OPEC’s Nod to Biden Will Help Saudis, Not Oil Users
After months of ignoring oil consumers’ calls to turn on the taps, OPEC+ has finally agreed to step up production targets. But the real winner of the deal appears to Continue Reading
Biden to Travel to Saudi Arabia, Ending Its ‘Pariah’ Status
President Biden, who as a candidate vowed to make Saudi Arabia a “pariah” in response to the assassination of a prominent dissident, has decided to travel to Riyadh this month to rebuild Continue Reading
Baghdad launches legal action against Kurdistan’s oil companies
Iraq’s Oil Ministry is initiating legal action against international oil companies operating in the Kurdistan region — part of an escalating effort to implement the Federal Supreme Court’s landmark decision to invalidate Continue Reading
$100 Oil Has Been A Blessing For Gulf Economies
Gulf oil economies suffered through the last oil price crash, issuing record levels of debt in 2020. Now, with oil prices well above $100 and set to stay there for Continue Reading
Nigeria finance minister: low oil output barely enough to cover petrol imports
Low crude oil production means Nigeria is barely able to cover the cost of imported petrol from its oil and gas revenue, Finance Minister Zainab Ahmed told Reuters on Thursday. Continue Reading
Nigeria: Vandals Fuel Nigeria Oil Sector’s Decline
Oil theft Lagos — The oil and gas sector, for years the main revenue generator in Africa’s largest economy, is the sole under-performer in Nigeria’s economic recovery. The monthly economic Continue Reading
Russia-Ukraine war boosts Azeri crude transit, but production is limping along
Few options to immediately increase Azerbaijan’s oil output Transit of non-Azeri crude via BTC pipeline growing Crude production is far below its OPEC+ quota Azerbaijan is benefiting from the EU’s Continue Reading
Pakistan’s Forex Reserves Dip Below $10 Billion as IMF Loan Uncertain
Pakistan’s foreign exchange reserves fell below $10 billion, threatening to spillover into a fullblown economic crisis unless policy makers secure a loan from the International Monetary Fund. The stockpile decreased Continue Reading
India May services growth at 11-year high, input inflation at record
India’s dominant services sector expanded at the fastest pace in 11 years in May on strong demand, although inflationary pressures touched new highs, restricting optimism and weighing on consumers’ pocketbooks, Continue Reading
India Covid News: Biggest Jump in Cases in Almost Three Months
India reported 4,041 new Covid-19 infections on Friday — the highest single-day jump since March 11 — stoking fears of another wave building up in some parts of the densely-populated Continue Reading