Middle East

Oil dips from highs but OPEC cuts still support market

SINGAPORE/LONDON (Reuters) — Oil prices dipped on Friday but stayed near their highest levels since 2015 on pledges from OPEC leader Saudi Arabia and non-OPEC Russia that any exit from crude output cuts would be gradual.

OPEC starts working on oil supply cut exit strategy

LONDON/DUBAI (Reuters) — OPEC has started working on plans for an exit strategy from its deal to cut supplies with non-member producers, two OPEC sources said, a sign that an eventual winding down of the deal is coming onto producers' radar, at least in theory.

SABIC PP extrusion line now operational in The Netherlands

SABIC, a global leader in the chemical industry announced the start-up of its new Polypropylene (PP) extrusion facility in Geleen, The Netherlands.

Oil rises on UK pipeline outage but US supply caps gains

LONDON (Reuters) — Oil edged up towards $64/bbl on Tuesday, helped by a North Sea pipeline outage, OPEC-led supply cuts and jitters about threats to Middle East supplies after a missile was fired by a Yemeni group at the Saudi capital.

Iraq plans oil pipeline network to cover all its territory

BAGHDAD (Reuters) — Iraq plans to build a pipeline network to carry oil products across all its territory as an alternative to expensive and hazardous transport by tanker truck, Oil Minister Jabar al-Luaibi said on Saturday.

S.Korea's Nov Iran crude oil imports fall to 5-month low

SEOUL (Reuters) — South Korea's Iranian crude oil imports in November dropped to the lowest level since June, due to reduced shipments from the Middle Eastern country to Asia affected by its production issues.

SNC-Lavalin, Saudi Aramco sign MoU supporting in-country opportunities

MONTREAL — SNC-Lavalin and Saudi Aramco today signed a Memorandum of Understanding (MoU) signaling SNC-Lavalin's continued commitment to creating and accelerating opportunities for local workforces in the Kingdom of Saudi Arabia.

OPEC sees balanced oil market by late 2018 as cuts erode glut

LONDON (Reuters) — OPEC expects the world oil market to be balanced by late 2018 as its deal with other producers to cut output reduces excess oil in storage, even as US and other producers outside the group pump more crude.

Saudi Aramco lifts spending plans to $414 B over next decade

DAMMAM, Saudi Arabia (Reuters) — Saudi Aramco plans to raise its spending to $414 B over the next 10 yr, including on infrastructure and drilling, as the state oil giant moves into new businesses, executives said.

Saudi Arabia to supply full Jan crude volumes to several Asian buyers

TOKYO/SINGAPORE (Reuters) — Saudi Arabia, the world's top oil exporter, will supply full contractual volumes of crude to five North Asian refiners in January, unchanged from the previous month, five sources with direct knowledge of the matter said on Monday.