Oil minister reshuffles Basra Oil Co. and other posts
Oil Minister Ihsan Ismaael has given a deputy director general of the Basra Oil Company (BOC) the authorities to lead the country’s most important state-run oil company — part of Continue Reading
Iran’s Zarif says world should oppose U.S. sanctions or expect same
The world community should oppose the United States’ use of sanctions to impose its will as a “bully,” or expect to face sanctions itself, Iranian Foreign Minister Mohammad Javad Zarif Continue Reading
Saudi Royal Family Divides Over Potential Embrace of Israel
An argument is raging behind palace doors in Saudi Arabia: Now that the United Arab Emirates and Bahrain have forged ties with Israel , should the kingdom follow suit? Saudi Continue Reading
Iraqi oil production rises despite OPEC pressure to cut
Nationwide crude output increased in August, led by IOC-operated fields, as Iraq balances OPEC pledges against tough financial realities. Dhi Qar Oil Company workers at the Suba oil field on Continue Reading
U.S. says U.N. sanctions on Iran to be reimposed Saturday. What does that mean?
U.S. President Donald Trump’s administration says that on Saturday (2000 EDT/0000 GMT Sunday) all United Nations sanctions on Iran have to be restored and a conventional arms embargo on the Continue Reading
As U.S. Increases Pressure, Iran Adheres to Toned-Down Approach
The Trump administration has increased criticism and pressure on Iran in recent days: accusing the country of planning assassinations of American diplomats, announcing hacking indictments, preparing unilateral sanctions and denouncing Continue Reading
Saudi Prince Calls for End to OPEC+ Cheating
The Saudi energy minister gave a forceful condemnation of cartel members that try to get away with pumping too much crude. (Bloomberg) — Saudi Arabia showed its determination to stop Continue Reading
Exclusive: Trump plans executive order to punish arms trade with Iran
U.S. President Donald Trump plans to issue an executive order allowing him to impose U.S. sanctions on anyone who violates a conventional arms embargo against Iran, three sources familiar with Continue Reading
Iraq Ships More Crude Oil Despite OPEC Output Cut Pledge
Iraq has shipped more crude oil abroad so far this month, tanker-tracking data compiled by Bloomberg showed, even though OPEC’s second-largest producer has promised time and again in recent months Continue Reading
Saudi Oil Exports Rose In July From Record Lows
Saudi Arabia, the world’s largest oil exporter, saw its crude oil exports rise to 5.734 million barrels per day (bpd) in July, up from a historic low of below 5 Continue Reading
Iraq Falters in Push to Meet OPEC+ Quota as Crude Exports Rise
Iraq is exporting more crude so far in September than it shipped last month, a sign that the country is falling further behind in efforts to comply with its OPEC+ Continue Reading
U.S. Threatens Sanctions for Arms Sales to Iran
The Trump administration threatened Wednesday to impose an array of fresh sanctions to deter China and Russia from selling weapons to Iran after an arms embargo on Washington’s Middle East Continue Reading
Cash-Strapped Iraq To Finally Roll Out Refinery Megaproject
Iraq’s Ministry of Oil and Ministry of Industry and Minerals held a series of meetings over the past week to kick-start the multi-billion dollar Nebras petrochemical plant development project, originally Continue Reading
Mediterranean Tensions Flare Up As Israel Rehabilitates Pipeline
The Arab Spring was the start of an ideological conflict between Turkey and the wealthy Arab Gulf nations. Turkish assertiveness is strengthened by an expanding economy and a brand of Continue Reading
Iran Boosts Oil Output At Oilfields Shared With Iraq
Iran has raised oil production from the oilfields in its southwest it shares with Iraq to 400,000 barrels per day (bpd) from 70,000 bpd in the past seven years, Shafaq Continue Reading
Israeli advisory council recommends approval of Chevron takeover of Noble
Israel’s advisory Petroleum Council has recommended the country’s energy ministry approve US major Chevron’s $5 billion takeovers of Noble Energy, operator of the Leviathan and Tamar offshore gas fields. In Continue Reading
EU warns of ‘watershed’ moment with Turkey over gas exploration
EU foreign policy chief Josep Borrell warned Sept. 15 the bloc’s relations with Turkey had reached a “watershed” moment over Ankara’s continued exploration work in the East Mediterranean. Not registered? Continue Reading
LNG Terminal to Nearly Double Middle East Import Capacity
Kuwait aims to open what will be the Middle East’s largest import terminal for liquefied natural gas in March, according to two people familiar with the project. The Al-Zour plant Continue Reading
Iran Shelves Plans to Sell Oil-Backed Islamic Debt to the Public
Iran has canceled plans to enable members of the public to invest in the country’s oil production via Islamic bonds, a state-run news service reported. The plans were first announced by President Hassan Continue Reading
Saudi Aramco Retakes Crown From Apple As World’s Most Valuable Company
Saudi Arabia’s oil giant Aramco reclaimed the spot of the world’s most valuable company after a relatively steady performance in Riyadh so far this month, while shares in Apple plunged Continue Reading
Iraq names new leaders for national oil company and other key economic posts
Ten advisors or allies to Iraqi Prime Minister Mustafa al-Kadhimi have been named to run crucial banking and security institutions in a move that consolidates strategic authority as Kadhimi attempts Continue Reading
This Small Nation Is Building The World’s Next Major Energy Hub
Given the very modest scale of Oman’s hydrocarbons resources (only around five billion barrels of estimated proved oil reserves, barely the 22nd largest in the world) compared to those of Continue Reading
US ELECTIONS: Middle East could take more Asia share from US oil
The outcome of US presidential election in November is not expected to have an immediate impact on global oil flows, but Middle East producers will be closely watching the results, Continue Reading
More Iranian gasoline appears headed to Venezuela despite US DOJ seizures
Another round of Iranian gasoline shipments appears to be headed to Venezuela despite the US government’s move last month to seize similar cargoes to increase pressure on both sanctioned countries. Continue Reading
Venezuela Imports Iranian Crude Despite US Sanctions
An oil tanker is discharging Iranian condensate for Venezuela as both countries continue to avoid U.S. sanction tripwires. The ship is identified in internal documents as Honey, according to a Continue Reading
In Arab States’ Embrace, Israelis See a Reshaped Mideast
Since its founding, Israel has seen itself as a modern-day Sparta, a tiny fortress nation-state in a hostile desert, whose survival depended on its internal cohesion and sheer military strength. All Continue Reading
Greece, Turkey signal willingness to talk about sea dispute
After weeks of tensions in the eastern Mediterranean, Greece and Turkey have signaled a willingness to start talks aimed at resolving a long-standing sea dispute tied to potentially lucrative offshore Continue Reading
Coronavirus: Israel to impose three-week national lockdown
Israel – with a population of nine million – has been seeing some 4,000 new cases a day Israel is to impose a new national lockdown – becoming the first Continue Reading
Gulf’s fiscal diet risks deeper pain amid oil price uncertainty
Oil-rich Gulf nations are relying on a well-worn playbook of spending less and borrowing more to get through the coronavirus crisis but with the outlook for oil clouded by uncertainty Continue Reading
Iraq Could Seek An Exemption From OPEC+ Output Cuts
Iraq is debating whether to ask to be exempted from the oil production cuts OPEC+ agreed on this April. Initially set at 9.7 million bpd, the cuts have now been Continue Reading
OPEC’s Third-Largest Producer Fails To Comply With Output Cuts
The United Arab Emirates (UAE), currently OPEC’s third-largest producer, is estimated to have exported a lot more crude oil in August as it produced more than its quota under the Continue Reading
Baghdad Asks Kurdistan To Cut Oil Production
The federal Iraqi government has asked the Kurdistan Regional Government to reduce oil production by 120,000 bpd, Reuters reported , citing the Iraqi News Agency. The federal government is negotiating Continue Reading
Trump Hints At Saudi Participation In UAE,-Israel Peace Deal
The historic diplomatic deal between Israel and the United Arab Emirates that was announced on August 13 added yet another layer of difficulty to the geopolitical relations in the Middle Continue Reading
IRAQ DATA: Aug crude output falls, but SOMO says KRG caused OPEC+ non-compliance
Highlights Iraqi production, including KRG, averaged 3.578 mil b/d Quota, including compensation cut, was 3.404 mil b/d SOMO says KRG only 79% compliant with agreed cut London — Iraq lowered Continue Reading
Saudi Aramco Is Now Suffering The Consequences Of A Failed Oil Price War
It was evident to anyone with even half a brain that the last Saudi-instigated oil price war would end in abject failure for the Saudis , just as the previous Continue Reading
U.S. to Cut Its Force in Iraq to About 3,000 Troops, Commander Says
The Trump administration will cut the number of U.S. troops in Iraq to about 3,000 this month, a top military commander said in the country on Wednesday, a reduction from Continue Reading
Saudi Arabia to keep pumping despite fall in crude prices
Saudi Arabia plans to keep oil production steady despite a recent slump in prices, fearing any bigger output cuts would lead rivals in Opec to increase supply. Five people briefed on Continue Reading
UAE’s Nuclear Power Pivot Comes At A High Cost
The United Arab Emirates have just become the first Arab nation to operate a nuclear plant as its 5.6GW Barakah nuclear plant achieved criticality on its Unit 1 in the Continue Reading
Saudi Economic Outlook Sours After Oil Price Crash
Saudi Arabia’s economic outlook for this year remains uncertain amid the pandemic-driven economic slowdown and the collapse in oil prices that led to the Kingdom slashing its oil production as Continue Reading
Iran Charity to Develop Marun Oil Field
A company owned by Iran’s biggest state-controlled charity has signed a contract to develop part of the country’s second-largest oil field. Sina Energy Development Co. will carry out drilling and Continue Reading
Iraq’s semiautonomous Kurdish region could not comply with Baghdad’s oil cuts request: official
Iraq’s semiautonomous Kurdish region could not comply with Baghdad’s request to cut output by 120,000 b/d due to financing needs, but implemented a lesser reduction, a Kurdish minister told Iraq’s Continue Reading
US ELECTIONS: Biden win could lead to surge in Iranian oil exports by 2022
Iran sanctions relief under a change in US president represents the biggest supply and price impact for global oil markets heading into the November election, with analysts expecting a Biden Continue Reading
Saudi Arabia Advances Nuclear Power Agenda
Saudi Arabia has scored the support of the International Atomic Energy Agency in its effort to adopt nuclear energy, Reuters reports , quoting a Saudi TV channel that cited the Continue Reading
Erdogan and Hamas: ‘He’s presenting himself as leader of Muslim world’
At Friday prayers at the Al Aqsa Mosque in East Jerusalem, the faithful often hold up portraits of Recep Tayyip Erdogan, the Turkish president, worshipping under the gleaming gold crescent Continue Reading
Iraq in talks with Italy’s ENI to build $4 billion refinery near Zubair field: oil minister
Iraq is in talks with ENI to build a 300,000 b/d refinery at an estimated cost of $4 billion near the Zubair oil field operated by the Italian company in Continue Reading
Turkey’s Muscle Flexing in the Med Isn’t Just About Gas
Sailing through the Bosporus Strait that divides Europe from Asia last year, a Turkish fleet saluted the tomb of 16th century pirate and admiral Barbarossa, reviving a tradition that harks Continue Reading
Saudi Arabia To Cut Oil Prices As Demand Fears Grow
Saudi Arabia has cut its official selling prices for crude oil in the latest sign that demand recovery is stumbling, Bloomberg reports , adding that this is the first time Continue Reading
China Looks To Build Espionage Hub In Iran Under 25-Year Deal
The next phase of the 25-year deal between China and Iran will focus on a large-scale roll-out of electronic espionage and warfare capabilities focussed around the port of Chabahar and Continue Reading
Turkey’s Erdogan says East Med is test of EU’s sincerity
President Tayyip Erdogan told European Council President Charles Michel on Sunday the EU’s stance towards the East Mediterranean would be a test of its sincerity, calling on it to take Continue Reading
Security operation kicks off in Iraq’s oil hub
Iraqi security forces are fanning out across Basra province after months of violence, including assassinations of protesters and civil society activists and from tribal and business disputes. The operation was Continue Reading