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OIL AND GAS

Honeywell launches new connected gas detector in Mideast

November 22, 2017

Honeywell, a global technology and manufacturing leader, has launched a new connected gas detector in the Middle East, designed to keep industrial operations safe while making set-up, maintenance and compliance reporting faster and easier by leveraging Bluetooth connectivity.

The new Sensepoint XRL fixed gas detector monitors industrial operations for specific hazardous gases, such as carbon"... Continue Reading

Rock-splitting technique supports strategy to produce four mln bpd - KOC

November 22, 2017

Rock-splitting technologies are a reliable method that could help bring Kuwait Petroleum Corporation's plan to produce four million barrels of oil per day (bpd) to fruition, an official at Kuwait Oil Company (KOC) said Tuesday.
Speaking to KUNA on the sidelines of a ceremony to introduce this new strategy, KOC deputy CEO Nayef Al-Enezi said that"... Continue Reading

Oil markets ‘need to extend output cut deal’

November 21, 2017

Oil markets need to extend the crude oil production cut deal to ensure market stability and reasonable prices, said Suhail bin Mohammed Faraj Faris Al Mazrouei, UAE Minister of Energy and Industry.

He noted that reaching an agreement by Opec and non-Opec countries toward this end is possible and is likely to reduce the current supply glut, reported Wam, the Emirates official news agency.... Continue Reading

Energy outlook: Global oil demand to grow until 2040

November 21, 2017

Global oil demand will continue to grow to 105 million barrels a day by 2040, albeit at a slower pace, according to the International Energy Agency's Energy Outlook 2017.
Demands by sectors like petrochemicals, trucks, aviation, and shipping will drive up oil demand, said Dr Fatih Birol, the IEA's executive director, presenting the report at an event organised by the"... Continue Reading

‘Kuwait produces 3.15 mln bpd, committed to OPEC output deal’ – Oil and gas measurement is an essential issue – KOC

November 21, 2017

Kuwait’s crude output stands at 3.15 million barrels per day (bpd) at present, and the country is fully committed to the production ceiling set by OPEC, a senior official in the oil industry said on Sunday.

Deputy CEO of the Kuwait Oil Company (KOC) Ismail Abdullah Abdul made the statement to KUNA on the sidelines of the"... Continue Reading

Oil sector plans to hire 6,845 Kuwaitis from 2018/2019

November 21, 2017

The oil sector plans to employ about 6,845 Kuwaitis over the next five years starting from fiscal 2018/2019, reports Al-Anba daily quoting an official oil source.

The source pointed out the Kuwait Petroleum Corporation (KPC) and its subsidiaries intend to employ about 1,810 Kuwaitis within the next fiscal year, bringing the number"... Continue Reading

Total cannot drop major gas deal under US pressure: Iran

November 20, 2017

French energy giant Total cannot leave a major gas deal with the Islamic republic under the pretext of the US political pressures, Iranian Petroleum Minister Bijan Namdar Zanganeh said.
Total can only drop the deal if the United Nations Security Council imposes international sanctions against Tehran, Zanganeh said on Saturday on the sidelines of his meeting with visiting Deputy Prime Minister of Uzbekistan"... Continue Reading

Oil market to remain oversupplied by March 2018, says Saudi energy minister

November 19, 2017

Bonn: The world will still have a surplus of oil by end-March next year, Saudi Arabia's energy minister said, signalling a willingness to extend output cuts when Opec meets at the end of November on whether to extend caps well into 2018. Khalid Al Falih also said he did not want oil prices to rise too fast and too soon to shock consumers, adding that the exit from production cuts would be gradual to"... Continue Reading

Global oil demand to grow 1.51mbpd in 2018: Opec

November 18, 2017

World oil demand is expected to rise by 1.53 million barrels per day (mbpd) in 2017 after an upward adjustment of 74,000 barrels per day (bpd) to account for the better-than-expected performance of China in the third quarter of 2017, according to Opec Monthly Oil Market Report for November 2017.

''For"... Continue Reading

Kuwaiti oil price up 26 cents to stand at USD 58.80 per barrel

November 18, 2017

The price of Kuwaiti crude oil went up 26 cents and settled at USD 58.80 per barrel, compared to USD 58.54 per barrel since last Wednesday, said Kuwait Petroleum Corporation (KPC) on Friday.

In world markets, oil prices were down after increase concerns over growth of US oil crude production, which despite"... Continue Reading

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