Tag Archives: oil prices

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 …

Airlines are starting to hedge against the risk that fuel prices could be driven higher by rules targeting another industry’s environmental performance. Brent crude for 2020 rallied in the third-quarter, a period in which spot prices fell, as some carriers began seeking protection against higher fuel costs caused by rules …

An Opec and non-Opec technical committee will later this month discuss proposals for sharing out an oil-output increase, sources familiar with the matter said, a tense topic for the producer group after it decided in June to ease supply curbs. A panel called the Joint Technical Committee will on September …

audi Arabia’s financial sector remains sound and resilient to economic shocks, Dr Fahad Al Shathri, Deputy Governor for Supervision at the Saudi Arabia Monetary Authority (Sama), said in Dubai on Wednesday. Delivering a keynote address at the Corporate Restructuring Summit 2018, Al Shathri said the kingdom’s banking and financial sector …

The risk of declining Chinese demand for oil is worrying Middle East officials more than Iran’s supply curbs as a result of U.S. sanctions. Bahrain and Oman’s oil and gas ministers both told CNBC Monday that China’s demand for oil could decline on the back of its trade dispute with …

Iraq sees a need to increase crude exports and says it’s ready to ship more as soon as Opec agrees how members will share a collective supply boost, according to the acting director-general of the state-run Oil Marketing Co. Exports will be close to 3.595 million barrels a day this …

Brent crude is likely to trade in the range of $70-$80 (Dh257.11-Dh293.84) per barrel in the coming days due to supply concerns stemming from the decision of US President Donald Trump to reimpose sanctions on Iran, one of the biggest producers of oil in the world. According to analysts, Iran’s …

The Organisation of the Petroleum Exporting Countries (Opec) and other oil-exporting producers are expected to agree on a mechanism to monitor their crude production before the end of the year, Kuwaiti Oil Minister Bakhit Al Rashidi said on Wednesday. A committee set up by Opec and allied non-Opec exporters would …

The oil market has changed a lot over the past decade. Here, for example, is the latest data on US imports and exports of crude oil and petroleum products, released by the Energy Information Administration at the end of last month: The US has gone from a big-time net importer …

Crude prices rose on Friday, but declined on the week on worries that oversupply would weigh on the US market while trade disputes and slowing global economic growth would dampen demand for oil. US crude declined for the seventh consecutive week, and global benchmark Brent was dropped for a third …

Crude oil prices rose more than 1.0 per cent on Friday as US sanctions against Iran looked set to tighten supply, but futures contracts posted a weekly decline as investors worried that global trade disputes could slow economic growth and hurt demand for energy. Benchmark Brent crude oil settled 74 …

This year, the US has turned into the world’s largest oil producer alongside top exporters Saudi Arabia and Russia, all due to its booming shale oil industry. This signals a significant transition and one with economic and political implications, given that the US had already joined the club of the …

Public Investment Fund, Saudi Arabia’s sovereign wealth fund, has bought a minority stake in Tesla at just below 5 percent, a source familiar with the matter said on Tuesday. PIF did not immediately respond to a Reuters query for comment, while Tesla declined to comment. The source declined to be …

Kuwait’s oil minister, Bakhit Al Rashidi, said on Wednesday that the global oil market was approaching stability based on the current oil production levels after the recent Opec and non-Opec agreement to boost output. “It is clear today based on the current level of production that we are approaching a …

Oil prices are likely to trend lower this week due to the rise in trade tensions as well as the ramping of oil production by major oil producers like Saudi Arabia and Russia, experts said. Saudi Arabia, along with UAE, Kuwait and Russia, are increasing production close to one million …

Investors battered the shares of America’s two biggest oil explorers after Exxon Mobil Corp and Chevron Corp posted disappointing earnings, failing to fully capitalize on rising oil prices. For Chevron, weaker-than-forecast financial results didn’t dissuade the company from resurrecting share buybacks to the tune of $3 billion (Dh11 billion) annually …

Oil was poised for a fourth weekly decline as the unexpected halt in Saudi shipments through a Red Sea waterway failed to add a significant risk premium to prices, while concerns lingered over how the US-China trade spat will affect demand. US futures headed for a 1.4 per cent decline …

Oil advanced in London after an attack on Saudi Arabian tankers heightened concern over disruption to supplies. Brent futures rose as much as 1.2 per cent after adding 0.7 per cent Wednesday. Two vessels were attacked by Yemeni Houthi militia, leading Saudi Arabia to suspend oil shipments via the Bab …

Saudi Arabia said on Thursday it was suspending oil shipments through the Red Sea’s Bab al-Mandeb strait, one of the world’s most important tanker routes, after Yemen’s Iran-aligned Houthis attacked two ships in the waterway. Brent futures rose 19 cents to $74.12 a barrel by 1305 GMT, extending their rally …

Saudi Aramco is winning thanks to US President Donald Trump’s trade war with China. Sales of liquefied petroleum gas by the state-run producer to China — one of its biggest Asian customers — this year have already reached 90 per cent of all shipments in 2017, according to data from …

One of General Electric Co’s largest and most valuable customers, Saudi Arabia, is lining up competitors to bid against GE for lucrative power plant work, according to five people familiar with the situation. State-controlled Saudi Electricity Co (SEC) has qualified at least two companies — Power Systems Mfg LLC and …

Oil retreated below $70 (Dh257) a barrel as Saudi Arabia was said to offer extra crude to some customers, while the US was said to consider tapping emergency supplies to offset losses elsewhere. Futures in New York slid 2 per cent after falling 3.8 per cent last week. Saudi Arabia …

The plans of the US administration to tap into its Strategic Petroleum Reserve to prevent further rises in oil prices is expected to have a minimal impact on oil markets amid a host of supply disruptions, as well as rising demand in certain emerging markets, according to analysts. The Strategic …

The Trump administration is actively considering tapping into the nation’s emergency supply of crude oil as political pressure grows to rein in rising gasoline prices before congressional elections in November, two people familiar with the situation said. No decision has been made to release crude from the 660-million-barrel stockpile, known …

Saudi Arabia will be reluctant to exhaust its substantial spare capacity to offset shortfalls elsewhere in the market due to significant costs and risks involved, analysts said as pressure grows on the de facto Opec leader to further increase production to cool oil prices. Saudi Arabia has a spare capacity …

The world’s oil supply cushion could be stretched to the limit due to prolonged outages, supporting prices and threatening demand growth, the International Energy Agency said on Thursday. The expected drop in Iranian crude exports this year due to renewed US sanctions, coupled with a decline in Venezuela’s production and …

GDP growth in the GCC to shift from a contraction of 0.3% in 2017 to a growth of 2.5% in 2018 Published: 14:41 July 11, 2018 Babu Das Augustine, Banking Editor   Dubai: Oil prices are forecast to average above $70 (Dh257) this year, despite the potential increase in output …

The Organisation of Petroleum Exporting Countries (Opec) and its allies are doing what they can to offset crude output shortfalls that have kept global supplies tight and prices high, but they don’t want to overdo it. That was the message from the UAE Energy Minister Suhail Al Mazroui after being …

The war of words over oil prices continues between US President Donald Trump and Iran, and the latest salvo from Iran is for Trump to stop tweeting. “Your tweets have driven the prices up by at least $10 per barrel,” Iran’s Opec governor Hossein Kazempour Ardebili said in a message …