Tag Archives: The National

Oil prices fell in morning trading on Monday after China’s set a modest target for economic growth for this year. Brent, the benchmark for two thirds of the world’s oil, was trading 0.71 per cent lower at $85.26 a barrel at 9.58am UAE time while West Texas Intermediate, the gauge …

Oil prices are likely to rebound to $125 in the coming months due to tight market supply, declining spare capacity and low oil inventories, according to Swiss bank UBS. In a research note on Thursday, UBS strategists said the latest remarks by Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman …

Oil prices rose on Tuesday after Saudi Arabia, the world’s largest exporter of crude, said the OPEC+ group can cut output if required to deal with the current volatility in oil markets. Brent, the global benchmark for two-thirds of the world’s oil, was trading 0.51 per cent higher at $96.97 …

Russia plans to put the Nord Stream 2 gas pipeline to domestic use after the fuel exports to Germany and Europe that were envisaged in its decade-long construction were called off because of the war in Ukraine. The Baltic Sea pipeline was completed last year but had not yet entered …

Saudi Arabia raised oil prices for all regions after crude surged following Russia’s military offensive in Ukraine to more than $115 a barrel. State-controlled Saudi Aramco increased its Arab Light crude price for next month’s shipments to Asia to $4.95 a barrel above the benchmark it uses. That is an …

International Energy Agency (IEA) member countries have committed to release 61.7 million barrels of oil reserves as of Friday as part of the emergency stock release announced by the agency on Tuesday. The amount exceeds the 60 million barrels of oil that IEA countries had pledged to release from emergency …

The Swiss-based company that built the Nord Stream 2 gas pipeline from Russia to Germany is considering filing for insolvency, sources said, as it tries to settle claims before a US sanction deadline for other entities to stop dealing with it. The US imposed sanctions on Nord Stream 2 AG …

Iraq has begun negotiations with the US oil major Halliburton to develop a crutch gas field in Anbar governorate, looking to increase its hydrocarbons output as oil prices rise. The Ministry of Oil has also sent the initial contract for the development of Mansourieh gas field to the Council of …

Geopolitical tension in Eurasia has ruffled financial markets in recent weeks and contributed to the almost 20 per cent increase in oil prices since the start of 2022. In addition, oil markets are expected to remain relatively tight in the first quarter of this year, as supply is only gradually …

Saudi Arabia’s Crown Prince Mohammad bin Salman said 4 per cent of oil giant Saudi Aramco’s shares have been transferred to country’s sovereign wealth fund, known as the Public Investment Fund, to support restructuring the economy. The move is also part of PIF’s plan to raise its assets under management …