United States

Ahmad Ghaddar

CORRECTED-UPDATE 8-Oil rises as OPEC, partners discuss supply cut

Nov 14 2018

LONDON, Nov 14 Oil rose on Wednesday, recouping some of the previous session's slide, on the growing prospect of OPEC and allied producers cutting output at a meeting next month to prop up the market.

Return to oil production cuts in 2019 cannot be ruled out: OPEC sources

Nov 07 2018

LONDON A return to oil production cuts by OPEC and its allies next year cannot be ruled out, two OPEC sources said on Wednesday, to avert a possible supply glut that could weigh on prices.

Big oil traders set to cash in on shipping fuel overhaul

Nov 02 2018

LONDON The world's biggest oil traders are gearing up to cash in on big disruptions that could hit the shipping fuel market in just over a year due to new U.N.-mandated environmental rules.

Gunvor sees major producers capping oil price rises in 2019

Oct 31 2018

LONDON Oil prices will likely stay near current levels of $75 per barrel next year in the absence of any supply disruptions as most producers reckon that higher prices would destroy demand and create a new glut, one of the world's biggest traders said.

Lack of price clarity clouds oil market's IMO preparations: Vitol

Oct 30 2018

LONDON The lack of price clarity for fuels that comply with new global shipping rules to reduce sulfur emissions are complicating preparations before the regulations take effect in 2020, the head of Vitol, the world's largest independent oil trader, said.

Under the radar: Iran's oil exports harder to track as sanctions loom

Oct 29 2018

LONDON According to Saudi Energy Minister Khalid al-Falih, no one has any idea how much oil Iran will be able to export after new U.S. sanctions against the Islamic Republic kick in on Nov. 4.

Shippers scramble to install sulphur filters ahead of rule change

Oct 16 2018

LONDON Ship owners accelerated installations of engine cleaning systems this year ahead of stringent new rules in 2020 which sharply reduce the amount of sulphur ships can emit from the 3.5 percent in current bunker fuel to 0.5 percent, according to a report.

European gasoline cracks sink to five-year low

Oct 12 2018

LONDON Benchmark gasoline refining margins in Europe turned negative on Friday for the first time in nearly five years amid bloated stocks and weaker demand in the Atlantic basin.

Eni to acquire half of BP's Libya oil and gas assets

Oct 08 2018

LONDON Italy's Eni has agreed to buy half of BP's 85 percent stake in a Libyan oil and gas license with the aim of resuming exploration next year, the companies said on Monday.

Rising use of plastics to drive oil demand to 2050: IEA

Oct 05 2018

LONDON Plastics and other petrochemical products will drive global oil demand to 2050, offsetting slower consumption of motor fuel, the International Energy Agency (IEA) said on Friday.

World News