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Tag Archives: oil prices

Dune 2021 in Perspective: A Tale of Lofty Intentions buried under somebody else’s Sandcastles — PART I

By Emad El-Din Aysha, PhD A number of factors worked against me enjoying this movie. I’m a fan of both Frank Herbert and the 1984 David Lynch movie, am hypersensitive about Hollywood politics and I’d recently watched two stunning movies that upped my expectations to breaking point. A wonderful fanedit[1] …

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Algeria, Saudi talk trade, OPEC

Algerian President Abdelmadjid Tebboune and Saudi Foreign Minister Prince Faisal bin Farhan Al Saud on Tuesday discussed coordination within OPEC as well as bilateral, regional and international issues, Algeria’s presidency and the Saudi minister said. Saudi Arabia “is keen to continue coordination and consultation regarding regional and international issues…most notably …

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Iran defying US oil export ban

Iran is determined to increase its oil exports despite sanctions imposed by the United States on sales of crude from Tehran, Iranian Oil Minister Javad Owji said on Wednesday, adding that the use of oil sanctions as a “political tool” would hurt the market. “There is a strong will in …

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Oman’s deficit continues

Oman posted a year-to-date budget deficit of 1.1 billion rials ($2.86 billion) in June, the Ministry of Finance said on Thursday. Oman is among the weakest countries financially in the oil-rich region and more vulnerable to swings in the price of hydrocarbons, a sector that accounted for about a third …

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No progress yet in UAE-Saudi OPEC talks

UAE is still in discussions with Saudi Arabia and other OPEC+ members for better terms under the current agreement that will expire in April 2022, an informed source of the discussions told Arab News. Reuters said earlier that UAE has reached a compromise to assign the Gulf nation a quota of 3.65 …

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Iraq worried OPEC price war in the offing

The financial adviser to Iraq’s prime minister said that “in the absence of coordination and understandings between OPEC producers, the beginnings of a price war will be formed again,” the Iraqi News Agency (INA) quoted him as saying on Monday. Mazhar Mohammed Saleh added that “the increases in production within …

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Saudi, UAE disagree over OPEC policy

Oil held steady as tensions between Saudi Arabia and the UAE escalated over the weekend, leaving the market with few clues about how supply talks will proceed on Monday after discussions reached an impasse last week. The clash was unresolved just hours before Monday’s meeting was scheduled to start. The Saudis are standing …

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Iraq says BP and Lukoil want out of country

Iraqi Oil Minister Ihsan Abdul Jabbar said in a video posted on Saturday on the ministry’s Facebook page that BP was considering withdrawing from Iraq, and that Russia’s Lukoil had sent a formal notification saying it wanted to sell its stake in the West Qurna-2 field to Chinese companies. Abdul …

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US worried about oil prices rising too high

The White House said on Friday it is concerned about the impact of rising oil prices on US consumers but believes producers have ample ability to pump enough crude. “Currently we believe that there is enough spare oil production capacity globally,” White House Press Secretary Jen Psaki told reporters. “Because …

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Novak insists Russia sticking to OPEC plan

OPEC, Russia and their allies will stick to plans for a phased easing of oil production restrictions from May to July amid upbeat forecasts for a recovery in global demand and despite surging coronavirus cases in India, Brazil and Japan. The group known as OPEC+ ditched plans to hold a …

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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 …

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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 …

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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 …

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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 …

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