Business Middle East

  • *Rising U.S. production seen offsetting OPEC cuts. LONDON, Jan 17- Oil prices rose on Tuesday, supported by a falling U.S. dollar and Saudi Arabia saying it would adhere to OPEC's commitment to cut output. Brent crude futures, the international benchmark for oil prices, were up 66 cents at $56.52 a barrel by 1304 GMT.

  • *Etihad mulls taking 30-40 pct stake in Lufthansa- Il Messaggero. MILAN, Jan 17- Germany's Lufthansa and Etihad Airways are in talks to possibly merge the two airlines, Italian newspaper Il Messaggero said in an unsourced report on Tuesday, boosting the German airline's share price. According to the paper, managers from both companies have for weeks been...

  • *Change could help Iran boost exports further. TOKYO/ SINGAPORE, Jan 17- Global shipping insurers have devised a way to ensure nearly full coverage for Iranian oil exports from next month after striking a deal to provide cover without involving U.S.-domiciled reinsurers, officials in Tokyo and London said. That will provide a boon to Iran, which is trying to raise...

  • *Rising U.S. production seen offsetting OPEC cuts. LONDON, Jan 17- Oil prices rose on Tuesday, supported by a falling U.S. dollar and Saudi Arabia saying it would adhere to OPEC's commitment to cut output. Brent crude futures, the international benchmark for oil prices, were up 77 cents at $56.63 per barrel at 1020 GMT.

  • *Refinery outages hit crude demand just as OPEC cuts production. The higher Asian refining margins have beat back concerns that profits would fall as crude oil prices gained as the Organization of the Petroleum Exporting Countries and non- OPEC producers began to implement their agreed production cuts from January to reduce global oversupply.

  • SINGAPORE, Jan 17- Oil prices were mixed on Tuesday, supported by Saudi Arabia saying it would adhere to a commitment to cut output, but held back by rising U.S. production and scepticism that OPEC as a whole would comply with its commitments to reduce supplies. Traders said markets were receiving some support from top crude exporter Saudi Arabia, which said it...

  • SINGAPORE, Jan 17- Oil prices were mixed on Tuesday, supported by Saudi Arabia saying it would adhere to a commitment to cut output, but held back by rising U.S. production and skepticism that OPEC as a whole would comply with its commitments to reduce supplies. Traders said markets were receiving some support from top crude exporter Saudi Arabia, which said it...

  • *Indonesia expected to import 70 pct of LPG in 2017- Pertamina. JAKARTA, Jan 17- Indonesian state energy company Pertamina expects to import liquefied petroleum gas from the United States to meet growing demand, with U.S shipments to Asia set to climb following transport developments like the extension of the Panama Canal. He said that Indonesia would import a...

  • *Rising U.S. production seen offsetting OPEC cuts. SINGAPORE, Jan 17- Oil dipped on Tuesday on lingering concerns over global fuel oversupply due to rising U.S. output and doubts that OPEC and other producers would adhere to commitments to cut output in an effort to balance markets and prop up prices. Brent crude futures, the international benchmark for oil prices,...

  • SINGAPORE, Jan 17- Oil markets were mixed on Tuesday, supported by growth in U.S. crude production and Saudi Arabia saying it would strictly adhere to a commitment to cut output, but held back by scepticism in financial markets that oversupply would be curbed. West Texas Intermediate crude oil futures were trading up 2 cents at $52.39 per barrel at 0540 GMT.

  • SINGAPORE, Jan 17- Oil markets were mixed on Tuesday, supported by growth in U.S. crude production and Saudi Arabia saying it would strictly adhere to a commitment to cut output, but held back by skepticism in financial markets that oversupply would be curbed. West Texas Intermediate crude oil futures were trading up 2 cents at $52.39 per barrel at 0540 GMT.

  • SINGAPORE, Jan 17- Oil markets were mixed on Tuesday, supported by Saudi Arabia saying it would strictly adhere to a commitment to cut output, but held back by skepticism in financial markets that oversupply would be curbed. West Texas Intermediate crude oil futures were trading up 8 cents at $52.45 per barrel at 0231 GMT. Traders said markets were receiving some...

  • SINGAPORE, Jan 17- Oil markets were mixed on Tuesday, supported by Saudi Arabia saying it would strictly adhere to a commitment to cut output, but held back by scepticism in financial markets that oversupply would be curbed. West Texas Intermediate crude oil futures were trading up 8 cents at $52.45 per barrel at 0231 GMT. Traders said markets were receiving some...

  • SINGAPORE, Jan 17- Oil markets were mixed on Tuesday, supported by Saudi Arabia saying it would strictly adhere to a commitment to cut output, but held back by scepticism in financial markets about the outlook for crude prices. Traders said markets were receiving some support from top crude exporter Saudi Arabia, which said it would adhere strictly to its...

  • SINGAPORE, Jan 17- Oil markets were mixed on Tuesday, supported by Saudi Arabia saying it would strictly adhere to a commitment to cut output, but held back by skepticism in financial markets about the outlook for crude prices. Traders said markets were receiving some support from top crude exporter Saudi Arabia, which said it would adhere strictly to its...

  • SINGAPORE, Jan 17- Oil edged up on Tuesday after Saudi Arabia said it would strictly adhere to a commitment to cut output, but worries in financial markets about the outlook for crude supply dragged on prices. Traders said the slight increase in U.S. prices came after Saudi Arabia, the world's biggest exporter of crude oil, said it would adhere strictly to its...

  • CALGARY, Alberta, Jan 16- Oil prices settled up on Monday, as Saudi Arabia's commitments to reducing production offset a report forecasting U.S. output would again rise this year. Russia and other key exporters outside OPEC have said they will also cut output. Saudi Energy Minister Khalid al-Falih said on Monday the country will adhere strictly to its output...

  • The Organization of the Petroleum Exporting Countries has agreed to cut production by 1.2 million barrels per day to 32.5 million bpd from Jan. 1 in an attempt to clear a global oversupply that has depressed prices for more than two years. Russia and other key exporters outside OPEC have said they will also cut output. Saudi Arabia's Energy Minister Khalid...

  • ABU DHABI, Jan 16- Saudi Arabia will launch a renewable energy programme in coming weeks that is expected to involve investment of between $30 billion and $50 billion by 2023, Energy Minister Khalid al-Falih said on Monday. Falih, speaking at an energy industry event in Abu Dhabi, said Riyadh would start the first round of bidding within weeks for projects under...

  • ABU DHABI, Jan 16- Saudi Arabia will launch a renewable energy program in coming weeks that is expected to involve investment of between $30 billion and $50 billion by 2023, Energy Minister Khalid al-Falih said on Monday. Falih, speaking at an energy industry event in Abu Dhabi, said Riyadh would start the first round of bidding within weeks for projects under the...