Kuwait Oil reports ‘limited fire’ at Burgan field

A “limited fire” broke out on Monday at the Kuwait Oil Co’s Greater Burgan field, injuring two workers but with no impact on production, the state news agency KUNA reported, citing a company statement.The fire was quickly brought under control, it said.Greater Burgan is Kuwait&rs

Saudi Aramco records profits in the first quarter of this year

The state-owned Saudi Oil Company, Aramco, announced today, Tuesday, a 30 percent increase in first-quarter profits this year, supported by the strength of the oil market and rising margins for refining and chemicals. Net profit rose to $ 21.7 billion in the quarter ended March 31, from $ 16.7 bi

Corona pandemic in India negatively affects oil prices

Oil prices fell, as a second wave of the Corona virus in India undermined a recovery in fuel demand, overshadowing optimism about a strong recovery in fuel demand in developed countries and China in the second half of 2021. By 06:20 GMT, Brent crude futures for July delivery fell 48 cents, equiva

Oil prices fall on India’s demand concerns

Oil prices declined on Friday on worries of wider lockdowns in India and Brazil to control the COVID-19 pandemic. Brent crude fell 31 cents, or 0.5%, to $68.25 a barrel by 06:30 GMT while US West Texas Intermediate crude for June was at $64.59 a barrel, down 42 cents, or 0.7%.  In a note, E

Oil rises as demand outlook outweigh coronavirus concerns

Oil prices gained on Thursday as a bullish forecast on economic recovery overshadowed the effect of the rise in COVID-19 cases in India, Japan and Brazil. Brent crude for June rose 42 cents, or 0.6%, to $67.69 a barrel by 06:22 GMT while US West Texas Intermediate crude for June was at $64.22 a b

Oil rises as Opec+ seen sticking to policy despite India COVID surge

Oil prices rose on Tuesday as Opec+ sources said the producer group would stick to existing plans to boost oil output slightly from May 1, suggesting they do not see a lasting impact on demand from India’s coronavirus crisis.The group has also ditched plans to hold a full ministerial meeting

Dana Gas terminates sale of Egyptian assets

Sharjah-based Dana Gas terminated the agreement to sell its Egyptian assets to exploration and production company IPR Wastani Petroleum in a $236 million deal that was announced in October last year. "A number of conditions precedent to the transaction could not be completed to the sati

Oil prices fall after a surprising build-up in US stock

Oil prices dropped on Thursday following an unexpected gain in US crude inventories and resurgence of COVID-19 cases in India. Brent crude futures fell 20 cents, or 0.3%, to $65.12 a barrel by 05:27 GMT while US West Texas Intermediate (WTI) crude futures were down 21 cents, or 0.3%, at $61.14 a

Oil prices gain as dollar declines

Oil prices jumped on Tuesday as dollar declines aiding commodities and crude inventories dropped in the United States.  Brent crude futures for June delivery had risen by 66 cents, or 1%, to $67.71 a barrel as at 06:42 GMT while US West Texas Intermediate (WTI) crude futures for May delivery

Oil prices gain due to strong economic recoveries

Oil prices climbed on Friday on course for a 7% weekly gain due to data indicating improved oil demand outlook and strong economic recoveries in China and United States. Brent crude futures rose 30 cents, or 0.5%, to $67.24 a barrel at 05:51 GMT while US West Texas Intermediate (WTI) crude future

Oil prices steady as IEA, OPEC increase demand forecasts

Oil prices steadied on Thursday following the International Energy Agency (IEA) and OPEC predictions for oil demand as economies rebound from the pandemic. Brent crude was up by 4 cents at $66.62 a barrel by 05:51 GMT while US West Texas Intermediate futures edged 3 cents lower to $63.12 a barrel

Opec raises oil demand growth forecast on hope virus wanes

Opec on Tuesday raised its forecast for growth in world oil demand this year on expectations the pandemic will subside, providing help for the group and its allies in their efforts to support the market.Demand will rise by 5.95 million barrels per day (bpd) in 2021, or 6.6%, the Organisation of th

Oil prices rise on prospective US fuel demand

Oil prices surged on Monday on the likelihood of fuel demand increasing in the US as consumers prepare for summer driving season and COVID-19 vaccination roll out picks up pace. Brent was up 2 cents at $62.97 a barrel by 05:10 GMT while US crude gained 1 cent to $59.49 a barrel, after rising as m

Aramco agrees $12.4 billion pipeline deal with EIG

Aramco has agreed a $12.4 billion leaseback deal with a consortium led by EIG Global Energy Partners in one of the biggest energy infrastructure transactions.It represents a continuation of Aramco’s strategy to unlock the potential of its asset base and maximize value for its shareholders, i

Oil prices fall following a spike in US gasoline inventories

Oil prices slipped on Thursday following an increase in US gasoline stocks, causing concerns about demand. Brent crude eased 36 cents, or 0.6%, to $62.80 a barrel by 01:36 GMT while US Oil fell 38 cents, or 0.6%, to $59.39 a barrel. The United States stocks dropped beyond analysts’ expecta

Oil prices dip after OPEC+ agree to ease output cuts

Oil prices slipped on Monday, paring strong gains made in the previous session after OPEC+ agreed last week to gradually ease some of its production cuts between May and July.Brent crude futures for June fell 33 cents, or 0.5 percent, to $64.53 a barrel by 0206 GMT while US West Texas Intermediate

OPEC+ turns the oil taps back on — gradually

OPEC+, the alliance of oil producers led by Saudi Arabia and Russia, has agreed to a gradual increase in supply over the next three months in a move that underlines the cautious approach to global markets still impacted by the coronavirus disease (COVID-19) pandemic. Prince Abdul Aziz bin Salman,

Oil gains ahead of OPEC+ meeting on output policy

Crude prices rose on Thursday, recouping some of the previous session’s losses on expectations that a meeting of OPEC and its allies later on Thursday would yield output constraint in the face of resurgent COVID-19 infections in some regions.Brent crude for June delivery was up by 31 cents,