Why Saudi Arabia Is Desperate To Extend OPEC+ Cuts
OPEC+ hopes to reduce global storage volumes with their production cuts, and hopes to extend them through at least, the summer. OPEC’s regular meeting in Vienna is coming up and Continue Reading
Saudi foreign reserves fall as sovereign wealth fund spends overseas
Saudi Arabia’s net foreign reserves fell by about $21bn in April after Riyadh transferred billions of dollars to its sovereign wealth fund to finance its overseas spending spree. Figures released by Continue Reading
Israel Is Betting Big On Solar Power
Israel, which hopes to become energy-independent with its huge natural gas fields, is aiming to significantly boost its solar power generation over the next decade under a new US$22.8 billion Continue Reading
Iraq’s oil exports fall 6.6% in May as OPEC producer sold oil at $21/b: ministry
Iraq’s oil exports, excluding those from the semi-autonomous Kurdish region, fell 6.6% in May, according to the oil ministry, indicating that OPEC’s second-biggest oil producer may have struggled to cut Continue Reading
Gulf region to suffer worst recession in 2020 due to oil crash, coronavirus: IIF
Economy of six-member GCC to contract 4.4% in 2020 Oman’s economy to shrink the most Oil GDP will contract 5.3% due to OPEC+ cuts The six-member Gulf Cooperation Council will Continue Reading
Iran ready to ship more fuel to Venezuela despite US ‘threats’
Iranian tankers carrying at least $45.5m worth of gasoline sailed into Venezuela without incident [Marcos Moreno/AP] Iran has said it will continue fuel shipments to Venezuela if Caracas requests more Continue Reading
Startup Presses Ahead With Pilot Projects to Electrify Roads
Electreon Wireless Ltd. is pressing ahead with projects to test its technology that allows electric cars to be charged while driving, potentially demonstrating a way to overcome a key barrier Continue Reading
Is Lebanon’s Natural Gas Boom Dead In The Water?
Is Lebanon’s Natural Gas Boom Dead In The Water? Description: Absent any discovery thus far, there has been little talk as to what to do with Lebanon’s offshore hydrocarbons, once Continue Reading
Turkey’s Dangerous Energy Play Is Putting The Entire Region At Risk
In the world of energy geopolitics and economics are closely linked to each other. The exploitation of oil and gas reserves is a major source of income for energy-rich countries Continue Reading
UAE pumped 2.4 million b/d in May in line with its OPEC+ quota: source
UAE’s new quota is 2.446 million b/d for May and June UAE will cut an extra 100,000 b/d in June The country is OPEC’s third-largest oil producer The UAE, OPEC’s Continue Reading