SINGAPORE: Oil prices slipped on Monday after China posted its slowest quarterly economic growth in at least 27 years, reinforcing concerns about demand in the world’s largest crude oil importer.
Brent crude futures LCOc1 for September fell 15 cents, or 0.2 per cent, to $66.57 a barrel by 0611 GMT while US crude CLc1 for August was down 24 cents, or 0.4 per cent, at $59.97 a barrel. Both contracts last week posted their biggest weekly gains in three weeks on cuts in US oil production and diplomatic tensions in"...

Homs, SANA- The gas pipeline linking al-Shaer gas field with Ebla Gas Factory in Homs eastern countryside went out of service due to a terrorist attack.

SANA reporter in Homs said that “Terrorists vandalized the gas pipeline which extends from al-Shaer field to Ebla Gas Factory as the pipeline went out of service.”

The reporter indicated that “technical"...

As the biggest disruption to Russian oil flows in decades draws to a close the country’s European market looks remarkably unscathed, but its pipeline operator bears a few scars.

For Transneft the giant company that runs enough pipes to wrap five times round the Earth - the worst didn’t happen. There’s little sign that buyers are turning away from Russian crude, despite the crucial Druzhba supply network being shut down for weeks"...

LONDON: Surging US oil output will outpace sluggish global demand and lead to a large stocks build around the world in the next nine months, the International Energy Agency (IEA) said on Friday. The forecasts appear to predict the need for producer club Opec and its allies to reduce production to balance the market despite extending their existing pact, forecasting a fall in demand for Opec crude to only 28 million barrels per day (bpd) in early 2020. “Market tightness is not an issue for the time being and any rebalancing"...

SULAIANI – Iraqi Prime Minister Adil Abdul Mahdi said on Tuesday (July 9) that he had sent several proposals to the Council of Ministers, including exporting oil to Jordan and Syria.

Abdul Mahdi said during his weekly conference that his country had lost several pathways for exporting oil, thus it should export oil in different ways for the time being.

“There"...

Oil made moderate gains even as it lurks in a stagnant market, with slowing global economic fundamentals weighing down prices.

Brent gained 0.41 per cent and trading at $64.37 per barrel at 1.46pm UAE time on Tuesday after it fell to its lowest in a week the day before.

The benchmark for light, sweet crude fell 0.2 per cent on Monday as supply fundamentals such as US midstream"...

Doha: Qatar General Electricity and Water Corporation (Kahramaa) has adopted a multi-dimensional and multi-layered approach to enhance its services and service channels for all segments of customers.

“We have implemented multiple planned and ongoing customer centric initiatives in a bid to serve the customers in an excellent way,” Eng. Ibrahim Mohammed Al Emadi, Manager of Planning and Quality Department of Kahramaa told The Peninsula"...

AIX-EN-PROVENCE — The head of French energy giant Total announced Saturday that the company would invest a hundred million dollars annually on a new forest preservation and reforestation project.

'We want to set up a business unit to invest in projects that will preserve forests,' chief executive Patrick Pouyanne told a meeting to discuss economic issues in Aix-en-Provence, in the south of France.

The company would spend $100 million a year on the project, he said.

'The"...

Kuwait Oil Company (KOC) and Halliburton (NYSE: HAL) today announced the companies have signed an Integrated Offshore Drilling Services contract for six high-pressure high-temperature (HPHT) exploration wells on two jack-up rigs in the Arabian Gulf. Through Halliburton Project Management, the Company will provide and manage drilling, fluids, wireline and perforating, well testing, coring, cementing, coiled tubing, and all offshore logistical services. Additionally, Halliburton will provide the offshore rigs and supply vessels"...

OPEC and its allies are set this week to prolong oil output cuts to further boost prices, after the two biggest players Russia and Saudi Arabia agreed to do so.

Ministers from the 14-nation Organization of the Petroleum Exporting Countries (OPEC) meet in Vienna on Monday to discuss output, before gathering a day later for OPEC+, a group of 24 oil-producing countries that includes Russia.

Russian"...