CNOOC's Nexen shuts Yemen facilities due to security threat Dec 21- CNOOC Ltd's Nexen unit is shutting operations at an oil field and processing facility in Yemen due to a security threat, a Nexen spokeswoman said on Sunday. The spokeswoman said Nexen determined there is an undue risk for staff working at its Block 51 field operations and BAK PF processing facility in Yemen. China's CNOOC acquired Calgary, Alberta- based...
OPEC's Badri says hopes for oil price revival by end H2 2015 ABU DHABI, Dec 21- OPEC Secretary-General Abdullah al-Badri told Reuters on Sunday he hoped to see a recovery in the price of oil by the end of the second half of 2015.. "We hope the price would rebound by the end of the second half of 2015," he said. "We can't see the market now, we have to wait until the end of the second half of 2015 to see how the market react to these low...
UPDATE 4-Saudi Arabia says won't cut oil output even if non-OPEC nations do ABU DHABI, Dec 21- Saudi Arabia said on Sunday it would not cut output to prop up oil markets even if non- OPEC nations did so, in one of the toughest signals yet that the world's top petroleum exporter plans to ride out the market's biggest slump in years. "If they want to cut production they are welcome: We are not going to cut, certainly Saudi Arabia is not going to cut."
| By: Rania El Gamal and Maha El Dahan
Saudi's Naimi: Kingdom will not lower output even if non-OPEC cuts ABU DHABI, Dec 21- Saudi Arabian Oil Minister Ali al-Naimi said on Sunday the kingdom would not reduce production to prop up petroleum markets even if non- OPEC nations cut output. "If they want to cut production they are welcome, we are not going to cut, certainly Saudi Arabia is not going to cut," he said. He added he was "100 percent not pleased" with oil prices.
Refinery at Ma'aden-Alcoa Joint Venture Produces First Alumina from Saudi Bauxite RIYADH, Saudi Arabia& NEW YORK---- The Saudi Arabian Mining Company and lightweight metals leader Alcoa today announced that the alumina refinery at their joint venture aluminum complex in Saudi Arabia has successfully produced its first alumina from Saudi Arabian bauxite. The alumina from this refinery will feed into the Ma' aden Aluminium Smelter which...
Source: Business Wire
Saudi oil chief: No conspiracy behind oil prices Non- OPEC member Russia and other nations like Iraq, Iran and Venezuela need prices substantially above present levels to meet budget goals and want to drive prices up. An OPEC meeting last month failed to agree on production cuts, mainly because of Saudi opposition to curb its own exports. OPEC controls about 40 percent of the world oil market and Saudi Arabia is...
Source: The Associated Press
| By: By AYA BATRAWY, Associated Press