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Saudi Arabia assures on supply

RIYADH: Saudi Arabia said it is consulting other oil producers in and outside Opec to ensure the world has adequate supplies to support economic growth after prices hit $80 a barrel for the first time since 2014.

Opec’s most influential energy minister, Saudi Arabia’s Khalid Al Falih, said in a Twitter post that he had called his counterparts in the United Arab Emirates, the United States and Russia, as well as major oil consumer South Korea, to 'coordinate global action to ease global market anxiety'.


UK’s Petrofac wins $1.7bn orders

LONDON: Oilfield service firm Petrofac Ltd, which is being investigated by Britain’s Serious Fraud Office (SFO), said it was awarded more than $1.7 billion of new orders so far this year as tendering activity remained high.

Oilfield service companies have been seeing a recovery in orders after subdued oil prices since mid-2014 forced explorers and producers to cut capital expenditure and defer or cancel contracts.

The company also said it was making good progress in 2018, delivering its strategy of focusing on its core, delivering organic growth and reducing capital intensity.



Exxon crude unit overhaul complete

HOUSTON: ExxonMobil Corp completed the overhaul of the second largest crude distillation unit (CDU) at its 560,500-barrel-per-day Baytown, Texas, refinery, sources familiar with plant operations said.

Exxon is set to complete an overhaul of the Flexicoker by early June and is scheduled to begin a overhaul of the large gasoline-producing unit next week, the sources said.





Maersk warns on trade risks

COPENHAGEN: AP Moller-Maersk missed first-quarter profit expectations and warned that political and trade tensions clouded the outlook, sending shares in the world’s biggest container shipper sharply lower.

Earnings before interest, tax, depreciation and amortisation (EBITDA) for the three months to March 31 rose 5 per cent to $669 million but came in well below the $852 million forecast.

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