Saudi oil minister Ali Al-Naimi has said that oil prices are in the right range and that production policy should remain unchanged, Bloomberg has reported. ‘The price has stayed very well in the range of $70 to $80. It is in a very happy situation,’ Al-Naimi was quoted as saying in Vienna, adding he is pleased with quota compliance and foresees no need to change output. ‘There are no shortages, investment is going on, demand looking forward is going to continue to rise, so everyone is happy.’
Browsing Posts tagged Oil Minister
Masoud Mirkazemi, Iran’s oil minister has announced that two oil and gas fields have been discovered in western Kermanshah and southern Fars provinces, respectively, Mehr news agency has reported. Soumar oilfield is estimated to have 475 million barrels of in-situ crude oil reserve, 70 million barrels recoverable, while Halgan gas field will have a daily production capacity of 50 million cubic metres of gas.
Iraq: The Iraqi oil ministry will today sign the final contract over West al-Qarna-2 oilfield with Russia’s Lukoil and Norway’s Statoil, Aswat al-Iraq has reported. “The two companies pledged to up production to a peak of 1.8 million barrels per day at a rate of $1.15 per barrel of additional produced barrel,” oil ministry spokesman, Assem Jihad said. Located in southern Iraq, Qarna-2 has a huge reserve estimated to reach 13 billion barrels. [AMEInfo.com]
Iraq: Iraq’s oil minister has said he expects the country to become the world’s top oil producer within six to seven years, Reuters has reported. “We can’t find a reason to prevent Iraqi production becoming higher than any other Opec state or even states outside Opec,” Hussain al-Shahristani said. Unlike Opec’s 11 other members, Baghdad is not currently subject to the output targets the group uses to set supply levels. Iraq expects capacity to eventually reach up to 12 million bpd. [AMEInfo.com]
Iraq: Falah Alamri, head of Iraq’s State Oil Marketing Organisation has said the supergiant Rumaila oilfield will begin producing an extra 100,000 barrels per day by the beginning of July, Reuters has reported. Oil major British Petroleum and China’s CNPC had signed a 20-year development contract last year for the field, which has 17 billion barrels of estimated crude reserves. [AMEInfo.com]
The British Business Group (BBG) is one of the longest established organisations of its kind in the UAE. Mark Beer, Chairman & CEO, BBG, talks to Phil Blizzard about the groups activities, which range from forging strong business links between Dubai and the United Kingdom, to networking and social activities.
The Iraqi oil ministry will today sign the final contract over West al-Qarna-2 oilfield with Russia’s Lukoil and Norway’s Statoil, Aswat al-Iraq has reported. “The two companies pledged to up production to a peak of 1.8 million barrels per day at a rate of $1.15 per barrel of additional produced barrel,” oil ministry spokesman, Assem Jihad said. Located in southern Iraq, Qarna-2 has a huge reserve estimated to reach 13 billion barrels.
Iraq’s oil minister has said he expects the country to become the world’s top oil producer within six to seven years, Reuters has reported. “We can’t find a reason to prevent Iraqi production becoming higher than any other Opec state or even states outside Opec,” Hussain al-Shahristani said. Unlike Opec’s 11 other members, Baghdad is not currently subject to the output targets the group uses to set supply levels. Iraq expects capacity to eventually reach up to 12 million bpd.
The bidding deadline for a solids handling unit at the Yanbu refinery has been extended by Saudi Aramco and ConocoPhillips to March 22, from February 28, Reuters has reported. Aramco and Conoco are expected to award all contracts for their 400,000 barrels per day joint venture in May.
Falah Alamri, head of Iraq’s State Oil Marketing Organisation has said the supergiant Rumaila oilfield will begin producing an extra 100,000 barrels per day by the beginning of July, Reuters has reported. Oil major British Petroleum and China’s CNPC had signed a 20-year development contract last year for the field, which has 17 billion barrels of estimated crude reserves.
