Saudi Arabia to raise gas prices by 80% in January

Saudi Arabia plans to raise domestic gasoline and jet fuel prices in January, part of a program to gradually eliminate energy subsidies as the kingdom seeks to overhaul its economy and balance the budget, according to a person with knowledge of the matter. According to Bloomberg, gasoline prices are set to increase by about 80 […]

U.K. gas surges to highest since 2014 as snow takes over London

A weekend of snowfall has brought an early Christmas for U.K. natural gas bulls. Same-day prices surged to their highest level in almost four years as demand jumped with a plunge in temperatures after snow covered much of the country over the weekend. The contract soared as much as 13 percent, the most since June, […]

Oil slides toward $57 on signs U.S. gasoline stockpiles expanded

Oil dips toward $57 per barrel after industry data showed U.S. gasoline stockpiles expanded for the first time in four weeks. Futures dropped 0.6 percent in New York after rising 0.3 percent on Tuesday. Motor-fuel inventories climbed by 9.2 million barrels last week, the American Petroleum Institute was said to report. That would be the biggest gain since January […]

OPEC, non-OPEC influence on glut, price now visible to the world– Barkindo

(L-R) Omar Farouk, Governor, Organisation of Petroleum Exporting Countries (OPEC); Mohammed Barkindo, Secretary General; Emmanuel Ibe Kachikwu, Nigeria's Minister of State for Petroleum,  and Olusegun Adekunle, representative of the ministry’s Permanent Secretary, during the OPEC scribe’s visit to NNPC Towers, Abuja

Secretary-General of Organisation of the Petroleum Exporting Countries, OPEC, Mohammed Barkindo, has declared that the World has now recognised that without the group’s efforts, the glut in the market would have persisted, leading to continuous fall in prices. Speaking at the 3rd OPEC and non-OPEC Ministerial meeting in Vienna, Austria, said there is oil prices […]

Barclays sees extension of OPEC-led deal at November 30 meeting

Barclays on Monday said that while it expects a six- or nine-month extension of an OPEC-led deal to curb oil output during a meeting on Nov. 30, the level of production cuts would be more significant than the duration. The bank forecast Brent to remain above $60 per barrel in the fourth quarter of 2017, […]

Israel, Egypt in talks over gas exports

Government ministers from Egypt and Israel held a call last week to discuss the potential sale of Israeli gas to Egypt, according to Bloomberg report. Tarek El-Molla, Egyptian Oil Minister and Israel’s energy minister, Yuval Steinitz, spoke after an interview El-Molla gave to Bloomberg earlier this month sent shares of Israeli gas companies tumbling on speculation […]

South Africa eyes BRICS partners to build new $10bn refinery

South Africa wants the national oil companies of its BRICS partners to help build a new 400,000 barrel per day refinery that will be structured by senior debt and equity, energy minister David Mahlobo said Tuesday. The idea of building a refinery in Africa’s most industrialised economy has been under consideration for almost a decade. […]