Tag Archives: oil prices

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 …

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. …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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. …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

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 …

Iran’s oil minister is scheduled to meet his Russian counterpart in Iran later on Monday, industry sources said, raising hopes of progress in resolving a month-long impasse over when OPEC and its allies will hold their next policy gathering. The Organization of the Petroleum Exporting Countries and partners including Russia, …

OPEC is close to agreeing to extend an oil supply-cutting agreement beyond June, Saudi Arabia’s energy minister said on Friday, though the question is how to accommodate participating non-OPEC countries. The Organization of the Petroleum Exporting Countries, Russia and other non-members agreed in December to reduce supply by 1.2 million …

Oil prices slipped on Thursday after U.S. crude inventories swelled to their highest level since December 2017 amid concerns of an emerging global glut, although the potential for a supply cut by OPEC prevented further drops. U.S. West Texas Intermediate (WTI) crude futures, were at $54.47 per barrel at 0740 …

There is an initial agreement within OPEC to cut production in the coming meeting in Vienna on December 6, but the amount has not been decided yet, UAE OPEC Governor Ahmed al-Kaabi said on Tuesday. He said that OPEC will very likely reduce production, adding that the (JMMC) technical committee …

French President Emmanuel Macron said on Wednesday that he and U.S. President Donald Trump agreed to put pressure on oil producers to bring down prices. Oil prices have risen 45 percent since Macron took office in mid 2017 and his government is facing pressure on high prices from a grassroots …

Saudi Arabia is not preparing for a break up of OPEC and believes the group will remain the global central bank for oil for a long time, Saudi Energy Minister Khalid al Falih said on Monday. Saudi Arabia’s top government-funded think-tank has been studying the possible effects on oil markets …

Iraq and Saudi Arabia agreed on Saturday to work together to stabilize oil markets, Iraq’s Oil Ministry spokesman Asim Jihad said. Iraq and Saudi Arabia’s oil ministers also discussed at a meeting in Baghdad an electricity grid connection between the two countries to meet Iraq’s power needs, he said. Source: Reuters

The price of Kuwait crude oil went down US$2.82, Wednesday, reaching US$73.77 per barrel, compared to US$76.59 pb last Tuesday, said Kuwait Petroleum Corporation on Thursday. According to the Kuwait News Agency, KUNA, the price of the Brent crude went down 27 cents to settle at US$76.17 pb, and the West …

Opec has urged a committee to prepare “options” for how much oil it should produce next year to prevent the market slipping back into oversupply, the clearest sign yet that the group could reduce output to avoid prices falling further. The rise in oil inventories in recent weeks coupled with …

Saudi Arabia cannot repeat an oil embargo similar to that of 1973 as the US oil market fundamentally changed over the years due to shale oil revolution as well as the availability of alternative suppliers, analysts told Gulf News. Tensions between Saudi Arabia and the US rose over the killing …

Saudi Arabia has no intention of unleashing a 1973-style oil embargo on Western consumers and will isolate oil from politics, the Saudi energy minister said on Monday amid a worsening crisis over the killing of Saudi journalist Jamal Khashoggi. “There is no intention,” Saudi Arabia Energy Minister Khalid Al Falih told …

From time to time, US President Donald Trump threatens members of the Organization of the Petroleum Exporting Countries (Opec), especially the Gulf states, that they don’t do enough to reduce oil prices. As if Opec members have a magic wand to do so … It is strange these threats are …

It could be difficult for Saudi Arabia and its allies to fully replace lost Iranian barrels once oil-related US sanctions on the latter come into effect from November, analysts tell Gulf News. Saudi Arabia’s Crown Prince Mohammad Bin Salman told Bloomberg in an interview during the weekend that the kingdom …

OPEC kingpin Saudi Arabia is ill-equipped to prevent a supply shock in the energy market, analysts told CNBC on Monday, as oil traders prepare for the possibility of $100 a barrel before year-end. “Nobody wants to get caught short, full in the knowledge that more Iranian barrels are poised to …

A two-day surge turned a sludgy, sulphurous crude into the world’s costliest oil benchmark this week, confounding traders and throwing the market into turmoil. Oman oil on the Dubai Mercantile Exchange, which will play a key role when Saudi Arabia sets the cost of its shipments to Asia next month, …

Brent crude extended gains from the highest level in almost four years as a chorus of banks and trading houses argued prices may spike after the Organisation of Petroleum Exporting Countries (Opec) rebuffed US President Donald Trump’s call to rapidly boost production. Futures rose as much as 1.2 per cent …

“Currently … we’re at 4 million barrels per day and with expansion I think our target is 6 million barrels per day,” President and Chief Executive Ebrahim Al Bu Ainain said at the Asia Pacific Petroleum Conference (APPEC). About 50 per cent of the 2.5 million bpd of oil products …

Saudi Arabia Energy Minister Khalid Al Falih said on Sunday he does not influence oil prices, just two days after U.S. President Donald Trump called on OPEC to bring down the cost of fuel. “I do not influence prices,” Falih told reporters in Algiers ahead of a meeting of OPEC …

US President Donald Trump resumed his criticism of Opec, saying on Twitter that the body “must get prices down now!” Trump’s fresh intervention in the oil market comes before a meeting of ministers from the Organisation of Petroleum Exporting Countries and its allies in Algeria on Sunday. His complaint follows …

Oil prices rose on Monday as US drilling stalled and as investors anticipated lower supply once new US sanctions against Iran’s crude exports kick in from November. Benchmark Brent crude oil rose $1.09 (Dh4) a barrel, or 1.4 per cent, to a high of $77.92 and was trading at $77.85 …

Oil is expected to remain volatile this quarter, and the next, as different factors pull prices in opposite directions, analysts say. On the supply side, sanctions on Iranian crude exports, and deeper production losses in Venezuela, are expected to push prices upwards but increased output from Organisation of the Petroleum …