Iraq Wants 30% Capex Cut From Foreign Oil Firms
Iraq, one of the oil producers worst hit by the oil price crash, is proposing that all foreign oil firms operating in OPEC’s second-largest producer cut their budgets by 30 Continue Reading
Israel Forms a Unity Government to Tackle COVID-19
After years of political paralysis, Israel’s parties are finally putting aside their differences to form a government against the backdrop of a daunting COVID-19 epidemic. But the unity government is Continue Reading
As Saudis Shop Discounted Crude, Refiners Say ‘No Thanks’
Many refiners in Europe and the U.S. are refusing to take more Saudi crude being offered at cut-rate prices, according to Saudi officials and oil traders, threatening the sustainability of Continue Reading
US extends Iraq’s waiver to import Iran electricity and gas, possibly for last time
The US on Thursday again extended a waiver allowing Iraq to import Iranian electricity and natural gas despite US sanctions, Morgan Ortagus, a State Department spokeswoman, said in a statement. Continue Reading
Demand Destruction Foils Saudi Arabia’s Plan To Flood Europe With Oil
Saudi Arabia has promised a flood of cheap oil to Europe as it aims to hit its former ally Russia in its own backyard, but it looks like demand for Continue Reading
US pressures Saudi Arabia to give up oil price war with Russia
The US is urging Saudi Arabia to back off its oil price war with Russia, with Secretary of State Mike Pompeo calling Crown Prince Mohammed bin Salman on Tuesday. The Continue Reading
Saudi Arabia wants to pump way more oil than it ever has, a major test for Aramco
In a week’s time, Saudi Arabia is set to turn its taps to the max and unleash a surge of crude oil that refiners increasingly say they don’t want nor Continue Reading
Iran Is Preparing For An Oil Export Boom
In the current straitened sanctions period, Iran’s focus in its oil sector is broadly to increase the capacity of its fields in West Karoun and from the huge fields that Continue Reading
Can The U.S. Convince Saudi Arabia To End The Oil War?
US Secretary of State Michael Pompeo is applying verbal pressure to Saudi Arabia, encouraging the Middle Eastern country who started the oil price war to “rise to the occasion” and Continue Reading
Saudi Arabia imposes curfew to curb coronavirus, UAE halts passenger flights
Saudi Arabia will impose a nationwide curfew starting on Monday after reporting a jump of almost a quarter in coronavirus cases, while the United Arab Emirates will suspend all passenger Continue Reading
Saudi Arabia’s Deficit To Soar As Oil Price War Rages On
Saudi Arabia could book a budget deficit of as much as $61 billion this year under the double blow of the coronavirus pandemic and the global oil glut, research from Continue Reading
UAE’s Sharjah National Oil puts LNG project on hold to focus on gas discovery
UAE’s Sharjah National Oil Corp. (SNOC) is putting its LNG project with Uniper on hold to focus on its first onshore natural gas discovery in 37 years, along with exploration Continue Reading
Saudi Finance Minister Expects Budget Deficit to Reach 9%
Saudi Finance Minister Mohammed al-Jadaan speaks at the meeting of G20 finance ministers and central bank heads. SPA Saudi Arabia’s Finance Minister Mohammed al-Jadaan said he estimated the country’s budget Continue Reading
Iran’s coronavirus deaths rise to 1,556, infections exceed 20,000: health ministry
Iran’s death toll from the coronavirus outbreak rose by more than 100 to 1,556 on Saturday and the total number of people infected now exceeds 20,000, a health ministry official Continue Reading
Saudi Aramco vows stable oil supplies even as borders, transit routes shut
Saudi Aramco vowed there will be no disruption in its oil and gas supplies to customers even as international borders have closed and transportation venues cut off. Receive daily email Continue Reading
Trump’s Ultimate Weapon To End The Oil War
U.S. President Donald Trump is facing increasing calls from some U.S. senators and congressmen to pressure Saudi Arabia into ending the oil price war, with one of his own Republican Continue Reading
Saudi Arabia’s Oil Price War Is Backfiring
Saudi Arabia and Russia must have anticipated an oil price crash when they broke up their three-year-long bromance to push up oil prices. Two weeks later and nearly 4 million Continue Reading
Gharraf field offline after coronavirus evacuation
Petronas withdraws all foreign staff due to COVID-19; Iraq can replace the lost production with spare capacity at other fields. In mid-July 2019, workers from the state-owned Iraqi Drilling Company Continue Reading
U.S. to send senior official to Saudi Arabia for months to help deflate oil price war
The United States believes Saudi Arabia’s flooding of global oil markets compounds the global economic crash at a time of a crisis caused by coronavirus and intends to send a Continue Reading
Do Saudi Arabia And Russia Really Want To Kill U.S. Shale?
Since 2016, as an informal leader of the 13-strong non-OPEC group, Russia has been instrumental in the pricing of oil as Saudi Arabia, leading producer in the Organization of Petroleum Continue Reading
U.S. to Iran: Coronavirus won’t save you from sanctions
The United States sent Iran a blunt message this week: the spread of the coronavirus will not save it from U.S. sanctions that are choking off its oil revenues and Continue Reading
Rouhani urges Americans to call on U.S. to lift sanctions as Iran fights coronavirus: state media
Iranian President Hassan Rouhani on Friday urged Americans to call on the U.S. government to lift sanctions as Iran fights the worst coronavirus outbreak in the Middle East, state media Continue Reading
Iran president expects coronavirus restrictions to ease within three weeks
Iranian President Hassan Rouhani said on Saturday that social distancing measures to combat the coronavirus outbreak in the country, including travel restrictions, will apply for only two to three weeks Continue Reading
U.S. to Iran: Coronavirus won’t save you from sanctions
The United States sent Iran a blunt message this week: the spread of the coronavirus will not save it from U.S. sanctions that are choking off its oil revenues and Continue Reading
Khamenei praises Iranians in fight against coronavirus
Iran’s Supreme Leader Ayatollah Ali Khamenei, in a speech on state television for the Persian New Year, praised Iranians for their “dazzling” sacrifices in fighting the coronavirus outbreak in the Continue Reading
U.S. Steps Up Iran Sanctions Amid Coronavirus, as Tehran Charges Cruelty
The Trump administration this week sent a stark message to Iran in three new rounds of sanctions: The U.S. won’t ease its economic pressure campaign even as the coronavirus pandemic Continue Reading
Gharraf field offline after coronavirus evacuation
Petronas issued the following statement about the Gharraf evacuation Wednesday evening: In view of the COVID-19 pandemic and as a precautionary measure to ensure the health, safety and well-being of Continue Reading
Saudi ‘Shock And Awe’ Is Crushing Shale Drillers
WTI dropped into the low $20s on Wednesday, and the near-term outlook is grim. Oil lobbyists have pushed Congress for help, and a group of Republican Senators pleaded in a Continue Reading
Emirates Mulls Grounding Its A380 Fleet as Virus Spreads
Emirates, the world’s biggest long-haul airline, is looking at grounding the bulk of its 115 Airbus SE superjumbos as the coronavirus undermines global travel demand, people familiar with the situation said. Dubai-based Continue Reading
Saudi Arabia Doubles Down On Production As Prices Crash
Saudi Arabia will continue to supply a record 12.3 million barrels per day (bpd) to the oil market in the coming months, as per order from the energy ministry, the Continue Reading
Saudi energy ministry instructs Aramco to supply 12.3 mil b/d crude in coming months
Saudi Arabia’s Ministry of Energy has instructed Aramco to continue to supply 12.3 million b/d of crude to the market “during the coming months,” according to an announcement on the Continue Reading
Pentagon says still looking at how U.S. may respond to attack on American forces
The Pentagon said on Wednesday it was still looking at how it may respond to any attack on American forces, days after three American troops were wounded in a rocket Continue Reading
Saudi Arabia suspends prayers at mosques over coronavirus
Saudi Arabia said on Tuesday that mosques would no longer receive worshippers for the customary five daily prayers or the weekly Friday congregation, aimed at limiting the spread of the Continue Reading
Iraq taps New Candidate as Prime Minister, Testing Relations With Iran
Iraq’s president designated a former provincial governor with American citizenship as prime minister, drawing criticism from Iran’s allies in the country amid renewed tensions between Washington and Tehran. President Barham Continue Reading
Iranians Defy Authorities in Bid to Access Holy Sites Closed Amid Coronavirus
Iranian worshippers have attempted to break into holy shrines and mosques, defying Iran’s leaders who are trying to bar access to religious sites as they struggle to stem a soaring Continue Reading
Oil Plunges As Saudis Boost Exports To Record High
After having instructed Aramco to boost production to unseen levels, Saudi Arabia now plans to boost oil exports in May to a record 10 million barrels per day, causing oil Continue Reading
U.S. Senators Urge Saudi Arabia To End Oil War
A dozen U.S. Republican Senators are urging the world’s top oil exporter Saudi Arabia to review plans to significantly boost oil supply to the market and lower oil prices while Continue Reading
Oman to increase oil production to maximum 1 million b/d capacity: sources
With OPEC+ production quotas set to expire at month’s end, Oman will be joining its Arab neighbors in ramping up its oil output, even as it slashes its budget to Continue Reading
Iran president says Iran responded, will respond to assassination of Soleimani
President Hassan Rouhani said on Wednesday Iran has responded, and will respond, to America’s assassination of Major-General Qassem Soleimani, the Revolutionary Guards commander killed in a U.S. drone strike in Continue Reading
Is Saudi Arabia To Blame For The Looming Economic Recession?
Saudi Arabia has repeated the blunder it made in November 2014 by increasing oil production during an oil-price collapse. In 2014, it led to a depression in the oil industry. Continue Reading
Iraq military bases: US pulling out of three key sites
Al-Qaim is in a flashpoint area along the Iraq-Syria border The US army is pulling out of al-Qaim and two other key military bases in Iraq in the coming weeks. Continue Reading
Supertanker Rates Soar 678% As Saudi Arabia Floods The Oil Market
As Saudi Arabia and Russia began an all-out oil price war for market share, the shipping industry is going through a supertanker run and charter rates for very large crude Continue Reading
Saudi Aramco says can maintain 12 million b/d crude output for a year without new capex
Saudi Aramco can pump crude at its maximum 12 million b/d capacity for a year without any new investment, its CEO said Monday, as the world’s largest oil producer girds Continue Reading
Iran has temporarily freed 85,000 prisoners, including political ones, amid coronavirus
Iran has temporarily freed about 85,000 prisoners, including political prisoners, a spokesman for its judiciary said on Tuesday, in response to the coronavirus epidemic. “Some 50% of those released are Continue Reading
Saudi Aramco Is ‘’Very Comfortable’’ With $30 Oil
Saudi Arabia will continue to pump oil at increased levels through May, Saudi Aramco Chief Executive Amin Nasser said on Monday during an earnings call, according to Reuters. Nasser added Continue Reading
KRG issues new anti-coronavirus orders to oil firms
Regulations for oil and gas companies in Kurdistan reinforce standing WHO recommendations. KRG Prime Minister Masrur Barzani (far right) chairs a meeting of government officials in response to the coronavirus Continue Reading
Saudi Aramco reports 21% drop in 2019 profit on lower prices
Saudi Aramco, the world’s largest crude oil exporter, said Sunday its 2019 profit fell 21% to $88.2 billion due to lower oil prices and reduced output. It reduced 2020 estimated Continue Reading
Saudi Arabia’s Oil War Could Bankrupt The Kingdom
Those with a functioning memory may have thought that last week’s decision by Saudi Arabia to maximise oil production to crash oil prices and bankrupt U.S. shale producers was an Continue Reading
As the U.S. and Iran trade attacks, Iraq is again a flash point
America’s simmering confrontation with Iran heated up again this week, with an exchange of deadly attacks between an Iranian-backed militia and U.S. forces in Iraq. U.S. commanders warn that the conflict Continue Reading
Multiple rockets fall inside Iraq’s Taji base
Multiple rockets fell on Saturday morning inside Iraq’s Taji military base that houses U.S.-led coalition troops, for the second time in a week, security sources told Reuters. An Iraqi colonel Continue Reading