Former U.S. Secretary of State Mike Pompeo took the stage at the world’s largest energy conference in 2019 to declare an age of U.S. dominance after a decade of rapid shale development made the United States the world’s top oil and gas producer. Two years later, the oil industry is …
Read More »Legendary Saudi oil minister Yamani passes away at 91
Saudi Arabia’s Sheikh Zaki Yamani, the embodiment of the ascent of Arab petroleum power and the face of the 1973 oil embargo that brought the West to its knees, has died. Yamani was a witness to the 1975 murder of the Saudi king who had plucked him, a non-royal, from …
Read More »Saudi earmarks $20 billion for armaments industry
Saudi Arabia will invest more than $20 billion in its domestic military industry over the next decade as part of aggressive plans to boost local military spending, the head of the kingdom’s military industry regulator said on Saturday. The Gulf state wants to develop and manufacture more weapons and military …
Read More »China joins Iran in objecting to Indonesian oil tanker seizure
China said on Wednesday it was seeking details about 25 of its nationals who were among 61 crew on two supertankers seized by Indonesia on suspicion of illegally transferring oil. Indonesia said on Sunday it had seized the vessels after they were detected making the transfer from Iranian-flagged MT Horse …
Read More »Iran open to cooperation with US but within strategic limits
Iran may cooperate with the United States on oil and security in the Gulf, but not on Israel, the Iranian foreign minister said in remarks published on Saturday. Ties between Tehran and Washington worsened under the administration of former President Donald Trump, who in 2018 withdrew from Iran’s 2015 nuclear …
Read More »Corona crisis puts breaks on planned Saudi airport
Saudi Arabia has put on hold financing plans potentially worth billions of dollars for the expansion of Riyadh’s airport, sources said, a sign that the kingdom is re-assessing strategic priorities after the coronavirus crisis. Riyadh Airports Company, which manages and operates King Khalid International Airport in the Saudi capital, approached …
Read More »Saudi pledges to rise global oil prices, voluntarily
Oil prices rose on Wednesday to their highest since February 2020 after Saudi Arabia agreed to reduce output more than expected in a meeting with allied producers, while industry figures showed U.S. crude stockpiles were down last week. Brent crude rose as much as nearly 1% to $54.09 a barrel, …
Read More »Iran willing to flood market with oil if sanctions eased
Iran has instructed its oil ministry to prepare installations for production and sale of crude oil at full capacity within three months, state media said on Sunday, ahead of a possible easing of U.S. sanctions after President-elect Joe Biden takes office. They quoted President Hassan Rouhani as saying that Iran …
Read More »Trump team wants Biden to put more sanction pressure on Maduro
The top U.S. envoy on Venezuela called on the incoming Biden administration on Thursday to use the leverage he believes has been gained from years of tough sanctions aimed at ousting socialist President Nicolas Maduro and urged against offering him any “giveaways.” In an interview with Reuters, Elliott Abrams, President …
Read More »Saudi electricity to reclassify debts during efficiency drive
Saudi Electricity Company, which runs the Kingdom’s power generation and distribution, has unveiled a far-reaching restructuring of its finances and regulatory set-up to “to provide its services with higher levels of efficiency and reliability.” As part of the shake-up, the government will turn its liabilities from SEC – amounting to …
Read More »Saudi Aramco hires banks in desperate attempt to beat oil price slump
Saudi Aramco 2222.SE said on Monday it has hired a group of banks ahead of a multi-tranche U.S. dollar-denominated bond issuance, as the world’s largest oil company seeks to raise cash amid lower oil prices. The announcement comes as Gulf issuers show no sign of slowing this year’s blitz on …
Read More »US imposes latest wave of sanction on Iranian oil
The United States on Monday imposed fresh Iran-related sanctions targeting the Islamic Republic’s oil sector, including the Iranian Ministry of Petroleum, in Washington’s latest move to increase pressure on Tehran. The U.S. Treasury Department in a statement said it was slapping sanctions on key actors in Iran’s oil sector for …
Read More »Saudi-led OPEC celebrating new relationship with Trump’s America
In 1973, Arab members of the Organization of Petroleum Exporting Countries brought the U.S. economy to its knees. Now, the cartel created 60 years ago is more likely to do Washington’s bidding. Since Saudi Arabia and other Arab OPEC members imposed their famous oil embargo as retribution for U.S. support …
Read More »Russian ambitions in East Med dispute coincide with petroleum strategy
Russian Foreign Minister Sergei Lavrov told Cyprus on Tuesday that Moscow was ready to help mediate in any talks with Turkey over energy exploration in the east Mediterranean Sea. A decades-old rift between Turkey and Cyprus, which is backed by Greece, has come to a head this year in disputes …
Read More »Putin, King Salman to coordinate oil prices, COVID vaccine
Saudi King Salman told President Vladimir Putin of Russia of his keenness to strengthen bilateral ties between the two countries, with special emphasis on their partnership within the OPEC+ alliance of oil producing countries. In a phone call between the new mega-development of NEOM and Moscow, the two leaders also …
Read More »Iraq wants out of OPEC export cut deal
Iraq is seeking an exemption from an OPEC+ deal curbing oil production during the first quarter of 2021 but will adhere to the cuts over the next three months, Oil Minister Ihsan Abdul Jabbar said on Wednesday. Abdul Jabbar has spoken about the exemption to OPEC oil ministers in three …
Read More »Saudi Aramco listing surpassed by Apple
Apple Inc’s (AAPL.O) surged over 10% to a record high on Friday after reporting blockbuster quarterly results, helping the iPhone maker eclipse Saudi Aramco to become the world’s most valuable publicly listed company. Apple’s stock ended the session at $425.04, putting its market capitalization at $1.82 trillion, according to the …
Read More »Apple not as reliable for energy sector as once assumed
Every day, energy merchants collect and scrutinize whatever information they can find on fuel demand to get a trading edge: from satellite data tracking oil tankers worldwide to thermal images from cameras on pipelines and storage tanks. Real-time data on fuel demand would be the ultimate prize. On-the-spot gasoline consumption …
Read More »Iran circumnavigates oil sancions through Sea of Oman
Iran plans to export oil from a port on its Gulf of Oman coast by March, the president said on Thursday, a shift that would avoid using the Strait of Hormuz shipping route that has been a focus of regional tension for decades. Tensions have spiked between Tehran and Washington …
Read More »Financial institute warns of worst ever crisis facing Gulf economies
The six Gulf Cooperation Council (GCC) nations are facing their worst economic crisis in history amid the double shock of plunging oil prices and the coronavirus pandemic, the Institute of International Finance (IIF) said. Overall real gross domestic product (GDP) will contract 4.4% this year, despite some indications that the …
Read More »Iran sends third sanction busting gasoline shipment to Venezuela
The third cargo of an Iranian tanker flotilla carrying fuel for gasoline-thirsty Venezuela on Tuesday reached the nation’s exclusive economic zone as the previous two were discharging at state run PDVSA’s ports, Refinitiv Eikon data showed. The Iran-flagged tanker Petunia crossed the Caribbean Sea earlier on Tuesday, following the same …
Read More »Iraq, Saudi committed to coordinating oil cuts
Iraq and Saudi Arabia agreed on Saturday to continue working to re-balance markets and stressed their commitment to output cuts agreed by the Organization of the Petroleum Exporting Countries, Russia and other allies, Saudi state news agency SPA said. The comments came after Iraq’s Finance Minister Ali Allawi, who is …
Read More »Oman liquidates cutting edge EOR technology during oil price slump
Oman’s decision to liquidate GlassPoint Solar company comes after the sharp fall in oil and gas prices caused by the global economic slowdown in the wake of the coronavirus pandemic, Oman news agency said, citing a statement from State General Reserve Fund. Oman owns 31% of shares in GlassPoint Solar. …
Read More »Saudi Aramco rethinking SABIC takeover during coronacrisis
Saudi Aramco is looking to restructure its deal to acquire a controlling stake in petrochemicals maker SABIC after a more than 40% drop in SABIC’s value following a slump in oil prices in coronavirus pandemic, two sources told Reuters. Aramco last year agreed to buy a 70% stake in Saudi …
Read More »US thinking of canceling Saudi oil imports
President Donald Trump said on Monday that his administration was considering the possibility of stopping incoming Saudi Arabian crude oil shipments as a measure to support the battered domestic drilling industry. “Well, I’ll look at it,” Trump told reporters at a daily news conference after he was asked about requests …
Read More »Oil war still persists between Russia, Saudi
Behind a Saudi-Russian truce to stabilise oil markets with a record output cut, market players are seeing the two production heavyweights still trading blows in the physical market. The rivals said last week they were ready to take measures if necessary to balance the market by cutting combined output with …
Read More »Saudis not okay with Mexico’s oil cuts
Saudi Arabia and other oil producers in the OPEC+ group pushed back on Friday on a Mexican plan to cut less than requested under plans for global supply curbs, two sources from the OPEC+ group said on Friday. One source said the dispute, which held up efforts to finalise the …
Read More »IEA says deepseated cuts not enough for coronacrisis
Deep output cuts by OPEC and other oil producing nations will not prevent a huge build up of crude, the head of the IEA said on Friday, urging the world’s richest economies to discuss broader ways to stabilise oil markets. Fatih Birol, executive director of the International Energy Agency, told …
Read More »Putin in emergency talks with Russian oilbarons
President Vladimir Putin will meet the heads of Russia’s top oil companies for talks on Friday, the Kremlin said, describing the atmosphere on the global market as “unfavourable”. Kremlin spokesman Dmitry Peskov told reporters on a conference call that the meeting would be held in the same format as one …
Read More »US no longer interested in Saudi oil alliance
Top U.S. officials have for now put aside a proposal for an alliance with Saudi Arabia to manage the global oil market, according to three sources with knowledge of the matter, an idea one of them said came from White House national security advisers. That the concept was even considered …
Read More »Saudis rebuff Russian OPEC proposals
A Saudi Arabian energy ministry official said on Friday there had been no contact between the Saudi and Russian energy ministers over any increase in the number of OPEC+ countries, nor any discussion of a joint agreement to balance oil markets. The comments come after a senior Russian official said …
Read More »Russia wants new, emergency OPEC deal
A new OPEC+ deal to balance oil markets might be possible if other countries join in, Kirill Dmitriev, head of Russia’s sovereign wealth fund said, adding that countries should also cooperate to cushion the economic fallout from coronavirus. A pact between the Organization of the Petroleum Exporting Countries and other …
Read More »US wants Saudis to calm oil market down
U.S. Secretary of State Mike Pompeo and Saudi Crown Prince Mohammed bin Salman discussed in a phone call the need to maintain stability in global energy markets as the world responds to the deadly coronavirus pandemic, with Pompeo saying Saudi Arabia can reassure markets, the State Department said on Wednesday. …
Read More »US senators want peace between Russian, Saudi over oil
U.S. senators on Wednesday raised pressure on Saudi Arabia and Russia to stop the price war that is sinking global oil prices as they held talks with the kingdom’s U.S. envoy and separately urged President Donald Trump to impose an embargo on oil from the two countries. Oil prices plummeted …
Read More »Russia and Saudi in oil war
Saudi Arabia said on Tuesday it would increase its crude oil supply to a record high, raising the stakes in its price war with Russia and effectively rejecting Moscow’s overtures for new talks. The clash of the two oil titans sparked a 25% slump in oil prices on Monday, triggering …
Read More »Saudi goes it alone over oil production after OPEC failure
Saudi Arabia, the world’s top oil exporter, plans to raise its crude oil production significantly above 10 million barrels per day (bpd) in April, after the collapse of the OPEC supply cut agreement with Russia, two sources told Reuters on Sunday. State oil giant Aramco will boost its crude output …
Read More »Saudis avert attack on oil tanker off Yemen coast
The Saudi-led coalition fighting in Yemen said it had foiled an attack on an oil tanker off Yemen’s coast on the Arabian Sea, the Saudi state news agency SPA reported on Wednesday. The tanker was sailing 90 nautical miles south of Yemen’s Nishtun port toward the Gulf of Aden when …
Read More »OPEC to discuss effect of coronavirus on oil demand, prices
OPEC ministers are beginning to arrive to Vienna on Tuesday as the group debates whether to further reduce oil production to tackle deteriorating demand from the global spread of the new coronavirus. The Organization of the Petroleum Exporting Countries and allies led by Russia agreed in December a collective cut …
Read More »Iran also supports OPEC production cut
Iran supports deeper crude oil cuts by the Organisation of the Petroleum Exporting Countries (OPEC) if a majority of members agreed with it, Oil Minister Bijan Zangeneh was quoted as saying by the Iranian energy news website Shana. A technical panel, known as the JTC, that advises OPEC and its …
Read More »Saudi Arabia and UAE moving into hydraulic fracturing
Saudi Arabia’s Industrialization and Energy Services Company (TAQA) announced today the signing of an agreement with AlMansoori Petroleum Services (AMPS). The announcement was made at the opening of this year’s International Petroleum Technology Conference (IPTC), taking place for the first time in the Kingdom of Saudi Arabia. The agreement establishes …
Read More »UAE dedicated to securing further energy reserves
The United Arab Emirates energy said on Saturday it was investing heavily to secure its energy resources. “We are in a very good position to secure ourselves and keep securing our customers (needs),” Energy Minister Suhail al-Mazrouei told an energy conference in the capital Abu Dhabi. “We are committed that …
Read More »Oman postpones VAT plans due to economic slump
Oman plans to introduce value-added tax in 2021, it said in a document, further delaying a fiscal consolidation measure that economists say could be politically sensitive at a time of sluggish growth and high unemployment. All six Gulf Arab states agreed to introduce 5% VAT in 2018 after a slump …
Read More »UAE will host key OPEC meeting in September
The Emirate of Abu Dhabi will host in September the Joint Ministerial Monitoring Committee meeting of the Organisation of Petroleum Exporting Countries, OPEC, the Organisation announced. The announcement was made on Thursday following the release of 2020 oil market forecasts in the OPEC July Monthly Oil Market Report, MOMR. According …
Read More »Iran signs onto planned OPEC production cuts
OPEC and its allies look set to extend oil supply cuts this week at least until the end of 2019 as Iran joined top producers Saudi Arabia, Iraq and Russia in endorsing a policy aimed at propping up the price of crude amid a weakening global economy. Iranian Oil Minister …
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