Middle East

OPEC Output Hits New High in Market Share Push

OPEC oil output reached the highest monthly level in recent history in July, a Reuters survey found on Friday, as Saudi Arabia and other key members show no sign

Oil Falls After OPEC Weighs in

Brent heads for fifth weekly fall in a row. Oil prices fell on Friday as concern over global oversupply intensified after oil producers' cartel OPEC indicated

Options Market Bets See Oil Price Dip

Options show oil more likely to fall in 2015; market readjusting to expectation of long-term glut. OPEC policymakers seem confident in a sustained recovery of

OPEC: Oil Shouldn't Fall Further, Sees Stability in 2016

OPEC expects increasing oil demand to prevent a further fall in prices and sees a more balanced market in 2016, its secretary-general said on Thursday, the latest

Brent Rises on U.S. Crude Stock Decline

U.S. crude stocks down sharply; weekly U.S. production falls. Oil prices rose on Thursday after a larger-than-expected draw in U.S. crude and gasoline stocks and figures showing a decline in U.

New Suez Canal Ready for Business

 Suez Canal Authority (SCA) chairman Mohab Mamish officially called on international maritime navigation lines to use the New Suez Canal, scheduled to be inaugurated August 6.

Oil Falls for Sixth Day, Glut Bites

OPEC oversupply 3 million bpd in Q2 - Reuters survey. Oil prices fell for a sixth day on Wednesday, marking their longest string of losses in a year, as worsening

Egypt to Allow 24-hour Access to East Port Said with New Waterway

Egypt plans to allow smaller vessels in the Mediterranean direct access to East Port Said around the clock instead of just eight hours a day by building a side channel near the Suez Canal,

US House Rep: Iran Deal 'Cash Bonanza' for Tehran

The Republican chairman of the U.S. House of Representatives Foreign Affairs Committee said on Tuesday the Iran nuclear deal gives Iran a "cash bonanza" while weakening

Work Begins on $1.6 bln Container Terminal at Jebel Ali Port

DP World Chairman Sultan Ahmed Bin Sulayem announced the start of construction work on a brand new container terminal at Jebel Ali Port, Dubai.   Phase 1 of the

UASC Appoints New Board Leaders

United Arab Shipping Company (UASC) announced the appointment of Dr. Nabeel Al-Amudi as the new Chairman of the Company’s Board of Directors, and Sheikh Ali bin Jassim bin Mohammad Al-Thani,

Hedge Funds Most Bearish on U.S. Oil Since 2010

Hedge funds are more bearish about the outlook for U.S. oil prices than at any time for almost five years, according to data from the U.S. Commodity Futures Trading Commission.

Glut Drags Oil to 4-Month Low

Chinese stocks fall 8 pct on Monday on growth worries; Brent falls to four-month low of $53.63 a barrel. Oil hit four-month lows on Monday after a steep drop

Asian LNG Spot Climbs as Jordan, Pakistan Buy

Asian liquefied natural gas (LNG) spot prices for September delivery were higher on Friday supported by nearby demand from new importers including Jordan and Pakistan, traders said.

Brent Nears 4-Month Low on China News, Firming Dollar

Weak China PMI survey dents oil demand outlook; seasonal demand in U.S. has limited downside this week. Oil prices hovered near four-month lows on Friday after

Nile Collision Death Toll Rises to 31

The death toll from a boat collision on Egypt's Nile river Wednesday has risen to 31, a ministry of health spokesperson told Reuters on Friday. The accident occurred on the Nile near Giza,

Up to 40 Migrants Feared Drowned off Libya

Up to 40 African migrants were feared drowned after their inflatable boat sank near the Libyan coast, survivors told the United Nations refugee agency on Thursday after reaching Italy.

Iranian Officials Say Condensate and Fuel Oil on Ships

As traders speculate over what type of oil is being kept by Iran in floating storage, two Iranian oil officials said on Thursday that the oil was condensate and fuel oil.

Iran Preparing for Crude Exports

An infographic examining the laden VLCCs owned by Iran has been generated by online ship intelligence and information service VesselValue.com.   Iran stands at

S. African Refineries Cautious About Iran Crude Imports

South Africa's four crude oil refineries are holding off any resumption of imports from Iran, where sanctions are yet to unravel fully following a nuclear deal between Tehran and the West,

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