Oil & Gas Adnoc has expressed interest in Cyprus gas, minister says United Arab Emirates energy major Abu Dhabi National Oil Co (Adnoc) has expressed interest in Cyprus’ emerging natural gas sector, the country’s energy minister told Reuters on Monday. Major gas discoveries and developments off Egypt and Israel have attracted companies to offshore developments in the eastern Mediterranean in recent years, while state-owned Adnoc sees gas […] November 5, 2024
Oil & Gas Oil trades in tight range ahead of US election result Oil prices traded in a narrow range on Tuesday ahead of what is expected to be an exceptionally close US presidential election, after rising more than 2 percent in the previous session as Opec+ delayed plans to hike production in December. Brent crude futures were up 45 cents, or 0.6 percent, to $75.53 a barrel by 12:26 […] November 5, 2024
Oil & Gas Oil gains 3% after Opec+ delays output hike Oil prices rose about 3% on Monday on a decision by Opec+ to delay by a month plans to increase output, while the market braced for a crucial week that includes the US presidential election. US Democratic candidate Kamala Harris and Republican Donald Trump remain virtually tied in opinion polls ahead of Tuesday’s election day, […] November 4, 2024
Oil & Gas Oil prices gain amid growing Middle East tensions Oil prices extended gains in early Asian trade on Friday, following reports that Iran was preparing a retaliatory strike on Israel from Iraqi territory in the coming days. US West Texas Intermediate crude futures rose $1.24, or 1.8 percent, to $70.50 a barrel by 22:29 GMT after settling up 0.95 percent in the previous session. […] November 1, 2024
Oil & Gas Oil prices stable after boost from US fuel demand Oil prices stabilised on Thursday after rallying the previous day on stronger than expected US fuel demand and reports that producer group Opec+ could delay a planned output increase. Traders are now awaiting the outcome of the US presidential election on November 5 and whether ceasefires can be brokered in the Middle East. The Brent […] October 31, 2024
Oil & Gas Oil rises on Opec+ output increase delay reports Oil prices rose more than 2 percent on Wednesday, after Reuters reported Opec+ could delay a planned oil production increase scheduled to take effect in December by a month or more, due to concerns about soft oil demand and rising supply. Brent crude futures gained $1.41, or 2 percent, to $72.53 a barrel by 12:36 […] October 30, 2024
Transport Houthis target three ships in Red and Arabian Seas Yemen’s Houthis said on Monday that they targeted three ships in the Red Sea and Arabian Sea, attacks they called part of their efforts to enforce a naval blockade on Israel. Houthi military spokesperson Yahya Sarea said in a televised address the vessels were targeted with missiles and drones for attempting to approach ports bound […] October 29, 2024
Energy Oil prices rise on US strategic reserve refill plan Oil prices rose more than 1 percent on Tuesday, reversing some of the previous session’s 6 percent tumble, as a US plan to buy oil for the strategic petroleum reserve (SPR) provided support while investors remained focused on developments in the Middle East. Brent crude futures climbed 94 cents, or 1.32 percent to $72.36 a barrel […] October 29, 2024
Oil & Gas Oil down $4 a barrel after Israel’s strike on Iran Oil prices tumbled by more than $4 a barrel on Monday after Israel’s retaliatory strike against Iran at the weekend bypassed oil and nuclear facilities and did not disrupt energy supplies. Both Brent and US West Texas Intermediate crude futures hit their lowest since October 1 at the open. By 11:30 GMT Brent was down $4.28, or 5.6 […] October 28, 2024
Oil & Gas Oil heads for weekly gain but market remains on edge Oil prices were heading for a weekly gain of almost 3 percent as Friday’s prices ticked higher, with traders kept on edge by simmering tensions in the Middle East ahead of a planned resumption in Gaza ceasefire talks in the coming days. Brent crude futures rose 76 cents, or 1.02 percent, to $75.14 a barrel by 12:14 GMT. […] October 25, 2024
Oil & Gas Oil prices stable despite Middle East and US uncertainty Oil prices were broadly stable on Thursday as uncertainty around conflict in the Middle East and reports of North Korean troops ready to help Russia in Ukraine kept traders on edge ahead of the US presidential election. Brent crude futures were up 29 cents, or 0.4 percent, at $75.25 a barrel by 11:57 GMT. US […] October 24, 2024
Aviation Adia to invest $750m in debt of India’s GMR Group Abu Dhabi Investment Authority (Adia), the UAE’s largest sovereign wealth fund, will invest about $750 million in the debt of India’s GMR Group, giving it a foothold in one of the world’s fastest-growing aviation markets. The investment will also allow the Indian company to reduce the pledged shareholding on its airports business. Adia has invested […] October 23, 2024
Energy Oil price slips on higher US crude stockpiles Oil prices fell on Wednesday after industry data showed US crude inventories swelled more than expected, though futures were still up about 2 percent this week as traders factored in continuing conflict in the Middle East. Brent crude futures dropped $1.40, or 1.8 percent, to $74.64 a barrel by 11:07 GMT. US West Texas Intermediate crude […] October 23, 2024
Oil & Gas Oil prices up as Blinken flies to Israel for peace talks Oil prices rose to $75 a barrel on Tuesday, extending gains from the previous session as investors weighed the impact of China’s stimulus measures to boost its economy, while concerns over conflict in the Middle East persisted. Brent crude futures for December delivery were up 43 cents, or 0.6 percent, to $74.72 at 13:19 GMT. US West Texas […] October 22, 2024
Oil & Gas Oil prices regain some ground after 7% loss last week Oil prices rose on Monday, recouping some of last week’s more than 7 percent decline on worries about demand in China, the world’s top oil importer, and easing concerns about potential supply disruptions in the Middle East. Brent crude futures were up $1.16, or 1.6 percent, to $74.22 a barrel at 10:36 GMT. US West […] October 21, 2024
Energy Oil on track for biggest weekly loss in over a month Oil futures inched lower and were headed for more than a 6% weekly drop on Friday on concerns about demand from China’s slowing economy and easing supply risk from the Middle East conflict. Brent crude futures inched 33 cents lower, or 0.44 percent, to $74.12 a barrel by 1143 GMT, while US West Texas Intermediate crude was at $70.41 a barrel, […] October 18, 2024
Oil & Gas Oil prices flat as investors await US data Oil prices were broadly flat on Thursday as investors waited on developments in the Middle East, the release of official US oil inventory data and details on China’s stimulus plans. Brent crude futures were up 11 cents to $74.33 a barrel at 1114 GMT, while U.S. West Texas Intermediate crude futures were at $70.47 a […] October 17, 2024
Trade Inaugural EU summit seeks GCC support to isolate Russia The EU holds its first summit with the Gulf Cooperation Council states on Wednesday, part of a diplomatic push for far-flung friends as it enlists international support to isolate Russia. Since Moscow’s invasion of Ukraine, the 27-member EU has reached out to other regional blocs, holding its first summit with Asean countries and its first […] October 16, 2024
Oil & Gas Oil steadies despite Middle East uncertainties Oil prices inched higher in early trade on Wednesday on uncertainty over what may happen next in the Middle East conflict. Earlier, demand concerns knocked the market to its lowest since early October in the previous session. Brent crude oil futures rose 14 cents, or 0.2 percent, to $74.39 a barrel by 02:50 GMT. US West Texas Intermediate […] October 16, 2024
Oil & Gas Oil sinks 4% as potential Iran disruption fears subside Oil prices slid more than 4 percent on Tuesday after a media report said Israel was willing not to strike Iranian oil targets. The news eased fears of supply disruption, and came after Opec lowered its outlook for global oil demand growth in 2024 and 2025. Brent crude futures fell $3.28, or 4.2 percent, to $74.18 a barrel at 11:18 GMT. West Texas Intermediate futures lost $3.33, or 4.5 percent, hitting $70.50 […] October 15, 2024
Oil & Gas Oil eases but Middle East supply fears support gains Oil prices remained on target for a second straight weekly gain as investors weighed the impact of hurricane damage on US demand against any broad supply disruption if Israel attacks Iranian oil sites. Prices eased on Friday after a rally the previous day. Brent crude oil futures fell 73 cents, or 0.9 percent, at $78.67 […] October 11, 2024
Markets Turkey’s energy bourse Epias to expand and may consider IPO Turkish energy bourse Enerji Piyasalari Isletme AS (Epias) will expand its operations over the next few years and an initial public offering may be considered after the expansion, Turkish energy minister Alparslan Bayraktar said on Wednesday. Speaking at an Atlantic Council conference in Istanbul on Wednesday, Bayraktar said Epias, which currently operates wholesale electricity and […] October 10, 2024
