LONDON, June 19 (Reuters) – Iraqi Kurdistan will start a new
oil pipeline to Turkey within months, its energy minister said,
increasing the autonomous region’s control over its resources in
a dispute with Baghdad and raising its exports to world markets.
In a move that will provoke Baghdad, the Kurdish regional
government will complete the pipeline by the end of September
with an initial capacity of 300,000 barrels per day (bpd), its
energy minister, Ashti Hawrami, told a conference in London on
LONDON, June 7 (Reuters) – Brent futures rose above $104 a
barrel on Friday, supported by a sharp fall in the dollar and
expectations of ongoing U.S. economic stimulus, putting the
contract on course for its biggest weekly gain since late April.
U.S. employment data is due later and will be watched to
gauge the health of the world’s biggest economy. Initial job
numbers on Thursday pointed to moderate growth, but were likely
not strong enough to convince the Federal Reserve to scale back
the amount of cash it is pumping into the banking system.
LONDON, May 28 (Reuters) – Egypt will cut exports of natural
gas and tell major industries to slow output this summer to
avoid an energy crisis and stave off political unrest, the
chairman of the Egyptian General Petroleum Company (EGPC) told
Tarek El-Barkatawy said Egypt was counting on top liquid
natural gas (LNG) exporter Qatar to obtain additional gas
volumes in summer, while encouraging factories to plan their
annual maintenance for those months of peak demand. Cairo will
also need to source more oil to meet seasonal driving demand.
LONDON, May 27 (Reuters) – Brent oil crude futures fell
towards $102 per barrel on Monday, due to weak economic outlook
in a well-supplied market, with oil producer cartel OPEC
unlikely to shift policy at a meeting this week.
The outlook for global oil demand growth weakened last week
after disappointing data from key consumer China and reports
showing ample U.S. inventory, which have dragged Brent down from
this month’s high near $106.
LONDON, May 22 (Reuters) – Iraqi Kurdistan’s crude oil sales
to world markets, deemed illegal by Baghdad, are set to rise by
nearly 50 percent next month as trucks start deliveries to a
second export terminal in Turkey, industry sources in the region
said on Wednesday.
Crude exports from the Taq Taq oilfield in the autonomous
northern region to Turkey’s Mersin port started at a trickle in
early January and have risen to just over 40,000 barrels per day
LONDON, May 16 (Reuters) – Brent oil futures slipped towards
$103 a barrel on Thursday after a sharper-than-expected drop in
U.S. factory output muddied the outlook for demand and a
stronger dollar added downward pressure.
Brent fell 62 cents to $103.06 a barrel by 0857 GMT,
after rising on Wednesday by $1.08, the most in dollar terms
since May 6. U.S. oil dropped 87 cents to $93.43.
LONDON, May 2 (Reuters) – BP is delaying two major
Algerian gas projects as foreign energy firms seek security
guarantees after a deadly Islamist attack, and press the
government to soften its investment terms.
BP’s decision to review plans for the gas fields – including
In Amenas where more than 70 people died in January’s siege -
complicates Algerian efforts to reverse a decline in energy
output, which accounts for 60 percent of its budget revenue.
LONDON, May 1 (Reuters) – Kazakhstan’s oil exports to Asia
are on the rise as it seeks to cultivate new buyers for its
light crudes outside the saturated European market before steep
output increases in the next few years.
Since U.S. shale production has boomed, North American
demand for light sweet oil grades from countries such as Libya,
Algeria, Nigeria and Azerbaijan has plummeted, creating a global
glut of light oil.
LONDON (Reuters) – The Syrian opposition will not be able to sell its crude oil for at least another month, even though the EU has eased an embargo to help them, a prominent member of the Syrian National Council said on Monday.
European Union governments agreed on Monday to ease sanctions on Syria to allow for purchases of crude from the opposition, in hopes of throing a financial lifeline to rebels fighting President Bashar al-Assad.
LONDON, April 17 (Reuters) – Hess Corp will sell one
of its only two Algerian oil stakes to Spain’s Cepsa, already
heavily involved there, due to poor return potential, a source
close to the deal said.
Foreign oil companies have long complained of Algeria’s
production sharing terms, which led to the freezing up of major
investments and a decline in oil and gas output over the last