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Greece, Italy, Israel and Cyprus back natural gas pipeline to Europe

Italy, Greece, Cyprus and Israel agreed to back the construction of a gas pipeline from newly discovered fields in the eastern Mediterranean to Europe. The project, known as East Med, involves a 2,000 km long pipeline to channel offshore reserves ...

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OPEC oil output falls by 300K barrel per day in November

OPEC oil output fell in November by 300,000 barrels per day (bpd) to its lowest since May, a survey found, pressured by a drop in Angolan and Iraqi exports, strong compliance with a supply cut deal and involuntary declines. OPEC’s ...

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OPEC likely to exceed oil cut deal commitments in 2018

Saudi Oil Minister Khalid Falih as saying that OPEC members are likely to exceed their commitment under OPEC, non-OPEC oil production cut agreement in 2018, which currently stands at 1.2 million barrels per day. All 24 participants of OPEC, non-OPEC ...

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Russia keeps market guessing ahead of Vienna OPEC meeting

Despite its best efforts, Saudi Arabia has yet to convince Russia to commit at least not publicly to extending the OPEC /non-OPEC production cut agreement through the end of 2018, injecting some uncertainty ahead of Thursday’s closely watched meeting in ...

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China’s LNG imports rise to second highest on record

China’s imports of liquefied natural gas in October nearly doubled from the same month a year ago to the second highest on record, according to customs data, as companies boosted imports of the fuel ahead of the winter heating season. ...

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Chinese CEFC denies Africa bribery scheme after US probe

Top Chinese oil company CEFC China Energy on Tuesday denied any involvement in an alleged multi million dollar bribery scandal that US investigators say helped the giant win business advantages in Africa. US officials announced Monday that they had arrested ...

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OPEC said to get few answers on shale before decision on production cuts

LONDON and DUBAI (Bloomberg) — OPEC will have to decide whether to extend global oil cuts without knowing whether they’re triggering a new flood of rival supply from U.S. shale producers.   Analysts gave differing outlooks for U.S. shale output in a ...

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Venezuela’s state oil producer to cut costs by 50%

WASHINGTON (Bloomberg) – Already in default and struggling with sinking oil production, Venezuela’s state-run energy firm told its employees to cut costs and expenses by 50% in an austerity drive to reflect the broader economic crisis hitting the OPEC nation of ...

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Saudis eye oil sales to world’s biggest plants emerging in China

Saudi Arabia’s status as the biggest oil supplier to China has been usurped by Russia. OPEC’s biggest producer is now trying to regain ground in the world’s largest crude importer. State-run Saudi Arabian Oil Co., known as Aramco, is in ...

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Natural gas discoveries in eastern Mediterranean can be EU’s new energy source

Egypt’s president Abdel-Fattah el-Sissi said that newly discovered gas deposits in the eastern Mediterranean can offer Europe the alternative sources of energy that it’s searching for and that Europe can take advantage of the proximity of both Egypt and Cyprus ...

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