News

Saudi Aramco signs $13B deal for new domestic gas project State-owned   Saudi Aramco   says it has signed a deal for a new gas project that will be worth more than 50 billion Saudi riyals ($13.3 billion) when complete in 2019 aimed at meeting the kingdom's growing domestic demand for energy. The company today said the project will help lessen dependence on   oil   for   power   generation and accommodate 4,500 training, temporary and permanent jobs for Saudis. The Fadhili project will process gas from onshore and offshore fields. Saudi Aramco says the Fadhili project will increase the kingdom's natural gas production to 17 billion standard cubic feet per day by 2020, in line with the country's National Transformation Plan. The company says the deal was signed today with India's Larsen & Toubro, Saudi KAD, Saudi Electricity Company and France's Engie.

Asia's oil markets are being upended as India's and China's refiners overtake once-dominant buyers likeJapan and challenge the United States as the world's biggest consumer. The shifts are not only establishing new trade routes but are also challenging the way oil is priced in the region as the new players push for more cash cargoes and fewer long-term deals. Read Full Article Over Here :  Business Standard News Read more from our special coverage on "OIL" Oil falls as OPEC squabbles over output targets, crude stocks swell Dont reimpose customs duty on crude: Oil firms Oil prices stabilise on lower US rig count, but global glut still weighs Oil story: theres a new world order to talk about at the Davos of energy Saudi, Iraq sell more oil to India, elbow out Latin America crudes

The fate of the first global oil deal in 15 years could be decided on Wednesday when OPEC members travel to  Iran   to persuade the country to participate in a deal to freeze output levels, possibly by offering Tehran special terms. Dominant OPEC power Saudi Arabia and non-OPEC Russia, the world's top two producers and exporters, agreed on Tuesday to freeze production levels but said the deal was contingent on others joining in - a major sticking point with Iran absent from the talks and determined to raise production. Read Full Article Over Here :  Business Standard News

The World Bank has slashed its forecast for crude oil prices by $14 to $37 per barrel for 2016, it said, amid growing supply and weak demand prospects from emerging markets. In its annual Commodity Markets Outlook, the World Bank lowered its price forecast for 37 of 46 commodities, including oil, saying that weak demand from emerging economies is likely to continue. World Bank economists said weak demand would continue even as oil supply grows with the resumption of Iranian exports, continued US production and a mild Northern Hemisphere winter.  Read Articles