Libya’s oil production rose significantly during the last two months but experts say the ongoing internal conflict could be counterproductive.
Sara Akbar said the violence in Iraq was temporary and could not overshadow the country’s vast potential for relatively easy oil.
Brent crude edged up towards $103 a barrel on Tuesday, although supply pressure and weak economic data in consumer countries curbed gains.
Geopolitical tensions in Ukraine and Libya pushed up prices, although ample supply limited the rebound from last week’s 14-month low.
SEC plans to spend $166 billion between now and 2023 on adding 40,000 MW of installed generating capacity.
Last week, Kuwait concluded a new 10-year deal with a China’s Sinopec Corp to nearly double its supplies.
The cargo will be used to commission the new LNG terminal which CNOOC owns and will be operating soon.
The exports, which will amount to 15 per cent of Kuwait’s oil export output, are estimated to be worth $120 billion.
The fire reportedly broke out in a waste treatment facility and was quickly brought under control.
The Abu Dhabi-owned oil explorer and power supplier said that the project does not match the company’s growth strategy.
The oil market has fallen over the last month but remains nervous about further supply shocks.
U.S. air strikes on the Sunni insurgency in Iraq calmed market worries over the risk to oil production.
The ultra low sulphur diesel cargo could eventually displace the high sulphur gasoil the company offers in the spot market.
The tribunal ruled a 25-year contract for National Iranian Oil Co (NIOC) to supply gas to Crescent was valid and binding on both parties.
The disruption will cause PetroRabigh’s third-quarter profit to fall by nearly SAR30 million ($8 million), the company said.
The Taqa-operated plant is expected to initially produce approximately 30,000 barrels of oil per day (bpd) with first oil expected by early 2015.
Organization of the Petroleum Exporting Countries (OPEC) trimmed its projection for growth in global demand this year citing weaker-than-expected U.S. demand.
The Sharjah-based energy firm said its average production volume was up 17 per cent to 72,200 barrels of oil equivalent per day.
The new $8.5 billion project, known as Rabigh II, is to be built as an expansion of PetroRabigh’s existing petrochemical plant.
The Gulf state, Japan’s second biggest oil provider, exported 23 million barrels during the month.
Oil prices have eased after hitting multi-month highs in June because of political tensions in the Middle East, Africa and Europe.
Supply from the Organization of the Petroleum Exporting Countries has averaged 30.06 million barrels per day (bpd) in July, up from 29.92 million bpd in June, a survey says.
Despite conflicts in Ukraine, Iraq and Libya, global oil production has exceeded demand, leaving pockets of excess supply in Africa and Europe.
Oil prices are expected to stay in a range of $105-$110 for Brent, according to experts.
In March, TAQA said a consortium led by it had agreed to buy the two power plants from Jaiprakash Power Ventures.
The settlement covers payments due between 2007 and 2013.
Japan has been lending 10.7 million barrels of crude tank capacity to the two countries.
A final decision on the winning firms is unlikely before early 2015 as the country decides whether to bring in Asian firms or stick with old partners, sources said.
The company made SAR3.66 billion during the three months to June 30, compared to SAR1.50 billion during the same period of the previous year.
Mohamed al-Mady said the global outlook for petrochemical demand over the next three years is positive.