Tag Archives: Opec

Oil prices that rallied 50% in 2021 will power further ahead this year, analysts predict, saying a lack of production capacity and limited investment in the sector could lift crude above $100 a barrel. Though the Omicron coronavirus variant has pushed COVID-19 cases far above peaks hit last year, analysts …

The United Arab Emirates is walking a diplomatic high wire between superpower ally Washington, new friend Israel and old adversary Iran as it seeks to avoid a costly regional conflict that could torpedo its trade and tourism ambitions. Abu Dhabi hosts Israel’s prime minister this week and will receive a U.S. delegation …

The United States is expected to announce a loan of crude oil from its emergency stockpile on Tuesday as part of a plan it hashed out with major Asian energy consumers to lower energy prices, a Biden administration source familiar with the situation said. The move is designed to tame …

The Biden administration has asked some of the world’s largest oil consuming nations to consider releasing some of their crude reserves in a coordinated effort to lower prices and stimulate the economic recovery, according to several people familiar with the matter. Global oil prices touched seven-year highs in late October …

The ruler of Dubai said in a tweet on Thursday the United Arab Emirates (UAE) has been selected to host the COP28 international climate conference in 2023. “We will put all our capabilities to make the conference a success. The UAE will remain committed to global climate action to protect the planet,” …

OPEC and allied oil-producing countries rebuffed pressure from U.S. President Joe Biden to pump significantly more oil and lower gasoline prices for American drivers, deciding Thursday to stick with their plan for cautious monthly increases even as prices surge and the global economy is thirsty for fuel. The OPEC+ alliance, …

Saudi Arabia will continue supporting the stability and balance of oil markets, and it also backs efforts to supply clean energy to the world, said King Salman on Saturday. The king, who was remotely addressing the G20 summit, said the global economy “still suffers from the COVID-19 pandemic” and that …

The United Arab Emirates on Thursday (Oct 7) announced a plan for net-zero emissions by 2050, and would oversee 600 billion dirhams (US$163 billion) in investment in renewable energy. This makes it the first country in the Middle East and North Africa region to launch a concrete initiative to achieve …

Iraq’s oil minister said that oil at $75-$80 a barrel was a fair price for producers and consumers, adding that his country was seeking to expand its production and export capacity in the coming years. Oil prices traded above $83 a barrel on Wednesday, their highest since October 2018, amid …

A senior aide to President Joe Biden raised the issue of oil prices in conversations this week with the leadership of top crude producer Saudi Arabia, according to the White House. Biden’s national security adviser, Jake Sullivan, met in Saudi Arabia with Saudi Crown Prince Mohammed bin Salman on Tuesday …

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 …

Iran’s intervention in the internal affairs of other countries is a threat to the region and a matter of concern, the chief of the Gulf Cooperation Council (GCC) said on Saturday. Iran’s nuclear program, ballistic missiles, and its support for militias, must also be included in ongoing talks in Vienna …

Rising consumption in the wake of the COVID-19 pandemic is set to drive greenhouse gas emissions to all-time highs, the International Energy Agency said on Tuesday. “We estimate that full and timely implementation of the economic recovery measures announced to date would result in CO2 emissions climbing to record levels …

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 …

Saudi Arabia and Oman have called for continued cooperation between OPEC and other producers to help stabilize the market. OPEC+ last week postponed talks among producers after differences emerged between Saudi Arabia and the UAE over future output strategy. Saudi Arabia and Oman are both part of the OPEC+ alliance …

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 …

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 …

Even with oil prices surging toward $75 a barrel, US shale producers are keeping their pledges to hold the line on spending and keep output flat, a departure from previous boom cycles. This year’s run up in crude prices, and oil output curbs imposed by the OPEC+ producers group, historically …

Iran said on Wednesday the United States had agreed to remove all sanctions on Iran’s oil and shipping but Washington said “nothing is agreed until everything is agreed” in talks to revive the 2015 Iran nuclear deal. The remarks by outgoing President Hassan Rouhani’s chief of staff Mahmoud Vaezi echoed …

Saudi Arabia’s oil minister is expected to address a private meeting of top US hedge fund managers today at the Robin Hood Investors Conference. The behind-closed-doors virtual gathering brings together some of the world’s top fund managers — some of them heavily invested in oil markets. Saudi Energy Minister Prince …

When India’s government last month asked refiners to speed up diversification and reduce dependence on the Middle East – days after OPEC+ said it would maintain production cuts – it sent a message about its clout and foreshadowed changes to the world’s energy maps. It was a move that had …

Saudi Arabia’s Crown Prince Mohammed bin Salman and Iraqi Prime Minister Mustafa Al-Kadhimi agreed Wednesday on the need for their countries to continue coordinating in confronting extremism and terrorism.  Meeting at the Yamamah Palace in Riyadh, the two leaders also agreed to boost economic cooperation, starting with the creation of …

Chinese Foreign Minister Wang Yi arrived in Iran on Friday for a visit that Iranian state media said would see the signing of a 25-year cooperation agreement between the two countries, which are both under U.S sanctions. The accord, final details of which are yet to be announced, is expected …

Indian oil minister Dharmendra Pradhan on Friday described his Saudi counterpart’s advice to reduce oil stores to tackle high crude prices as “undiplomatic”. “That was in a way (an) undiplomatic answer by some of our old friend. I politely disagree with that kind of approach. “Certainly India has its own …

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 …

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 …

Saudi Arabia’s Foreign Minister Prince Faisal bin Farhan and US Secretary of State Antony Blinken discussed common challenges and maintaining security and stability in the region. In a phone conversation, Prince Faisal congratulated Blinken on his new position as the pair discussed historic ties between their nations as well as …

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 …

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, …

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 …

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 …

Oil was largely steady on Wednesday after President Donald Trump falsely claimed victory in a tight U.S. election, despite millions of votes still to be counted and the final result not yet clear. West Texas Intermediate was up 16 cents, or 0.4%, at $37.82 a barrel by 0850 GMT. Brent …

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 …

OPEC and its allies fear a prolonged second wave of the COVID-19 pandemic and a jump in Libyan output could push the oil market into surplus next year, according to a confidential document seen by Reuters, a gloomier outlook than just a month ago. A panel of officials from OPEC+ …

One of the world’s leading energy experts believes that oil producing countries like Saudi Arabia could enjoy a “veritable feast” of oil revenues for many decades before changing patterns of energy use reduce global demand for crude. Jason Bordoff, director of the Centre on Global Energy Policy at Columbia University …

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 …

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 …

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 …

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 …

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 …

President Vladimir Putin discussed Russia’s cooperation with Iraq over an OPEC+ deal to reduce oil supply in a telephone conversation with Iraq’s Prime Minister Mustafa al-Kadhimi, the Kremlin said on Monday. The two men noted the importance of continuing their countries’ joint efforts in the oil markets, the Kremlin said. …

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 …

The United States is considering measures it could take in response to Iran’s shipment of fuel to crisis-stricken Venezuela, a senior official in President Donald Trump’s administration told Reuters on Thursday. The United States has a “high degree of certainty” that Venezuelan President Nicolas Maduro’s government is paying Iran tons …

The outbreak of COVID-19 has given the entire world a reality check with regards to over consumption especially when it leads to greater pollution. Global Warming has never been more relevant an issue than it at this given time. By Lara Issa The fact that pollution levels have drastically decreased …