Saudi Ma’aden restarts plant

AL KHOBAR: A subsidiary of Saudi Arabian Mining (Ma’aden) has restarted an ammonia plant after a brief shutdown for repairs at a cooling facility, Ma’aden said.

Ma’aden had previously said it expected the plant, at Ras Al Khair, to be shut for 10 days.

Opec oil output hits highest

LONDON: The Organization of the Petroleum Exporting Countries (Opec) oil supply has jumped in March to its highest since October as Iraq’s exports rebounded after bad weather and Saudi Arabia pumped at close to record rates, a Reuters survey found, a sign key members are sticking to their effort to regain market share.

The increase from the Opec adds to excess supply in the market, despite some signs that the halving of crude prices since June 2014 is encouraging higher oil demand.

Iraq exports hit record 2.98 mbpd

BAGHDAD: Iraq’s oil exports rose in March to a record 2.98 million barrels per day (mbpd) from 2.597 mbpd in the previous month, the oil ministry said in a statement.

Exports from Iraq’s southern terminals reached 2.712 mbpd, while exports from the north via the Kurdistan pipeline were 268,000 bpd in March, the ministry said.

Adnoc cuts March Murban crude

SINGAPORE: Abu Dhabi National Oil Company (Adnoc) set the March retroactive selling price of its benchmark Murban crude (MUR-OSP) at $56.10 a barrel, down 45 cents from the previous month, the company said.

The March Murban OSP is now at a $1.44 a barrel premium to Dubai quotes, up 33 cents from the previous month.

PetroChina’s gas imports to slow

BEIJING: PetroChina plans to import only slightly more natural gas this year than in 2014 due to slower demand growth and higher domestic production, a person with direct knowledge of the matter said.

China’s largest gas producer and importer plans to bring in 40.4 billion cubic metres (bcm) of natural gas in 2015, compared with 39.7 bcm last year, an increase of 1.8 per cent against the 13-per cent growth seen in 2014.

China recorded the slowest demand growth last year in more than a decade for the cleaner-burning fuel.