Page 19 - Oil

Iran ends free shipping of oil to India: Oil minister

It has also terminated a three-year-old system of getting paid for half of the oil dues in rupees

Oil firms abandon $2.5-billion drilling rights in US Arctic waters

After plunking down more than $2.5 billion for drilling rights in US Arctic waters, Royal Dutch Shell, ConocoPhillips and other companies have quietly relinquished claims they once hoped would net the next big oil discovery.The pullout comes as crude oil prices have plummeted to less than half their June 2014 levels, forcing oil companies to slash spending. For Shell and ConocoPhillips, the decision to abandon Arctic acreage was formalised just before a May 1 due date to pay the US government millions of dollars in rent to keep holdings in the Chukchi Sea north of Alaska. The US Arctic is estimated to hold 27 billion barrels of oil and 132 trillion cubic feet of natural gas, but energy companies have struggled to tap resources buried below icy waters at the top of the globe.Shell last year ended a nearly $8 billion, mishap-marred quest for Arctic crude after disappointing results from a test well in the Chukchi Sea. Shell decided the risk is not worth it for now, and other companies ha

Oil rises from 2-week low

Oil rose from a two-week low on concern that supplies from Nigeria and Libya, holders of Africa's largest crude reserves, will be disrupted.Futures advanced as much as 2.2 per cent in New York. Royal Dutch Shell Plc and Chevron Corp. are evacuating workers from the Niger Delta because of deteriorating security, a union official said. In Libya, some fields will be forced to halt output unless a port blockade is lifted, according to the National Oil Corp. Canada's oil-sands companies curbed supply as wildfires ripped across northern Alberta last week. Gains accelerated as global equities rose.

Shift in Saudi oil thinking deepens OPEC split

In a major shift in thinking, Riyadh now believes that targetting prices has become pointless as the weak global market reflects structural changes rather than any temporary trend

Oil jumps on Canadian wildfire, Libyan fighting

'We are likely to be in a global oil supply deficit by Q3 2016,' Nitesh Shah, director of commodity strategy at ETF Securities said

India to pay 1.5% interest on $6.5 bn Iran oil dues

Essar Oil and other refiners want to pay Iran at the exchange rate prevalent at the time of buying crude oil in the last three years

Oil market deja vu leads to worries about a return to $30

Prices will sink back towards $30 a barrel in the coming weeks, BNP and UBS warn

Saudis to push oil output higher but won't flood market: Sources

Production may rise to around 10.5 million barrels per day (bpd) during summer

Oil hits 2016 high, led by falling output and weaker dollar

A weaker dollar cuts the cost to non-US investors of buying dollar-denominated assets such as oil futures

Next oil downturn? Looming gasoline glut threatens crude's rebound

But rampant production of oil products, especially in Asia, is threatening to derail that recovery

Oil rises as IEA expects biggest non-OPEC output fall in 25 years

'Any hope of market re-balancing from current surplus in supply lies on predicted decline in US oil production,' French bank BNP Paribas said

The global oil deal that never came to be

Iran has long said it wanted to regain market share following the lifting of sanctions in January and assumed that Venezuela and Russia -- the two proponents of the freeze deal -- had managed to persuade the Saudis the plan was worth signing even without Tehran's involvement

Oil prices rise as Kuwait oil strike diminishes supply

Once Kuwait's exports fully resume, traders said the market would again focus on a global glut that sees 1 million to 2 million barrels of crude pumped every day in excess of demand

Kuwaiti oil workers begin open-ended strike

The strike, which could slash production if prolonged, comes as world oil producers gather in Qatar to negotiate an output freeze

Doha oil freeze talks face last-minute trouble

Saudi Arabia has taken a tough stance on Iran, the only major OPEC producer to have refused to participate in the freeze

Sushma Swaraj in Iran eyes oil imports, meets Indians

Besides oil, India has vital stakes in connectivity projects in Iran, like the Chabahar port that will open up the country's trade and commercial connectivity with Central Asia and Afghanistan

Saudi remarks on oil surge test prospects for output freeze

Saudi Arabia's top oil official said that the kingdom will only restrain its output if all other major producers agree to freeze their production

Oil falls on low expectations for Doha meeting

It would be the first joint action by major OPEC and non-OPEC producers in 15 years although Iran has refused to participate, saying it wants to rebuild its output to pre-sanctions levels

Oil trades cautiously ahead of crunch producers' summit

Trading sentiment was also weighed by a report on Wednesday showing a sharper-than-expected rise in US commercial crude inventories

Oil glut set to ease this year: IEA

Prices are now over $40 a barrel after plummeting below $30 early in the year. They are nevertheless far below $100-a-barrel mark of mid-2014