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The Iran N-deal, sanctions and Western oil firms
The iran nuclear deal in Geneva has not caused a collapse in oil prices with Brent now trading in the $110-$112 range. This is due to the simple fact that global oil markets are still sceptical that US and EU sanctions will be eased fast enough to enable Iran to boost output by one million barrels a day it lost after banking, shipping and insurance sanctions slashed exports to Asian refineries after 2010.
Opec production drops further to 2-1/2-year low
Opec’s oil output has fallen in November, remaining below 30 million barrels per day for a second month, a Reuters survey found, due to strikes and protests in Libya and further trimming of Saudi Arabian output.
A landmark energy deal
Turkey, Iraqi Kurdistan accord to transform semi-autonomous region into an oil and gas powerhouse
Saudi Arabia welcomes US shale oil
Top oil exporter Saudi Arabia remains unconcerned by surging US shale output, which threatens to eat into Opec’s market share, and sees no need to cut production to support prices, its deputy oil minister said on Wednesday.
WTI crude trades near 4-month low
West Texas Intermediate traded near a four-month low as crude stockpiles gained for a sixth week in the US, the world’s biggest oil consumer. Libya may resume production from one of its largest oil fields by next week.
Govt-industry teamwork needed to solve ‘energy trilemma’
With growing energy demand in Asia and coming challenges in the global market, industry and governments need to work together to find solutions to tackle the “energy trilemma” of energy equity, energy security, and environmental sustainability, said panelists at the World Energy Congress in Daegu on Wednesday.
US to pip Russia in oil output
The United States will become the world’s largest oil producer next year — overtaking Russia — thanks to its shale oil boom which has transformed the global energy landscape, the West’s energy watchdog said on Friday.
Egypt can pay in local currency: Dana Gas
Dana Gas offered to allow Egypt to pay back part of the $290 million owed to the company in local currency to make it easier for the state to find the money, needed by the producer to sustain output.
Adnoc sends 2m barrels of oil to SK facility
Abu Dhabi National Oil Co, or Adnoc, has delivered two million barrels of crude to South Korean storage facilities, the first such shipment by the UAE firm after it leased the space to store six million barrels, South Korea’s energy ministry said.
Pay up or dry up: Egyptian gas at a crossroads
An offshore gas find in the Nile Delta is strong new evidence that Egypt has the resources to end power cuts and get export income flowing again. Its challenge is to persuade wary international oil companies to develop them.
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