For full coverage of Middle East business, see MEED Kuwait is taking steps to sell minority stakes in as many as four units of Kuwait Petroleum Corporation (KPC), Bloomberg reported acting oil minister Anas al-Saleh as saying this morning. “We…
Category: Oil
Low prices hit oil investment, lift dependency on ME
For full coverage of Middle East business, see MEED Low oil prices are having a profound impact on the pattern of global oil supply, the Paris-based International Energy Agency (IEA) said in a report released today. “The latest data from…
IEA revises up 2016 oil demand forecast
The International Energy Agency (IEA) today announced that it had revised up its forecast of global oil demand growth in 2016 to 1.6m barrels a day (b/d) and forecast a further 1.3m b/d increase in demand in 2017. This would…
Iran’s output hits 3.8m b/d
\ Iran’s Oil Minister Bijan Zangeneh For full coverage of Middle East business, see MEED Iran’s oil production is 3.8m barrels a day (b/d) and exports are running at 2m b/d, Iran’s Oil Minister Bijan Zangeneh told the Islamic republic’s parliament…
Total gets 6 month Azadegan deadline
For full coverage of Middle East business, see MEED Total has six months to submit its technical bid for the development of the South Azadegan oil field which could still be awarded to other international firms, Iran’s deputy oil minister…
Saudi east-west oil line to go to 7m b/d
For full coverage of Middle East business, see MEED Saudi Arabia is acting to reduce its dependence upon exporting oil through the Gulf and enhance its capacity to confront Iran in the wake of the relaxation of nuclear-related sanctions against the…
Iran to invite oil field development bids
For full coverage of Middle East business, see MEED In a long-awaited initiative to encourage foreign company participation in its upstream projects, Iran plans to invite international companies to bid for oilfield development rights in June, the Islamic Republic News Agency (Irna) reported this…
Bids in for Al-Shaheen PSA
For full coverage of Middle East business, see MEED Chevron Corporation, Royal Dutch Shell, Total SA, ConocoPhillips and Maersk Oil Qatar have bid for a production sharing agreement for the offshore Al-Shaheen field, which currently produces 300,000 barrels a day…
Iran oil output to approach 4m b/d soon
Iran’s deputy oil minister Roknodin Javad Iran’s total oil production will come close to 4m b/d during the summer on soaring exports, comments made today by the Islamic republic’s deputy oil minister Roknodin Javad suggest. He said Iran’s oil export capacity…
India to settle debts due to Iran
India’s Prime Minister Narenda Modi meets Iran’s President Rouhani during visit to Tehran on 22-23 May Iran’s deputy foreign minister Ebrahim Rahimpour has said that India will pay the remaining part of $6.4bn it owes the Islamic republic for crude oil…