Gulf Times - oil
Oil steadies above $62 as OPEC cuts counter growth concerns

Oil steadies above $62 as OPEC cuts counter growth concerns

Oil steadied above $62 a barrel on Tuesday as firmer equities and expectations OPEC and its allies will keep withholding supply countered concern about slowing economies and demand.

Two Shell oil worker hostages freed in Nigeria: police

Two Shell oil worker hostages freed in Nigeria: police

Two Shell oil workers kidnapped in Nigeria's restive oil-rich south have been freed, six days after they were seized by gunmen who killed their guard and driver, police said Wednesday.

Oil surges amid Opec caution to offset Iran sanctions

Oil surges amid Opec caution to offset Iran sanctions

Oil prices hit their highest in about six months on Tuesday as sources said Gulf Opec members were ready to raise output only if there was demand before offsetting any shortfall following a US decision ...

Tunisian workers kidnapped in Libya

Tunisian workers kidnapped in Libya

Militiamen have kidnapped a group of Tunisian workers near the Libyan capital Tripoli, demanding Tunis release a comrade, the foreign ministry and a rights activist said.

Opec, Russia close to slashing oil output despite US pressure

Opec, Russia close to slashing oil output despite US pressure

Opec and its Russia-led allies moved closer on Friday to clinching a deal that would cut oil production by more than the market had expected despite pressure from US President Donald Trump to reduce the price of crude.

The year airlines answered to oil

The year airlines answered to oil

“The volatility of the oil price has been really tremendous. It remains our utmost concern” Sebastian Mikosz, CEO of Kenya Airways said, at the company’s annual meeting earlier this year.

Trump asks OPEC not to cut production

Trump asks OPEC not to cut production

US President Donald Trump on Wednesday urged OPEC members not to slash production at their upcoming meeting, saying global oil prices should remain low.

OPEC says India oil demand to rise by 5.8 mn bpd by 2040

OPEC says India oil demand to rise by 5.8 mn bpd by 2040

India's oil demand is expected to rise by 5.8 million barrels per day (bpd) by 2040, accounting for about 40 percent of the overall increase in global demand during the period, OPEC's secretary general said on Friday.

US, Brazil fine Petrobras $853 mn in bribery scandal

US, Brazil fine Petrobras $853 mn in bribery scandal

US and Brazilian authorities have fined Brazil's state oil giant Petrobras more than $853 million for covering up a massive bribery scheme involving Brazilian politicians and political parties ...

Greece questions two women over dousing museum relics with oil

Greece questions two women over dousing museum relics with oil

Police in Greece are questioning two women suspected of squirting or dabbing oil on artefacts in at least two museums in a ritual the suspects said was dictated by Bible teachings.

Iranian oil minister calls Trump's order to OPEC insulting

Iranian oil minister calls Trump's order to OPEC insulting

Iran's oil minister on Saturday accused US President Donald Trump of insulting OPEC by ordering it to increase production and reduce prices, adding Iranian oil production and exports had not changed ...

Iran, Venezuela supply gap to dominate OPEC meet: IEA

Iran, Venezuela supply gap to dominate OPEC meet: IEA

An oil production shortfall in Iran and Venezuela may force OPEC and Russia to decide later this month to open their taps, the International Energy Agency said Wednesday.