP) with Qatar Petroleum and Petroleum Development Oman.
Saudi Arabia, the world’s biggest crude exporter, shipped 5.7% less oil overseas last year in a sign the price rout did little to revive demand.
NEWARK, New Jersey -- Genie Energy Ltd., an oil and gas exploration company and retail energy provider, said Tuesday that its Afek subsidiary has spudded its first exploratory well in the Golan Heights region of Northern Israel.
Oil rose to the highest level this year as chaos in Libya curbed output and as an agreement between Iraq’s central government and the Kurdish region over crude exports was tested by falling prices.
Crude oil's fifty shades of grey
Oil producers outside OPEC and U.S. shale fields are getting caught in the confrontation over market supremacy that has brought crude prices to near six-year lows.
Abu Dhabi is seeking about $7 billion in payments from foreign companies for production stakes still to be awarded in the emirate’s biggest onshore oil fields, two people with knowledge of the situation said.
Crude demand is improving amid signs prices are stabilizing, the state-run Saudi Press Agency reported, citing Saudi Arabia’s Oil Minister Ali al-Naimi.
OPEC made the deepest cut to its forecasts for 2015 global oil-supply growth since it first published them in August as U.S. producers lead a slowdown in drilling after last year’s price collapse.
The oil industry’s billions in spending cuts are paving the way for a price rebound that will make the best shale producers attractive investments, commodity hedge fund manager Andrew J. Hall told investors.
Foreign oil producers in Iraqi Kurdistan are resorting to selling crude at about $30/bbl in the domestic market as the government hangs on to companies’ export earnings amid weaker world prices and a costly battle with Islamic State.
Inpex Corp., through its wholly owned subsidiary, Japan Oil Development Co., commenced oil production from Nasr field, offshore Abu Dhabi, the United Arab Emirates, on Jan. 24.
Rod Starr has now assumed the role of CEO of Polarcus, the company has confirmed.
ABU DHABI (Bloomberg) -- Abu Dhabi, the desert emirate holding about 6% of the world’s oil, cut export prices for its crude for the seventh consecutive month and to the lowest since 2009 amid a global price slump.
HOUSTON -- The oil and gas industry’s leading magazine for upstream technology and activity, World Oil, forecasts a sharp drop in drilling, both in the U.S. and internationally, as a direct result of plunging crude oil prices. In its 89th annual forecast and review, World Oil predicts an average WTI oil price of $55.75/barrel (bbl), while Brent will be $58.80/bbl. A Henry Hub natural gas price of $3.35/MMBtu is expected.
VIENNA, Austria -- OPEC oil production rose in January as record Iraqi output helped drive prices near six-year lows.
Total has signed a new 40-year onshore concession agreement that covers the fifteen principal onshore oil fields of Abu Dhabi and represents more than half of the Emirate’s production.
The battle for customers among OPEC members that helped trigger oil’s collapse is about to escalate.