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Group to take decision with Libya’s situation in mind; new chief also on agenda

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The iran nuclear deal in Geneva has not caused a collapse in oil prices with Brent now trading in the $110-$112 range. This is due to the simple fact that global oil markets are still sceptical that US and EU sanctions will be eased fast enough to enable Iran to boost output by one million barrels a day it lost after banking, shipping and insurance sanctions slashed exports to Asian refineries after 2010.

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BASF and the Petroleum Institute of Abu Dhabi, or PI, intend to develop new processes for removing aggressive sulfur compounds from acid gases in a research collaboration.

energy

Opec’s oil output has fallen in November, remaining below 30 million barrels per day for a second month, a Reuters survey found, due to strikes and protests in Libya and further trimming of Saudi Arabian output.

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Turkey, Iraqi Kurdistan accord to transform semi-autonomous region into an oil and gas powerhouse

energy

Top oil exporter Saudi Arabia remains unconcerned by surging US shale output, which threatens to eat into Opec’s market share, and sees no need to cut production to support prices, its deputy oil minister said on Wednesday.

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OPEC expects global demand for its crude to fall in the next five years.

energy

Gold edged higher on Monday as the dollar retreated but stayed under pressure from talk the European Central Bank may loosen monetary policy and speculation the Federal Reserve may scale back US stimulus later this year.

energy

West Texas Intermediate traded near a four-month low as crude stockpiles gained for a sixth week in the US, the world’s biggest oil consumer. Libya may resume production from one of its largest oil fields by next week.

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