While many Gulf nations were already working to diversify their economies prior to the coronavirus pandemic, the subsequent economic downturn and collapse in oil prices has meant that governments in Continue Reading
Arab Gulf oil producers are losing billions of U.S. dollars from oil revenues this year due to the pandemic that crippled oil demand and oil prices. Because of predominantly oil-dependent Continue Reading
The United Arab Emirates ratcheted up tension with oil allies in OPEC+, with officials privately questioning the benefits of being in the producers’ alliance and even considering whether to leave Continue Reading
Saudi Aramco returned to the debt markets for the first time since April of last year, selling $8 billion of bonds to help fund the world’s biggest dividend. The state oil Continue Reading
The US Treasury Department Nov. 18 leveled sanctions against Iran’s Islamic Revolution Mostazafan Foundation, a conglomerate of holdings in Iran’s economy, including the energy sector. Not registered? Receive daily email Continue Reading
Iraq plans to invite international companies to compete in order to build a 300,000 b/d refinery south of the country, the oil minister said Nov. 18, as OPEC’s second largest Continue Reading
OPEC has suffered immensely under the pandemic and subsequent oil demand loss, and its job could now become significantly more challenging as members mull the pros of staying with the Continue Reading
Despite its huge oil resources, Iraq’s practical readiness to hit its 7 million barrels per day (bpf) oil production target (by 2025) came into question again last week, with statements Continue Reading
Iraq’s state oil marketer has tweaked the crude assays of its key export grades for next year, which include a new medium sour crude known as Basrah Medium, according to Continue Reading
The UAE achieved 126% compliance with its OPEC+ quota in October, the energy ministry said late Nov. 17, as OPEC’s third-largest producer sought to compensate for overproduction in August. The Continue Reading
Dr Khaled was queueing for petrol when he got an urgent call – a patient was bleeding from an artery. Normally, he would drive straight to his hospital in Damascus Continue Reading
Highlights Government passes deficit budget, including provisions for rice, wheat Rice, wheat tenders not held since protests began in October 2019 US rice industry had expected private MoU negotiations New Continue Reading
President Donald Trump, with two months left in office, last week asked for options on attacking Iran’s main nuclear site, but ultimately decided against taking the dramatic step, a U.S. Continue Reading
President Trump asked senior advisers in an Oval Office meeting on Thursday whether he had options to take action against Iran’s main nuclear site in the coming weeks. The meeting Continue Reading
Saudi Aramco kicked off a jumbo bond sale Tuesday to help fund a $75 billion dividend, returning to the debt markets for the first time since April of last year. The Continue Reading
Whilst new U.S. President-elect, Joe Biden, will almost certainly focus on dealing with the tail of the COVID-19 pandemic and repairing the economic damage to the U.S. that it has Continue Reading
Saudi Aramco, the world’s biggest oil company, is set to return to the bond markets for the first time since April of last year as it seeks to fund a Continue Reading
Every new crisis is a formidable opportunity to try new things, oftentimes merely to have another go with methods that have failed in the past but should work better now. Continue Reading
Saudi Arabia has thwarted a planned attack with explosives against an oil products terminal near the border with Yemen, the Kingdom said early on Friday, adding that the attempted attack Continue Reading
The oil price collapse is depriving Saudi Arabia of US$27.5 billion in oil revenues this year, Saudi Crown Prince Mohammed bin Salman said on Friday, admitting that the current oil Continue Reading
Saudi Crown Prince Mohammed bin Salman said economic reforms he championed had saved the kingdom from even greater austerity as revenue plunged this year, as he released a rare statement Continue Reading
Iraq’s Parliament approved a 12 trillion Iraqi dinar ($10.2 billion) stop-gap borrowing law early on Thursday morning — an essential measure to remain solvent through the rest of this year, Continue Reading
With the announcement last week that the president of Russian state oil proxy Lukoil, Vagit Alekperov, met one-to-one with Iraq’s Prime Minister, Mustafa al-Kadhimi, and its Oil Minister, Ihsan Abdul Continue Reading
Joe Biden’s win in the U.S. presidential election is inspiring guarded optimism among Iraqi political, security, and business leaders, who believe his administration will feature a more predictable foreign policy Continue Reading
Iraq boosted its production by about 150,000 barrels per day (bpd) in October, significantly exceeding its official OPEC-plus quota. Nationwide production averaged 3.84 million barrels per day (bpd), according to Continue Reading
Iran is continuing to build up its stockpile of low-enriched uranium and now holds roughly 12 times the amount permitted under the 2015 nuclear agreement, the United Nations Atomic Agency Continue Reading
Iran said on Wednesday that its oil exports have averaged between 600,000 barrels per day (bpd) and 700,000 bpd since the start of the Iranian year in March, yet analysts Continue Reading
Iraq’s Parliament is considering a scaled-down emergency financing law that would give the government access to 12 trillion Iraqi dinars ($10.2 billion) in financing, though it could be delayed by Continue Reading
OPEC+ could change the terms of its oil production cut deal if the members of the pact agree to do it, Saudi Energy Minister Abdulaziz bin Salman said today as Continue Reading
The net present value of Iran’s supergiant South Pars natural gas field has jumped from an estimated US$116 billion at this point last year to US$135 billion now, a senior Continue Reading
Group CEO of the Abu Dhabi National Oil Company (ADNOC) on Monday forecast that oil demand will reach more than 105 million bpd within the next decade. Dr. Sultan Bin Continue Reading
Middle Eastern oil producer Oman is looking to raise $3 billion in a debt issue next year via a new company expected to hold the country’s majority stake in its Continue Reading
Saudi Arabia’s economy contracted for a fifth straight quarter but the slump eased, according to estimates released on Tuesday by the statistics authority. Gross domestic product shrank 4.2%, still battered by Continue Reading
With investors increasingly concerned about climate change, OPEC kingpin Saudi Arabia is promoting its crude oil reserves as some of the world’s least polluting hydrocarbons. Receive daily email alerts, subscriber Continue Reading
Iranian President Hassan Rouhani on Nov. 8 said the new US administration has a chance to return to its “international obligations,” signaling he may be open to a new JCPOA Continue Reading
Iraqi security forces killed at least one anti-government protester using live gunfire and wounded at least 40 others in the southern city of Basra on Friday, security sources and a Continue Reading
The U.S. State Department gave Congress notification it plans to sell 18 sophisticated armed MQ-9B aerial drones to the United Arab Emirates in a deal worth as much as $2.9 Continue Reading
Crude exports from Kurdistan to the Turkish port of Ceyhan have resumed, government officials from the Iraqi semiautonomous region told S&P Global Platts on Nov. 5, after an attack on Continue Reading
After announcing a major natural gas discovery in the Black Sea earlier this year, Turkey has started drilling for gas at a second location in the sea, Turkish Energy and Continue Reading
Iraq’s crude oil production rose in October and exceeded its quota and compensation target under the OPEC+ agreement, Argus reported on Thursday, quoting state oil marketing firm SOMO. Oil production Continue Reading
By reporting a 44.6% decrease in profits in Q3 2020, Aramco has put a major damper on Saudi Arabia’s economic diversification strategies and overall stability. Saudi Aramco reported that its Continue Reading
Hostilities between the dominant party of the Kurdistan Regional Government (KRG) and the Kurdistan Workers’ Party (PKK) looked set to break out into open fighting following an alleged attack Wednesday Continue Reading
Highlights Field producing around 1.4 million b/d now Rumaila not yet low carbon intensity field Gas flaring still taking place at field Dubai — BP is in talks with Iraq’s Continue Reading
Saudi Aramco left its third-quarter dividend unchanged at $18.75 billion even as it failed to generate enough cash to cover the payout and reported a 45% drop in profit. The world’s Continue Reading
Iraq exported an average of 2.876 million bpd last month, up by more than 200,000 bpd from September, data from the oil ministry showed, as quoted by Iraq Business News. Continue Reading
Oil and gas producer Qatar will base its budget on an oil price of $40 a barrel—lower than the actual expected price—in order to protect its finances from volatility in Continue Reading
Iraq’s nationwide oil exports were an average 3.277 million barrels per day (bpd) in October, the highest volumes since May this year and an increase from 3.049 million bpd in Continue Reading
Oman has weathered all the innumerable challenges of 2020 with considerable flair, even though the year started off with the untimely passing of Sultan Qaboos, then came the coronavirus pandemic Continue Reading
The Kurdistan Workers’ Party (PKK) is suspected of causing an Oct. 28 explosion on the Turkish side of the Iraq-Turkey Pipeline, which temporarily shut down oil flows from fields controlled Continue Reading
Federal Iraq exports increase by more than 250k bpd and KRG posts slight decline. A worker for Iraq’s South Oil Company calls in an oil tanker to fill up at Continue Reading
