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Brent crude oil prices stand at $66.37 per barrel in Monday trading driven by OPEC supply cuts
OPEC seeks extending production cuts until April’s meeting
Egypt has become important player in oil sector worldwide
Talks to extend OPEC deal to cut oil production in 2019
A number of oil and energy experts confirmed that the increase in oil production may range between 600,000 and 700,000 barrels per day over the coming six months by OPEC members and non-members
Oil prices plunged on Friday to their lowest levels in weeks, on the back of reports that the Organisation of the Petroleum Exporting Countries (OPEC) and Russia are considering increasing production. Both West Texas Intermediate (WTI) and Brent crude fell by more than 3% to $67.50 and $76.44 respectively. Both Saudi Arabia and Russia are …
Middle Eastern countries contributed to the majority, 65.5%, of the Organisation of the Petroleum Exporting Countries (OPEC)’s total production in 2016, according to the OPEC Annual Statistical Bulletin 2017. OPEC’s proven oil reserves currently stand at about 1.216tn barrels, with Venzuela, Saudi Arabia, and Iran the top three countries in term of reserves with 302bn …
The oil market has been in decline for a considerable period of time, having experienced three consecutive years during which supply has outstripped demand. This has continued to drive prices down and created a depreciating marketplace, while forcing the intergovernmental Organisation of the Petroleum Exporting Countries (OPEC) to take decisive action.
Saudi Arabia has announced the ouster of its longtime oil minister as part of a larger government shakeup. Outgoing minister Ali al-Naimi had been a pillar of Saudi oil policy since 1995.
Loan to be used in establishing, equipping modern integrated centres for tumours and neurosurgery at Ain Shams Specialized Hospital
Egyptian citizen’s economic situation does not allow change in prices, says Ismail
Its backing will remain unchanged, but the lifeblood of Gulf aid cannot continue indefinitely
Fuel oil, which is supplied into markets, is currently not subsidised, says expert
Crude oil prices have slumped to lowest level in five years due to potential increased market supply
OPEC’s latest loan brings the total amount of fund provided by the international organisation to Egypt to $450m
Reuters – The United Arab Emirates, a Gulf OPEC oil producer, said it was looking at the possibility of importing natural gas from North America, in what would be one of the most striking developments since the start of the US shale boom. The United States and Canada are producing record amounts of gas from …
Shell issued a “significant” profit warning for the fourth quarter on Friday, in which it detailed across-the-board problems, less than three months after its third-quarter profits undershot analyst forecasts.
The latest crisis erupted in July, when security guards at key oil terminals shut them down, accusing the authorities of corruption and demanding a more equitable distribution of oil revenues.
Announcement comes during deputy Prime Minister’s visit to Washington DC last week
OPEC’s supply averages 29.90 million barrels per day, down from a revised 30.01 million bpd in September
The stations’ developments in the Nile delta areas will assist in locating and tracking the regions experiencing power cuts
The announcement came after the signing of an official agreement stating that the OPEC fund will contribute $70m to the project.
New York’s main contract, West Texas Intermediate, for November sank to $103 — the lowest point since 8 August.
The US economy was experiencing a “positive momentum” thanks in large part to a boost in private household consumption.