Iran for Opec emergency meet

DUBAI: Iran’s Oil Minister, Bijan Zanganeh, said that holding an emergency Opec meeting may be "effective" in stabilising the oil price, Iran’s oil ministry news agency Shana reported. Algeria said earlier this month that the Opecganization of Petroleum Exporting Countries could hold an emergency meeting to discuss the drop in oil prices but other Opec delegates said no meeting was planned.

Kogas to invest in Iraqi project

SEOUL: Korea Gas Corp (Kogas) will invest 5.87 trillion won ($4.91 billion) in the Iraqi Zubair oil development and production business, the state-run South Korean gas company said in a filing to the stock exchange. This investment is part of the total $19.4 billion capital expenditure required for the project, the company said.

Kurdish 2015 oil down

BAGHDAD: Iraq’s oil ministry said that the autonomous Kurdistan region had contributed less than half the agreed volumes of crude oil to national exports since the start of the year. The oil ministry said Kurdish oil exports so far this year had dropped to an average of 241,000 barrels per day (bpd) in August, compared with about 328,000 bpd at the end of March.

Libya’s oil at 400,000 bpd

BENGHAZI: Libya is producing between 350,000 and 400,000 barrels of oil per day (bpd), roughly half the level it was a year ago, Naji Al Maraghi, chairman of a state oil firm loyal to the country’s internationally recognised government said.

Shuaiba oil refinery resumes

DUBAI: The Shuaiba oil refinery in Kuwait resumed operation, the head of state refiner Kuwait National Petroleum Company (KNPC) said on his Twitter account, after a fire at a heavy oil unit forced a total shutdown last week.