Shell exits Caspian Sea oil project

Energy major Royal Dutch Shell said yesterday it has pulled out of a major oil and gas project in Kazakhstan’s waters in the Caspian Sea due to economic factors.Shell’s decision to quit the Khazar offshore project — close to the country’s flagship Kashagan field — is

Oil prices slide over China demand

Oil prices slid on Friday 10-18-2019 on jitters over demand from China after the world's largest oil importer recorded its weakest quarter of economic growth in nearly three decades, dragged down by a trade dispute with the US. Brent crude futures fell by 0.4 per cent to $59.70 a barrel from their

Putin calls for reduction in global oil inventories to 'reasonable levels'

Russian President Vladimir Putin is calling for a reduction in global oil inventories to "reasonable levels", signalling Russia's willingness to work with Saudi Arabia in thwarting efforts aimed at destabilising oil markets.Mr Putin did not specify what level he would like to see the inventories a

IEA revises oil demand growth for 2019 and 2020 down by 100,000 bpd

The International Energy Agency revised down its forecast for oil demand growth by 100,000 barrels per day, despite observing that markets had priced in little geopolitical risk premium after the attacks on Saudi oil facilities."For both 2019 and 2020 we have cut our headline oil demand growth num

Engie eyes investments in district cooling and renewables in the Middle East

French utility Engie is looking at growing its portfolio in district cooling in the Middle East as it also looks to actively bid on renewables projects in the region, according to its chairman.."We're looking at growing with existing facilities and new customers, developing greenfield facilities b

Oil set to close week in the negative after four days of decline

Oil prices remained flat and poised to close in the negative for a second week as markets awash with US crude kept sentiment bearish.Brent, the benchmark for light, sweet crude was trading at $58.26 per barrel at 9.50am UAE time, while West Texas Intermediate, which largely tracks North American c

Canadian Oil Falls as Alberta crude-by-rail deal nears

Canadian heavy oil prices have weakened ahead of an anticipated announcement that Alberta will ease production limits in exchange for shipping more crude by rail. Western Canadian Select’s discount for November to futures widened $1.30 a barrel to $15.75 Monday 10-7-2019, for the biggest diff

Iran denies successful cyberattacks on oil sector

Iran denied on Saturday9-21-2019 its oil infrastructure had been successfully attacked by a cyber-operation, after reports of disruptions to the sector online. “Contrary to Western media claims, investigations done today show no successful cyberattack was made on the country’s oil insta

Aramco hires nine banks for IPO top roles: Sources

, Dubai - Saudi Aramco has hired nine banks as joint global coordinators to lead its planned initial public offering (IPO), slated to be the world’s largest, two sources familiar with the matter told Reuters on Wednesday. Aramco has selected JPMorgan, Morgan Stanley, and Saudi Arabia’s