For full coverage of Middle East business events, see MEED Subsidy reform and further economic diversification away from oil and gas are the most critical elements in overcoming the current squeeze on government revenues resulting from a sustained period of…
Tag: oil
End of sanctions will have short-term impact on oil; long-term impact on refined product and petrochemical markets
For full coverage of business developments in Iran and the Middle East, see MEED. The end of nuclear-related sanctions, which could happen by the end of 2015, will have a short-term impact on oil prices but a long-term impact on…
EIA says Libyan oil industry in crisis
For full coverage of business developments in Middle East, see MEED. The oil industry of Libya, Africa’s largest oil producer before 2011, is in crisis and its crude production remains little more than one-third of the level recorded five years…
Putin pivotal for oil and Syria
Russian President Putin, who met Saudi Arabia’s King Salman on Monday and is due visit Tehran next week, is poised to play a pivotal role in developing a coherent international approach to ending the Syrian war and defusing a looming…
Iran Petroleum Contract ready for launch
Iran’s Ministry of Petroleum today published the new oil and gas contracts framework which will be presented formally to foreign companies in Tehran next week. The Iran Petroleum Contract (IPC) has been published on the website of the ministry’s Shana…
Khesht field production to start by March
Crude oil production at Khesht field will start by the end of the Iranian financial year in March 2016, operator to the field’s development projects said today. Managing director of South Zagros Oil & Gas Production Company Gholamhussein Montazeri said output will be 20,000…
South Korea’s imports of Iranian oil averaged 123,000 b/d in Jan-Oct
South Korean customs figures show South Korea’s imports of Iranian crude oil averaged 123,056 barrels a day (b/d) in January-October. Iran is now exporting about 1.1 million b/d of crude oil, about half the figure recorded before the tightening of…
Iran to double oil exports after sanctions
For full coverage of business developments in Iran and the Middle East, see MEED Iran is preparing a radical increase in crude oil exports following the relaxation of international sanctions which experts say could happen by the end of 2015.…
Kuwait to consider further fuel price rises
The Kuwait cabinet will discuss two studies, one completed by Kuwait Petroleum Corporation (KPC), about increasing domestic fuel prices, the daily Kuwait times reported this morning. It said the studies have been sent to the cabinet to be discussed by…
Kuwait Energy output to rise to 137,000 b/d in 2017: Fitch
Kuwait Energy, the independent oil and gas producer, is on track to lift its oil production to 137,000 b/d in 2017, Fitch Ratings says in a report. “We expect the company’s Iraqi assets to start coming on-stream over the next 12…