MENA ///

Oil short-sellers return as doubts loom on OPEC's horizon

After bullish bets on Brent crude hit a record and futures surged to two-year highs, hedge funds are pulling back with a sense that the rally reached its limit for now. Wagers on lower prices rose by the most since June as Middle East tensions took a backseat, while uncertainty looms over Saudi Arabia’s push to extend OPEC’s output curbs this month.

Oil climbs as Saudi Arabia seeks to dispel doubts over Russia

Oil climbed, paring losses earlier this week, as Saudi Arabia moved to dispel doubts over Russia’s readiness to extend output curbs.

Saudi Arabia says OPEC should extend cuts in meeting this month

Saudi Arabia’s Energy Minister said OPEC and its allies should announce an extension of their output curbs when they gather at the end of this month.

ADES wins contract for ADMARINE III jackup with Egypt's GPC

ADES International Holding Ltd., the London-listed company providing offshore and onshore oil and gas drilling and production services in the Middle East and Africa through its subsidiaries, is pleased to announce that it has been awarded a new contract for its ADMARINE III offshore jackup rig.

Eni's giant gas field prompts Egypt to end imports in 2018

Egypt will stop importing liquefied natural gas in 2018 and may eventually export gas after it starts producing this year at the giant Eni SpA-operated Zohr field off the country’s Mediterranean coast, Oil Minister Tarek El-Molla said.

ADNOC signs framework agreement with CNPC to expand partnership

The Abu Dhabi National Oil Company (ADNOC) has signed a framework agreement, with the China National Petroleum Corporation (CNPC) covering various areas of potential collaboration including potential offshore opportunities and the sour gas development projects.

ADES, Vantage Drilling form JV to provide deepwater drilling services in Egypt

ADES International Holding Ltd., the London-listed company providing offshore and onshore oil and gas drilling and production services in the Middle East and Africa through its subsidiaries, has announced that its subsidiary ADES S.A.E has entered into a long-term joint venture (JV) agreement with a subsidiary of Vantage Drilling International.

Oil retreats as IEA casts dark cloud over 2018 market outlook

Crude took a step back now that 2018 isn’t looking so hot anymore.

U.S. to dominate oil markets after biggest boom in world history

The U.S. will be a dominant force in global oil and gas markets for many years to come as the shale boom becomes the biggest supply surge in history, the International Energy Agency predicted.

UAE joins gathering consensus to extend oil output cuts

OPEC and allied oil producers should extend their production cuts beyond March to help re-balance the market, the United Arab Emirates said, adding weight to a gathering consensus for longer reductions in output among participants in the global accord.

Breakup of Saudi-Russian alliance would collapse crude prices, Citigroup says

The Saudi- and Russia-led supply limits that have lifted crude to a 2 1/2-year high must be prolonged for an extended period or prices will collapse, said Ed Morse, global head of commodities research at Citigroup Inc.

Eni signs E&P sharing agreement for Block 52, offshore Oman

The Government of the Sultanate of Oman, Oman Oil Company Exploration and Production (OOCEP), a subsidiary of state company Oman Oil Company SAOC (OOC), and Eni today entered into an Exploration and Production Sharing Agreement (EPSA) for Block 52, located offshore Oman.

ADIPEC '17: Execs discuss the changing world of LNG

On the opening day of ADIPEC, executives from the LNG sector gathered for a heavy-hitting "C-Suite Dialogues" afternoon panel discussion to answer the question: "What is the future for natural gas and LNG in a low-carbon, low-cost landscape?"

Fugro welcomes multi-role survey vessel to its fleet

The newly named MV Kobi Ruegg has joined Fugro’s vessel fleet and is set to begin her first project in the Egyptian sector of the Mediterranean Sea.

OPEC boosts 2018 demand forecast, signaling faster rebalancing

OPEC boosted forecasts of demand for its crude in 2018, signaling that the rebalancing of the global market could gather pace.

Hedge funds add bullish oil bets as Mideast's tension heats up

Hedge-fund bets on rising Brent crude hit a fresh record as tension in the oil-rich region escalated, sending prices to their highest in more than two years.

Saudi Aramco CEO says size of share offering still to be decided

Saudi Arabian Oil Co. is still waiting for a decision on how many of its shares will be offered to the public, or where the listing will be made outside of the kingdom, according to CEO Amin Nasser.

Crude oil output cuts “only viable option” for market, OPEC head says

ABU DHABI and CAIRO (Bloomberg) -- The oil market is re-balancing at a quickening pace and production cuts are the “only viable option” to restore stability, OPEC Secretary-General Mohammad Barkindo said.

Iraq's Kurdistan oil payments at risk over independence tensions

Iraq’s Kurdish region handed over almost $80 million to foreign oil producers over the past two days, but future payments may be at risk.

Saudi Aramco signs $4.5 billion worth of agreements for oil, gas mega-projects

Saudi Aramco has signed agreements with several oil and gas service contractors for oil and gas mega-projects designed to enhance the company’s energy sustainability, diversify the economy, expand gas production, and localize domestic content. The agreements are valued at nearly $4.5 billion in total.