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The Presidency Council (PC) established under the Libya Political Agreement has issued a decree watering down the influence of the state-owned National Oil Corporation (NOC) over the country’s oil wealth. The decree uplifted the PC to the level of manager Read more
The target of the Organization of Petroleum Exporting Countries (OPEC) to reduce the total output by 1.2 million barrels per day is expected to be missed as a source within the oil cartel revealed that “compliance (regarding the agreement to Read more
BP, oil and gas giant multinational, announced that it has signed a $916 billion joint agreement with US explorer Kosmos Energy to drill for gas offshore Mauritania and Senegal. Under this agreement, BP will acquire 62% interest in Kosmos explorations Read more
The lower Algerian parliament has approved the budget bill for 2017 but members of the opposition party boycotted the vote with some branding posters reading “Starving the people” and “Undermining the social nature of the state” to protest against the Read more
Egyptian authorities on Monday said Saudi Arabia has indefinitely halted shipments of oil products that were part of a $23-billion aid deal with the North African nation. According to Egyptian Oil Ministry spokesman Hamdi Abdel-Aziz, Saudi Arabia’s Aramco, the world’s Read more
The port of Ras Lanuf on Wednesday exported its first crude oil since 2014, as tanker Seadelta sailed off to Italy with more than 700,000 barrels. National Oil Corporation (NOC) chairman Mustafa Sanalla had put the revival of exportations on Read more
Saudi Energy Minister Khalid al-Falih said Riyadh will not be increasing its oil output because “there is no reason to expect that Saudi Arabia is going to go on a flooding campaign” as he reassured that “we will be very Read more
Saudi Arabian Public Investment Fund (PIF,) the oil-rich kingdom’s long-term sovereign investment arm, has pumped $3.5 billion into Uber and will henceforth occupy a seat as a member of the Board of Directors. The amount is the highest solitary amount Read more
Iranian deputy petroleum minister Amir Hossein Zamani-Nia said on Sunday the output of the country will increase by 200,000 barrels within the next months. His comments to reporters on the last day of the International oil, gas, refinery and petrochemical Read more
A cabinet reshuffle by King Salman has led to the merging of several ministries in the oil rich kingdom and the new arrival of new ministers; the most noticeable being the appointment of a new oil minister, in the person Read more