New base 832 special 18 april 2016

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NewBase 18 April 2016 - Issue No. 832 Edited & Produced by: Khaled Al Awadi

NewBase For discussion or further details on the news below you may contact us on +971504822502, Dubai, UAE

Oil Plunges After Output Talks Fail Amid Saudi Demands Over Iran….. Bloomberg = Elena Mazneva + News Agenceies

Oil tumbled by the most in two months after output talks Sunday between the world’s biggest producers ended without any agreement on limiting supplies, a diplomatic failure that threatens to renew the rout in prices.

Futures fell as much as 6.8 percent in New York, the biggest intraday drop since Feb. 1. The summit in the Qatari capital, which dragged on for more than ten hours beyond its initially scheduled conclusion, finished with no final accord. There were significant hurdles to any deal after Saudi Arabia’s Deputy Crown Prince Mohammed bin Salman said the kingdom wouldn’t restrain its production without commitments from other major producers including Iran, which has ruled out freezing for now. “The weekend talks are demonstration that the Saudi government, as the deputy crown prince has clearly stated, doesn’t want to cede market share,” said Ed Morse, head of global commodity research at Citigroup Inc. by phone.




“They are fearful that the world may be in a weak or bearish market for a long period of time. In a bear market, as they learned from the 1980s, if they cede market share it is very difficult to get it back.” West Texas Intermediate for May delivery lost as much as $2.75 to $37.61 a barrel on the New York Mercantile Exchange and was at $38.36 at 10:35 a.m. Hong Kong time. The contract fell $1.14, or 2.8 percent, to $40.36 on Friday. Total trading volume was almost fivefold the 100-day average.

Brent for June settlement dropped as much as $3, or 7 percent, to $40.10 a barrel on the London-based ICE Futures Europe exchange. The contract lost 74 cents, or 1.7 percent, to $43.10 on Friday. The global benchmark was at a $1.47 premium to WTI for June.

Oil ministers from 16 nations, representing about half the world’s output, gathered in the Qatari capital in a bid to stabilize the global market, the first significant attempt at coordinating oil output between the Organization of Petroleum Exporting Countries and nations outside the group in 15 years.

Discussions stumbled after Saudi Arabia and other Gulf nations wouldn’t agree to any deal unless all OPEC members joined including Iran, which wasn’t present at the meeting, Russian Energy Minister Alexander Novak told reporters. Tense Negotiations

Forty traders and analysts surveyed by Bloomberg last week were evenly split on whether a consensus would be reached, and tensions were visible throughout the negotiations. While analysts doubted that any accord would have a significant impact on the global oil surplus, the group’s inability to agree undermines any prospect of coordinated action to solve the market slump.

Russia was surprised there wasn’t an agreement, said Novak. Officials from Saudi Arabia, Qatar, Venezuela and Russia -- who initiated the push for a freeze in February -- agreed to a draft accord on Saturday, but some countries changed their position right before the summit the following day, leading to “hot discussions,” he said.

“The fact that Saudi Arabia seems to have blocked the deal is an indicator of how much its oil policy is being driven by the ongoing geopolitical conflict with Iran,” said Jason Bordoff, director of the Center on Global Energy Policy at Columbia University and a former White House official. Saudi Obstacle

A freeze could have sped up the rebalancing of the market by six months, which may now take until mid-2017, Novak said in a press conference after the talks. The “door is not closed” to a future accord, although “Russia won’t be as optimistic as before,” he said.

OPEC members will consult among themselves and with other oil producers until June, Qatar’s Energy Minister Mohammed Al Sada said at news conference after the meeting. The next scheduled bi-annual OPEC meeting is on June 2.

Iran, which is reviving oil exports after international sanctions were lifted in January, ruled out any limits on its output before reaching pre-sanctions levels, dismissing the notion of joining the freeze




as “ridiculous.” The nation’s Oil Minister Bijan Namdar Zanganeh said Saturday he wouldn’t attend the Doha talks and won’t be a signatory to any deal as it would amount to self-imposed sanctions.

Kuwait production cuts and hedge fund positions:

• Kuwait’s crude production tumbled by 60 percent and its refineries scaled back operations as the state oil company took emergency measures Sunday to cope with the first day of an open-ended labor strike.

• Money managers’ net-long positions in WTI futures and options are more than twice as large as two months ago and increased by 11 percent in the week ended April 12, U.S. Commodity Futures Trading Commission data showed Friday.

Oil's Grand Bargain Falls Victim to Saudi Arabia's Iran Fixation In the end, the outcome of Sunday’s summit of 16 oil ministers at Qatar’s Sheraton hotel turned on one country that wasn’t there.

Iran’s decision, on the eve of the meeting, not to attend signaled things wouldn’t go well. When ministers assembled the next day, Saudi Arabia stunned some of them by insisting every OPEC member, including Iran, must subscribe to the deal to freeze oil production. Scheduled to end with an early afternoon press conference, proceedings dragged into the evening.

When the meeting finally broke up without a deal just after 9 p.m. local time, it fell to the host minister, Qatar’s Mohammed Al Sada, to announce the result at a press conference for the dozens of reporters who’d flown in to cover the talks.

“The inclusion of all OPEC members would definitely help in reaching an agreement,” he said, promising more consultation before the group’s June meeting.




The freeze deal, mooted in February as the first coordinated action between OPEC and non-OPEC producers for 15 years, had fallen victim to tensions between Saudi Arabia and its main regional rival, a relationship soured by proxy conflicts from Syria to Yemen. Taken Control

Mohammed bin Salman, the young Saudi deputy crown prince who’s taken control of economic policy in the world’s top oil producer, had publicly warned twice that no deal was possible without Iran’s participation. In turn, Iran insisted on its right to boost crude production to the level it pumped before it became subject to international sanctions.

Iran had no intention of voluntarily sanctioning itself, the deputy oil minister said on Saturday.

The government in Tehran had decided there was no point in turning up to Doha on Friday after Qatari officials contacted Iran to say only countries intending to sign up to the freeze should attend, according to a person with direct knowledge of the deliberations. Unable to meet those terms, Iran took that as a withdrawal of Qatar’s invitation and decided to stay away.

Still, ministers gathered on Saturday evening in a positive mood. There was no indication Saudi Arabia had any problems with a draft text committing attendees to keep production at January levels, according to one of the participants. Russian Energy Minister Alexander Novak, who’d spoken to his Saudi counterpart by phone earlier in the week, told reporters he was “optimistic” about a deal. Meeting Delayed

The trouble started on Sunday morning.

Saudi Arabia’s Ali al-Naimi, an octogenarian who’s been in the post for most than 20 years, insisted the draft agreement must include language that made the deal dependent on Iran’s eventual participation, participants said. The start of the meeting was delayed several hours while officials sought to agree the text.




“Discussions are at a very high level between the Saudis, Russians and Gulf countries,” over Iran’s output, Wilson Pastor, Ecuador’s governor to OPEC, said in a Bloomberg Television interview in Doha before the start of formal talks. “The general agreement is in place,” but there were some disagreements on the wording, he said.

Once the meeting proper got underway, the haggling continued. In the hotel’s gaudy gold-leafed ballroom, ministers huddled round a PC taking it in turns to try and find the key sentence everyone could agree upon, according a person inside the room, who asked to not identified because the deliberations were confidential.

No Deal

After hours of talks, the ministers couldn’t agree on a text that would satisfy al-Naimi and the meeting broke up without a deal, hours before crude oil futures started trading in Asia.

In an apparent reference to Saudi Arabia, Russia’s Novak said at a press conference after the talks that some countries changed their position right before the meeting after agreeing to an earlier draft.

“I thought countries that came here, came to agree and not to discuss the need of joining in of those countries that were not participating,” he said. “We had been disputing today a lot, and that was because some countries from OPEC changed their positions in the morning.”

Crude oil has rallied since the freeze was first proposed in February, with Brent crude up more than 45 percent since falling to a 12-year low in January. The global benchmark lost as much as 7 percent when markets opened Monday.

"Ultimately, Saudi oil policy has become extremely politicized,” said Amrita Sen, chief oil analyst at Energy Aspects Ltd. “They are going to get a fairly big sell-off tomorrow.”

The deal’s demise will probably do little to alter supply-demand fundamentals as producers committed to a freeze including Russia and Iraq were already producing at record levels. But it’s left a coordinated response to the slump in ruins, and that will send an important message to the market: it’s every country for itself again.




Kuwait oil output plunges 60% as workers strike over pay Bloomberg + Gulf Times

Kuwait’s crude production tumbled by 60% and its refineries scaled back operations as the state oil company took emergency measures to cope with the first day of an open-ended labour strike.

The Opec member’s production dropped to 1.1mn bpd, Saad al-Azmi, deputy chief executive for finance and spokesman at Kuwait Oil Co, said in posts on Instagram and Twitter yesterday when workers walked off the job. Kuwait Petroleum Corp, the parent company for KOC and other operating units, will continue providing fuel to the local market and can meet demand from international customers for exports, it said on Twitter.

Kuwait is among Middle Eastern oil producers that are cutting spending and benefits to plug holes that the oil-price drop of nearly 30% in the past year has punched in government budgets. Prices have fallen as rising output from the Organization of Petroleum Exporting Countries and other suppliers has created a global glut. Kuwait produced 2.81mn bpd last month, making it Opec’s fourth-largest member, while worldwide supply exceeded demand by 1.6mn in the

first quarter, according to the International Energy Agency. The plunge in Kuwait’s output “is just shocking,” Edward Bell, a commodities analyst at Dubai-based bank Emirates NBD, said yesterday by phone. “That would take care of the surplus right there. There could be quite a bit of upside in oil tomorrow.”

Oil ministers from producing countries such as Saudi Arabia, Opec’s largest member, and Russia were meeting in Doha yesterday to discuss a proposal to freeze oil output to help prop up prices. Brent crude closed at $43.10 a barrel Friday, posting gains of about 25% since the freeze was proposed in mid- February. News of a possible deal from that meeting could be overshadowed by the impact of Kuwait’s reduced production, Bell said.

Kuwait’s oil and gas refineries are processing 520,000 bpd of crude, said Khaled al-Asousi, spokesman for Kuwait National Petroleum Co. The state-owned refinery unit reduced processing rates at the country’s three oil plants, which have a combined capacity of about 900,000 bpd, due to emergency measures and because less supply is available from KOC, he said.

Members of the 13,000-strong Oil & Petrochemical Industries Workers Confederation are protesting cuts in their wages and benefits, Saif al-Qahtani, the union’s leader, said by phone on Thursday. About 6,000 workers walked off the job when the strike began yesterday, CNBC Arabiya cited him as saying.

Union officials couldn’t be reached for comment yesterday.Natural gas production stood at 620mn standard cubic feet a day, al-Azmi said. Kuwait’s refineries process crude into refined products such as gasoline, diesel and jet fuel for domestic use and export.

Negotiations with the strikers were continuing, Mohammed al-Shatti, Kuwait’s representative to Opec, said in Doha.




UAE: Electric car charging units installed in Dubai Seven electric vehicle charging units installed at Enoc and Eppco service stations . The push to plug Dubai into the global green economy continues as more charging stations are set up at petrol stations to charge the growing trend of electric cars hitting the streets.

On Sunday, Emirates National Oil Company (Enoc), a wholly-owned entity of the Government of Dubai, stated that it had installed seven electrical vehicle charging stations at Enoc/Eppco service stations across Dubai.

The new charging units promote sustainability and are in line with the Dubai Government’s Smart City strategy, the energy firm said.

With partners Dubai Electricity and Water Authority (Dewa), the first seven charging stations were completed and commissioned in Enoc/Eppco petrol stations in February, while two more units will be installed at new sites currently under construction in Dubai.

Saeed Mohammad Al Tayer, vice-chairman of Enoc Group and managing director and chief executive officer of Dewa, said, “This project highlights our commitment to sustainability and our strategy to promote the use of electric cars, in line with the Dubai Government’s Smart City initiative. We are thankful to Enoc for its support in providing their facilities to establish the infrastructure needed to facilitate the implementation,” he said in a statement released on Sunday.

Saif Humaid Al Falasi, Enoc Group CEO, said: “The incorporation of electric charging units at our service stations underlines our commitment to protect the environment as well as our support to the government sector

in its efforts to achieve the emirate’s sustainable development goals. We are proud to cooperate with Dewa, and the Government of Dubai, by offering our wide network of service stations to build the infrastructure needed to apply this visionary initiative.”

Dewa launched the electric-vehicle charging stations programme last year in support of the vision of His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, to transform Dubai into the smartest city in the world. Electric-vehicle charging stations promote sustainable personal transportation and preserve natural resources.

Highlighting its support to promoting

sustainability and in line with the

Dubai Government’s Smart City

strategy, Emirates National Oil

Company (ENOC), a wholly-owned

entity of the Government of Dubai,

has announced the installation of

nine electrical vehicle charging

stations at ENOC/EPPCO service

stations across Dubai.




In February 2015, Dewa launched its first charging station for electric cars at its headquarters.

Enoc is a strong participant in environmental protection, promoting the use of Compressed Natural Gas (CNG) as a clean and green fuel of choice that supports the Green Economy for Sustainable Development vision of the UAE through EMGAS. Enoc also owns and operates a ‘green service station’ in Dubai, the first of its kind in the region.

NewBase Editorial expect that by year 2030 NO sight will be for any petrol filling station in the cities in the UAE . Electrical cars with advance battaries will rule the streets of the cities & perhaps in all GCC major cities.

Future filling stations




GCC petchem capacity rises to 142mn tonnes in 2015, says GPCA GPCA + Gulf News + NewBase

The GCC’s petrochemical industry has expanded its capacity from 38mn tonnes in 2004 to 142.1mn tonnes last year, the Gulf Petrochemicals and Chemicals Association (GPCA) has said.

And with the GCC (Gulf Cooperation Council) tripling its production capacity between 2004 and 2015, petrochemical producers in the region must focus on supply chain efficiencies in order to retain export market share, GPCA said ahead of the Supply Chain Conference in May.

Regional chemical output in plastics, fertilisers and other products are chiefly destined for overseas markets. In 2015, 80%, or 70.6mn tonnes, of petrochemicals were exported abroad.

“In just over a decade, the GCC’s petrochemical industry has expanded its capacity from 38mn tonnes in 2004, to 142.1mn tonnes in 2015,” said Dr Abdulwahab al-Sadoun, secretary general, GPCA.

“At 9.5% a year, this production growth is second only to China, with more and more diversified products being produced in the GCC. As capacity expansions continue, and an estimated 40 additional products are introduced from GCC petrochemical producers till 2020, the supply chain will have to adjust.

We can already see the direct impact of product expansion on the supply chain, resulting in the emergence of business-

to-business style logistics industry that includes road, shipping and port facilities, with further expansion plans in railways in the near future,” he continued. New and improved port infrastructure in the region includes Qatar’s New Port Project (NPP), Yanbu Port in Saudi Arabia and Jebel Ali Port and Khalifa Port in the UAE.




Port expansions are expected to continue into 2016, as the new $7bn mega port near Qatar’s Mesaieed Industrial City is set to open this year, and port construction continues in Kuwait.

However, there are some serious challenges the region has to overcome including current economic conditions, port congestion, complicated customs procedures, under-invested infrastructure and stalled free trade agreement negotiations with the major economic blocks like the European Union.

“Improving logistics facilities are well within the remit of the region’s petrochemical companies: petrochemical producers should also up their investment in training and education of their workshop and partner with regional universities and colleges to bridge the current gap between academia and industry,” al-Sadoun said.

To support regional players in this endeavour, the GCC is set to host its 8th Supply Chain Conference in Dubai.

Held on the theme, ‘Supporting Downstream Development - Creating Supply Chain Linkages’, the conference gathers speakers from petrochemical companies, railways and consultancies explore synergies between the GCC’s chemical industry and the emerging logistics infrastructure in the region.




Oman LNG 2015 revenue at $2.6bn Oman Observer

Majority government owned Oman LNG, which operates a three-train natural gas liquefaction plant at Sur, has announced revenues of $2.612 billion for 2015, down from the previous year’s figure of $4.074 billion — a decline attributed primarily to the collapse in international oil and gas prices, as well as a shortfall in LNG production .

The slump in revenues was the steepest in the last five years, reflective of the devastating impact that the oil price crash continues to wreak upon energy producing economies, such as Oman. It compares with record high revenues of $4.491 billion achieved in 2013, up from $4.342 billion in 2012, and $3.963 billion in 2011.

Net income after tax (NIAT) also plummeted to $965 million in 2015, down from $1.768 billion a year earlier, the company said in its 2015 Annual Report. Summing up the impact on the company’s performance in 2015 and the outlook for the current year, Dr Mohammed bin Hamed al Rumhy, Chairman of the Board of Directors of Oman LNG, said: “We enter 2016 with oil and gas prices still languishing at values more than two thirds below their mid-2014 high.

To say that this does not present challenges to our company would be to deny the undeniable. The company has shown wisdom in responding to this challenge; as we have had to initiate some




serious cost optimisation and take measures to create more efficiencies in all areas of our business.”

Harib al Kitani, Oman LNG Chief Executive Officer, commented: “Despite some encouraging signs early this year, the time has not yet arrived to declare a reversal of the oil and gas price trend. It is expected to come in due course, and in the meantime several budgetary restraints will continue in the oil and gas industry, including Oman LNG.

This has not undermined the health of either our balance sheet or our company strategic objectives.” LNG production slumped to 7.91 million tonnes in 2015 — the lowest since 2011 — as natural gas was diverted by the government primarily to meet burgeoning demand from the power generation and water desalination. This led to the underutilisation of Oman LNG’s capacity by 2.49 million tonnes per annum (mtpa) last year, equating to around 15 per cent of the integrated 3-train plant’s total capacity of 10.4 mtpa.

However, to help offset part of the impact of market volatility on its revenue objectives, Oman LNG resorted to cargo swaps and diversions to optimise earnings — a strategy that has been aided by Oman LNG’s integration with sister firm Qalhat LNG in 2013, the CEO noted. A total of 126 cargoes (83 from Oman LNG and 43 from Qalhat LNG) were loaded from the integrated Sur plant in 2015.

Meanwhile, production of natural gas liquids (NGL) — a byproduct of gas liquefaction — also suffered its biggest fall in five years to 241,185 metric tonnes last year, down from 145,711 metric tonnes in 2014. NGLs are typically lifted by state-owned Oman Oil Refineries and Petroleum Industries Company (Orpic) for processing into fuel and other refined petroleum products.

Qalhat LNG revenues at $870m

Revenues generated by Qalhat LNG as its share of gross earnings from the integrated three-train LNG plant amounted to $870 million in 2015.

Qalhat LNG owns the third of the three liquefactions trains, although all three trains are operated by Oman LNG. The Omani government (with a 46.84 per cent stake) and Oman LNG (with a 36.8 per cent share) are the main shareholders in Qalhat LNG.

Qalhat LNG has three long-term sale and purchase agreements (SPAs) for a total contracted volume of approximately 3.3 mtpa. The agreements to supply LNG include a 20-year SPA with Spain’s Union Fenosa Gas (1.65 mtpa), a 17-year SPA with Japan’s Osaka Gas (0.8 mtpa) and a 15-year SPA with Mitsubishi Japan (0.8 mtpa).




NewBase 18 April 2016 Khaled Al Awadi

NewBase For discussion or further details on the news below you may contact us on +971504822502 , Dubai , UAE

Oil price falls after Doha summit ends without output freeze deal Reuters + CNBC + NewBase

Oil prices pared back some of the over 5 percent losses seen in early Asian hours, after the world's largest oil-producing countries failed to strike a deal to freeze output.

As of 10:10 a.m. HK/SIN time on Monday, U.S. crude futures were down 4.56 percent at $38.52 a barrel, after falling over 5.7 percent in early morning trade. Global benchmark Brent was down 3.99 percent at $41.38, retracing some of its over 5 percent losses from earlier.

Energy stocks in the region were firmly lower, with shares of Santosfalling 6 percent, Oil Search down 4 percent and Woodside Petroleumeasing by 0.8 percent. Japan's Inpex tumbled 4.98 percent while Japan Petroleum fell 4.15 percent.

Mainland Chinese oil plays were also down, with shares of Sinopec off 3.09 percent and China Petroleum down 2.79 percent.

A deal between nearly 20 of the world's largest oil exporters, including Saudi Arabia and non-OPEC member Russia, had been hoped to formalize an output freeze at January levels. In February, Russia, Saudi Arabia, Qatar and Venezuela agreed to freeze output if other producers would join them.

Oil price special

coverage




Optimism of an agreement was hit early after Iran made a last minute decision not to attend, and OPEC's defacto leader Saudi Arabia vowed not to freeze production unless other major producers did the same.

Most analysts agreed that a key reason oil producers failed to reach a deal was due to the ongoing tension between Saudi Arabia and Iran.

Analysts at Barclays said in a note, the "meeting exposed that the heightening geopolitical tension between Saudi Arabia and Iran continues to transcend into the oil market, hampering OPEC representatives' ability to save face with even a simple, vague agreement to do what they had planned to do anyway for the next couple of months."

Angus Nicholson, a market analyst at IG, added the Saudis have little inclination to "freeze their own production and make way for newly sanctions-free Iran to increase their market share," given the proxy wars the two countries are fighting in Yemen and Syria-Iraq.

Iran has consistently maintained that it would not consider freezing or reducing production level until it regained its market share, following the lifting of the international sanctions in January.

Reuters reported Iran's oil minister Bijan Zanganeh saying on Saturday that oil producers should accept the reality of Iran's return to the market, adding a production freeze will not help the country benefit from the lifting of sanctions.

Saudi Arabia, on the other hand, maintained that it would consider freezing output on the condition that other members follow through.

The latest setback marks a turnaround for oil prices, which had risen over 50 percent since February, even as the market remained oversupplied.

Michael O'Rourke, chief market strategist at JonesTrading, said in a note Monday morning Asia time that crude's rally this year was not due to rising demand, but rather fueled by "repeated speculation that a deal for a production cut would be reached ... in Doha."

U.S. crude futures hit their lowest for the year in February, when prices fell as low as $26.21 a barrel, and have rebounded as much as 54 percent since then. Brent crude futures were down as low as $27.88 a barrel in January, and have since rebounded 55 percent.

O'Rourke said, "eighty percent of the speculator positions in crude are long, thus making the commodity ripe for a pullback."

Recent data, however, have indicated some reduction in non-OPEC oil supply, which, analysts have said indicated the balancing process in oil markets is underway.

On Friday, Reuters reported data from oilfield services firm Baker Hughes showing the number of rigs drilling for oil in U.S. fields fell by 3 to a total of 351 in the previous week. At the same time last year, U.S. producers were operating 734 oil rigs, said Reuters.

Analysts at Goldman Sachs said in a note the lack of agreement in Doha does not "imply that OPEC production will recover in the short-term, as the year-to-date stabilization owes to ongoing disruptions and maintenance rather than coordination," the analysts said.




NewBase Special Coverage

News Agencies News Release 18 April 2016

Oil Producers Spook Emerging Markets as Ringgit Leads Selloff Bloomberg - Harry Suhartono

Share on Faceboo kShare on Twitter The failure by the world’s biggest oil producers to agree on an output freeze spurred a selloff across emerging markets, with stocks halting a seven-day rally as Brent crude plunged as much as 7 percent.

The ringgit led declines in developing-nation currencies as thedisappointment stemming from the weekend meeting in Doha disrupted a recovery in commodity prices, putting pressure on Malaysian finances as a net oil exporter. Hopes an agreement would be reached had pushed Brent above $44 a barrel for the first time since December and spurred gains across asset classes in recent days. It’s now headed back toward $40 as the discussions to address a global oil glut stalled after Saudi Arabia and other Gulf nations wouldn’t commit to any deal unless all OPEC members joined, including Iran.

Energy-related companies fell the most among the 10 industry groups of the MSCI Emerging Markets Index, which dropped 0.7 percent and extended its retreat from last week’s highest level since November. While that was the biggest decline since April 5, the energy component slid 1.5 percent and industrial stocks 1.1 percent.

“We have seen a high correlation between oil, commodity prices and emerging assets this year and we have seen a strong run up, so the latest development on the failure to agree on an oil output freeze should spark profit taking among investors,” said Miles Remington, head of equities at BNP Paribas Securities Indonesia.




The ringgit declined 0.9 percent to 3.9385 per dollar as of 10:38 a.m. in Kuala Lumpur and touched 3.9625, the weakest level since March 30. The MSCI currencies’ gauge fell 0.3 percent following last week’s 0.6 percent advance. The JPMorgan Emerging Market Volatility Index dropped 1 percent.

South Korea’s won dropped 0.3 percent. The Bank of Korea will refrain from following India and Indonesia in easing monetary policy further on Tuesday, and keep its benchmark interest rate at a record-low 1.5 percent for a 10th straight month, according to 16 of 20 economists surveyed by Bloomberg. The rest see a 25 basis-point cut. North Korea is capable of conducting a fifth nuclear test at any time, South Korean Defense Ministry spokesman Moon Sang Gyun said at a regular briefing.

Oil ministers from 16 nations, representing about half the world’s output, gathered in the Qatari capital in a bid to stabilize the global market, the first significant attempt at coordinating production between the Organization of Petroleum Exporting Countries and nations outside the group in 15 years. Saudi Arabia’s Deputy Crown Prince Mohammed bin Salman said the kingdom wouldn’t restrain its production without commitments from other major producers including Iran, which has ruled out freezing for now.

Brent was down 4.3 percent at $41.26 after dropping to $40.10. That’s trimmed its rebound from January’s 12-year low of $27 to 53 percent. Prices are still off their 2014 peak of more than $115.

C R E D I T : R E Z A / C O N T R I B U T O R




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Khaled Malallah Al Awadi, Energy Consultant MS & BS Mechanical Engineering (HON), USA Emarat member since 1990 ASME member since 1995 Hawk Energy member 2010

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Khaled Al Awadi is a UAE National with a total of 25 years of experience in the Oil & Gas sector. Currently working as Technical Affairs Specialist for Emirates General Petroleum Corp. “Emarat“ with external voluntary Energy consultation for the GCC area via Hawk Energy Service as a UAE operations base , Most of the experience were spent as the Gas Operations Manager in Emarat , responsible for Emarat Gas Pipeline Network Facility & gas compressor stations . Through the years, he has developed great

experiences in the designing & constructing of gas pipelines, gas metering & regulating stations and in the engineering of supply routes. Many years were spent drafting, & compiling gas transportation, operation & maintenance agreements along with many MOUs for the local authorities. He has become a reference for many of the Oil & Gas Conferences held in the UAE and Energy program broadcasted internationally, via GCC leading satellite Channels. NewBase : For discussion or further details on the news above you may contact us on +971504822502 , Dubai , UAE

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New base 832 special 18 april 2016