MENA ///

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.

Crude approaches 28-month high as Saudi crackdown intensifies

Crude resumed its march toward levels last seen in 2015 as escalating tensions in Saudi Arabia raised concerns about stability in the region.

BP's Dudley inaugurates Oman's Khazzan field

The first phase of development of Oman’s giant Khazzan gas field was officially inaugurated by BP CEO Bob Dudley and Sayyid Haitham bin Tarik Al’Said, minister of heritage and culture for Oman.

Oil steady as U.S. output peak counters Middle East concerns

Oil steadied near $57/bbl in New York as data showing U.S. crude output at the highest in at least three decades countered concerns sparked by a political purge in top exporter Saudi Arabia.

Oil at 28-month high as Saudi anti-graft sweep rattles markets

Oil reached levels last seen more than two years ago as Saudi Arabian King Salman’s anti-corruption drive shook the world’s biggest crude exporter just weeks before major producers gather to discuss prolonging historic production caps.

Oil extends surge as OPEC signals deal, supply threats mount

Oil closed at its highest in more than two years for a second day as support grew for OPEC to prolong output cuts, while supply threats abounded.

Russian-Iranian framework established for gas sector cooperation

A number of documents were signed in Tehran on the margins of the visit to the Islamic Republic of Iran by Russian President Vladimir Putin. The documents are aimed at fostering Russian-Iranian cooperation in the gas sector.

Oil extends rally on expectations OPEC will lengthen output cuts

Oil extended gains from the highest close in more than two years on signs that OPEC will extend production cuts when it meets at the end of this month.

Oil supermajors battle for dominance after metamorphic downturn

The world’s biggest oil companies are jostling for supremacy as they emerge from a life-changing downturn.

Iraq's oil export talks with Turkey vexed by $4-billion Kurd debt

Baghdad’s talks with Turkey about ramping up oil exports from northern Iraq, including the semi-autonomous Kurdish region, is complicated by a $4 billion debt that the Kurds owe to Turkey, according to Iraq’s oil minister.

Oil hits 28-month high as OPEC behemoths back extending limits

Oil closed at the highest level in more than two years as OPEC’s two biggest members publicly endorsed an extension of production caps that have eroded a worldwide glut.

Iraq's oil exports decline as Kurdish fight cuts output

Iraq’s crude exports fell 7% in October after the Kurdish region held an independence referendum that sparked fighting with federal troops, interrupting pipeline sales.

Top OPEC ministers say longer cuts needed but duration undecided

While OPEC and its allies agree their output-cut deal needs to be prolonged as bloated inventories won’t shrink to normal levels by March, they’re yet to reach consensus on how long the pact must be extended, according to ministers from three of the top producers.

Oil trades near $54/bbl as U.S. crude stockpiles resume decline

Oil traded near $54/bbl as traders remained cautious on how quickly a global oil glut is diminishing.

Rosneft, National Iranian Oil Company sign strategic oil and gas agreement

During the visit of the Russian President Vladimir Putin to the Islamic Republic of Iran, Rosneft Oil Company and National Iranian Oil Company signed an agreement termed the “Road Map and Key Terms of Strategic Cooperation in the Field of Oil and Gas.”

Saudis lead Gulf nations in cutting break-even oil price

Saudi Arabia, OPEC’s biggest oil producer, is also a leader when it comes to slashing the crude price the country needs to balance its budget.