Middle East

Russia Engine Firm, Iran Oil Company in Contract Talks

A subsidiary of Russian state defence company Rostec, United Engine-building Corporation (UEC), is preparing a 50-70 billion rouble ($635-890 million) supply contract

Oil Rises, API Adjust U.S. Crude Stock Report

Russia's Sechin floats idea of oil output cuts; API reports lower-than-expected rise in U.S. crude stocks. Oil rose on Wednesday, after having posted its third-biggest

Russia's Sechin's Output Question: Who is going to cut?

The head of Russian oil major Rosneft, Igor Sechin, when asked if world oil exporters could reach consensus on cutting crude production, responded on Wednesday

Saudi Reform Efforts Wax and Wane with Oil Revenues: Kemp

"The GCC governments and peoples should realise that the boom period is over. We must all get used to a certain type of lifestyle that does not rely entirely on the state,

Oil Eases as Oversupply Impacts Markets

U.S. oil rises 2 pct despite oversupply; surplus conditions to keep gains in check. Oil prices eased on Tuesday, dragged lower by a broad decline across major

METALUBE Opens Dubai Office

Lubricants manufacturer METALUBE continues its global expansion by opening an office in Dubai, creating METALUBE Arabia.   Nick Pomeroy, who has worked in the region for past 10 years,

Iran's Envoy to Russia Says Tehran will Raise Oil Market Share

Iran will increase its share of the global oil market gradually, in order to avoid price volatility, RIA news agency quoted Iran's envoy to Moscow as saying on Monday.

New Trader Joins Dan-Bunkering

Dan-Bunkering (Middle East) DMCC has announced that Adil Qayyum started as Bunker Trader in the office in Dubai on November 16, 2015.   Qayyum is 28 years old

Big Oil Shrinks and Plots the Way Forward

Companies seek to safeguard growth for when market recovers. As oil and gas companies cut ever-deeper into the bone to weather their worst downturn in decades,

Canada Says Lifting Some Sanctions Against Iran

The Canadian government said on Friday it was lifting some sanctions against Iran, including the broad ban on financial services, imports and exports, making Canadian

Loss-Making Production Unlikely to be Shuttered

Even as millions of barrels of oil are pumped at a loss at current prices, only a fraction of the production has been shut, industry research group Wood Mackenzie said on Friday.

Oil Steady, Weak Fundamentals Weigh

Speculative activity largely behind price volatility. Oil steadied on Friday in a volatile session, as bearish fundamentals pressured prices despite bullish indications earlier in the week.

Iran: Oil Sales to Rosneft Mulled

Iran has been discussing possible oil sales to top Russian crude oil producer Rosneft, Kremlin-controlled RIA news agency cited Ali Akbar Velayati, top adviser

Qataris, Vens Discuss Energy Outlook

The Qatari and Venezuelan energy ministers discussed on Thursday issues related to the world oil market, the Qatari energy ministry said in a statement. The

Oil Slips Below $35, Output Cut Hopes Fading

OPEC's Venezuela lobbies for producer meeting to cut output. Oil slipped below $35 a barrel on Thursday after the previous session's 7 percent jump, pressured

Is It Time for the US to Dump Saudi Arabia?

After the recent execution of Shi'ite cleric Nimr al-Nimr by Saudi Arabia, the Middle East once again risks devolving into sectarian chaos. A mob torched the Saudi Embassy in Tehran,

Cepsa Resumes Iranian Oil Supplies to Spain

Spanish refiner Cepsa will ship a 1-million barrel cargo of Iranian oil to its refineries, according to vessel agents' data and market players' information on Wednesday.

Wilhelmsen Ships Service: Mastering Complex Logistics

From racing boats to steel pipelines, windmill blades to massive hydraulic hammers, Wilhelmsen Ships Service (WSS) says its personnel in the Middle East can move just about anything, anywhere.

Saudi Aramco Won't Reduce Rig Numbers in 2016

State oil giant Saudi Aramco is expected to keep the same number of its oil and gas drilling rigs this year despite weak oil prices, industry sources said. Saudi

Iran Wants Closer Energy Ties with Russia, Iraq and Vens

Iran calls for closer ties with Russia, Iraq and Venezuela on energy issues, RIA news agency quoted Ali Akbar Velayati, a top advisor to Supreme Leader Ayatollah Ali Khamenei, as saying on Wednesday.

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