International Energy Agency

Electric car boom won't spell end of oil

Istanbul - Muslimchronicle

The use of electric cars is set to grow in the coming years, but this will not spell the end of demand for oil, the head of the International Energy Agency (IEA) said on Tuesday. IEA executive director Fatih Birol told Agence France-Presse in an interview that the growth of electric cars was starting from a very small base andRead more

Opec loses its battle to keep the market’s balance

Riyadh - Muslimchronicle

With world oil inventories swelling despite a global pact on cutting output and crude prices falling by a fifth in the past month, Opec appears to be losing its battle to balance the market. But there is one crucial fight the oil-exporting group has been winning so far: its members have earned more money this year than last and theRead more

OPEC’s output-cut deal: A tale of 2 cities

Vienna - Arab Today

Is the oil market on the right course for recovery? Are all the 22 countries participating in the global agreement to curb production complying with their pledges? The answer will depend on whether you listen to experts in either of two key European cities. In Vienna, where the Organization of the Petroleum Exporting Countries (OPEC) is headquartered, the picture looksRead more

IEA: Impact of OPEC oil cuts will take time to be felt

Paris - Arab Today

The Organization of the Petroleum Exporting Countries (OPEC) is complying with a landmark deal to reduce a worldwide glut in oil, but it will take some time yet before the oil market feels the full impact of the reduction in output and prices stabilize, the International Energy Agency (IEA) said on Wednesday. “The implementation of the OPEC production agreement appearsRead more

IEA expects oil companies reviving investment

London - Arab Today

Oil companies are reviving investment after a two-year rout as Opec output cuts boost prices, easing but not eliminating the risk of a future supply crunch, the International Energy Agency (IEA) said. There are "signs of a modest recovery” in spending in 2017 following two years of big investment cuts, the Paris-based agency said on Monday in a report. TheRead more

Opec compliance with oil curbs rises to 94 per cent in February

London - Arab Today

Opec has cut its oil output for a second month in February, a Reuters survey found on Tuesday, allowing the exporter group to boost already strong compliance with agreed supply curbs on the back of a steep reduction by Saudi Arabia. The Organisation of the Petroleum Exporting Countries (Opec) is cutting its output by about 1.2 million barrels per dayRead more

India seeks to transfer $4.4 billion HPCL stake to ONGC

New Delhi - Arab Today

India’s central government will transfer its stake in state-run refiner Hindustan Petroleum Corp. to the country’s biggest oil explorer as part of its plans to create an integrated oil company, The Economic Times newspaper reported, citing people it didn’t identify. The government of Prime Minister Narendra Modi will issue a proposal for approval by the country’s cabinet to transfer itsRead more

China's CNPC buys stake in $22 billion Abu Dhabi oil venture

Dubai - Arab Today

China National Petroleum Corp. (CNPC) bought a stake in Abu Dhabi’s largest oil concession as the Middle Eastern emirate with 6 per cent of global crude reserves looks increasingly to Asia, its biggest market, for investment to raise output capacity. Abu Dhabi National Oil Co. awarded CNPC an 8 per cent stake in the onshore venture in return for aRead more

Opec wins investors back as cuts prompt record bets on oil

New York - Arab Today

Opec has never taken supply cuts so seriously, and hedge funds are loving it. Investor optimism that West Texas Intermediate (WTI) oil prices will rise reached an all-time high as the Organisation of Petroleum Exporting Countries (Opec) delivers on pledges to reduce production. The International Energy Agency (IEA) said the group has achieved a record 90 per cent initial complianceRead more