MARKETS: ESAI says OPEC decision means higher prices

US-based energy consultants ESAI said oil prices will rise following OPEC’s decision to keep production unchanged for three months. “Even as Russian oil exports rise, economic recovery slows, and oil inventories remain ample, the decision of OPEC to keep official production under wraps for another three months can only mean higher crude oil prices,” it (more…)

IRAN: Foreign oil companies invited to invest in upstream sector

Iran will soon offer foreign companies the opportunity to explore for oil and gas in the Persian Gulf and the Oman Sea, according to local media reports. The reports said Iran and foreign companies have carried out joint seismic surveys, with more to follow to determine the extent of reserves in new areas. Mehdi Mirmoezi, (more…)

MALAYSIA: Tenaga Nasional may revise power plant-up programme due to rising demand, makes provisions

KUALA LUMPUR (AFX-ASIA) – Tenaga Nasional Bhd may revise its planting-up programme in view of rising electricity consumption in the country, The Star reported, quoting chairman Jamaludin Jarjis as saying. He said economic growth boosted power demand and the utility firm may now consider fast-tracking certain power plant projects that had earlier been deferred. Daily (more…)