Could Pipelines Bypass The World’s Most Critical Oil Chokepoint?
In the last decade, the humble Strait of Hormuz has seen a fifth of the world’s oil supply, a third of all liquefied natural gas (LNG), and a third of Continue Reading
Iraq Devalues Its Currency by a Record as Economy Unravels
Iraq devalued its currency by almost 20% against the dollar, the most on record, as the cash-strapped government faces an economic crisis brought about by low crude prices and oil-production Continue Reading
Even with devalued currency, new Iraqi budget proposes record deficits
Iraq is moving forward with plans to devalue its currency by nearly 23 percent in response to a dire financial crisis — an extreme policy measure that will not come Continue Reading
Saudi Wealth Fund Put 2008 Crisis Lesson to Use This Time Around – Bloomberg
Having lost out on buying stocks on the cheap during the global financial crisis, Saudi Arabia’s sovereign wealth fund wasn’t going to make the same mistake twice. So, when the Continue Reading
Saudi Arabia’s Crude Oil Exports Inch Up In October
Saudi Arabia’s crude oil exports rose to 6.159 million barrels per day (bpd) in October, up by nearly 100,000 bpd from the 6.066 million bpd exports in September, data from Continue Reading
Politically fractured Iraq’s fiscal struggles strain its OPEC commitmentRE:
Iraq may be the birthplace of OPEC and its second largest oil producer, but the bonds of its membership to the exporters group are likely to be tested again in Continue Reading
Prince Abdulaziz says OPEC+ committed to stable oil market, even with disagreements
Despite differing views on the pandemic, the OPEC+ alliance will continue to manage the oil market, Saudi energy minister Prince Abdulaziz bin Salman said Dec. 17. Receive daily email alerts, Continue Reading
Egypt And Iraq Sign Landmark Oil Deal
Egypt and Iraq have signed an oil-for-reconstruction plan this December, expected to come into effect once constitutional procedures have been completed. This deal marks the start of several joint projects Continue Reading
Low Oil Prices Force Saudi Arabia To Cut 2021 Budget Plan
Saudi Arabia reduced its budget plan for 2021 by 7 percent from this year’s in response to the economic fallout of the pandemic, which pushed oil prices to multi-year lows. Continue Reading
Iraq puts out fire at northern Khabbaz oil field set ablaze Dec 9 : ministry
Iraq has extinguished a fire at two wells in the northern Khabbaz oil field, oil minister Ihsan Ismaael said Dec. 16, after they were set ablaze on Dec. 9 in Continue Reading