Oil Giant Aramco Keeps Dividend Despite 45% Slump in Profit
Saudi Aramco failed to generate enough cash to cover its dividend, yet left the payout unchanged at $18.75 billion for the third quarter even as profit fell 45% and debt Continue Reading
Mideast Markets Drop on Lower Oil, U.S. Election
Most Middle East equities fell as traders reduced risk before the U.S. election, and amid mounting concerns over pandemic lockdowns and declining oil prices. Kuwait’s Premier Market Index dropped 2.1%, the Continue Reading
Iraq To Back Any OPEC+ Oil Production Decision
OPEC’s second-largest oil producer, Iraq, will support any unanimous decision that the OPEC+ group makes regarding the alliance’s future oil production policy, Iraqi Oil Minister Ihsan Abdul Jabbar Ismaael said Continue Reading
Iraqi oil minister denies seeking exemption from OPEC + output cuts in 2021
Highlights Reuters reported Oct. 29 Iraq seeking exemptions Report quoted unnamed Iraqi oil official Kuwait denies report it opposes extension of cuts into 2021 Dubai — Iraqi oil minister Ihsan Continue Reading
Kurdistan Halts All Oil Exports After Attack
The Kurdistan Region Government in Iraq declared a halt to all oil exports on Friday after experiencing an attack on a crude oil pipeline earlier in the week. The pipeline Continue Reading
PKK suspected of Iraq-Turkey Pipeline attack
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
Pipeline attack halts exports from Iraq’s Kurdish region
Highlights Investigation launched into Oct. 22 attack Most of Kurdish production is exported Kurdish region produces around 450,000 b/d Dubai — Iraq’s semi-autonomous Kurdish region said Oct. 31 an attack Continue Reading
U.S. unveils more sanctions on Iran and sells off Iranian oil for terrorism victims fund
An Iranian oil tanker Forest is anchored off the dock of El Palito refinery near Puerto Cabello, Venezuela, on Sept 29. The Trump administration on Thursday unveiled a set of Continue Reading
US sells seized Iranian gasoline cargoes for more than $40 million: DOJ
Four Iranian gasoline cargoes that were bound for Venezuela but seized by the US earlier this year have been sold in a forfeiture auction for more than $40 million, the Continue Reading
U.S. Blacklists Iranian, Chinese Companies Accused of Helping Iran Evade Energy Sanctions
The Trump administration on Thursday rolled out another pre-election battery of sanctions and other punitive actions against Iran, blacklisting Iranian and Chinese energy companies and announcing forfeiture actions against two Continue Reading
KRG plans to privatize power distribution, bill collection
Iraq’s semi-autonomous Kurdistan Regional Government (KRG) is moving forward with plans to privatize electricity distribution and tariff collection to reduce power losses and streamline billing, multiple KRG energy officials said. Continue Reading
Oman Faces Tough Choices As Budget Deficit Deepens
Oman is looking at ‘all financing options’ following the lacklustre sale last week of a total US$2 billion bond offering, according to legal sources working with the Sultanate spoken to Continue Reading
Saudi Energy Minister: The Worst Is Over For Oil Markets
The worst of the oil market is behind us, Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said on Monday at CERAWeek’s India Energy Forum. “We are still vigilant. I Continue Reading
Washington Slaps More Sanctions On Iranian Oil Sector
The U.S. Treasury Department announced new sanctions on Iranian entities, this time including the Petroleum Ministry, the National Iranian Oil Company, and the National Iranian Tanker Company. These were sanctioned Continue Reading
The Next Oil & Gas Battleground For Supermajors
Chevron’s acquisition of Noble Energy launched an ongoing M&A frenzy in the U.S. shale patch as companies look to consolidate to cut costs while adding immediately cash-flow-positive resources to their Continue Reading
U.S. issues fresh Iran-related sanctions targeting state oil sector
The United States on Monday imposed fresh Iran-related sanctions targeting the Islamic Republic’s oil sector, including the Iranian Ministry of Petroleum, in Washington’s latest move to increase pressure on Tehran. Continue Reading
Iran’s oil minister says Tehran’s oil industry will not yield to U.S pressure: tweet
Iran’s oil minister said on Twitter on Monday that Tehran’s oil industry will not yield to pressure from the United States. Minister Bijan Zanganeh said U.S. sanctions against him and Continue Reading
U.S. Sanctions Iran’s Petroleum Ministry, National Iranian Oil Company, Tanker Subsidiary
The Trump administration on Monday imposed counterterror sanctions on Iran’s Ministry of Petroleum, the National Iranian Oil Company and its tanker subsidiary in a pre-election move that analysts say will Continue Reading
Saudi Energy Minister: Getting Rid Of Oil And Gas Is ‘’Unrealistic’’
Getting rid of oil and gas is “far-fetched and unrealistic,” Saudi Energy Minister, Prince Abdulaziz bin Salman, said on Monday, adding that companies and governments should be thinking about how Continue Reading
Iraq is in talks with France’s Total to invest in two gas projects
Iraq is in talks with France’s Total to invest in two gas projects, the country’s oil minister said Oct. 24, as OPEC’s second-largest producer seeks to boost natural gas production Continue Reading
Trump Administration Hopes to Make Iran Pressure Campaign Harder to Reverse – WSJ
WASHINGTON—The Trump administration plans a pre-election volley of sanctions against Iran intended in part to fortify its pressure campaign against any future effort to unwind it, according to people familiar Continue Reading
Iranian Tankers Hide In Iraqi Waters To Ship Oil Abroad
Iranian tankers are hiding in Iraqi waters to do their ship-to-ship transfers of crude oil to avoid U.S. sanctions, the Wall Street Journal reports , citing documents and U.S. officials. Continue Reading
ISIS Calls For Attacks On Saudi Oil Industry
The Islamic State has called on its members to start targeting Saudi Arabia oil infrastructure as punishment for the Kingdom warming up to Israel. “Targets are plenty…Start by hitting and Continue Reading
Iraq’s Kurdistan Region Says It Is Committed To OPEC+ Cuts
The semi-autonomous Kurdistan region in Iraq has agreed to reduce the region’s crude oil production as part of the ongoing OPEC+ agreement, the Kurdistan Regional Government (KRG) said on Thursday. Continue Reading
Oil Ministry orders 250,000 bpd October production hike
Surge in production comes as Iraq attempts to navigate the opposing pressures of a financial crisis and quota commitments to OPEC-plus. Dhi Qar Oil Company workers at the Suba oil Continue Reading
Iraq’s Kurdish region says oil output cuts hinge on federal payments
Iraq’s semi-autonomous Kurdish region will trim its output in line with OPEC+ cuts provided the federal government pays its dues to Erbil, a Kurdistan Regional Government spokesperson said Oct. 22 Continue Reading
Israel And The UAE Sign Historic Oil Deal
Israel and the United Arab Emirates (UAE) signed this week a preliminary agreement under which crude oil from OPEC’s third-largest producer could be shipped to European markets via an oil Continue Reading
Israel and UAE Eye Pipeline Linking Red and Med Seas
Israel and the United Arab Emirates have opened talks over an oil pipeline linking the Red Sea with the Mediterranean and whose operations Israeli officials treat as top secret. Europe Continue Reading
Honeymoon over? Saudi Arabia-U.S. ties face reset with Biden win
Saudi Arabia’s crown prince enjoyed a near free pass under his personal relationship with U.S. President Donald Trump, but the kingdom’s brazen young leader will have to tread more carefully Continue Reading
Saudi Arabia Is Suffering The Consequences Of Its Failed Oil Price War
Nine months on from Saudi Arabia’s second major oil price war in the last five years, more negative consequences are manifesting themselves. Aside from the irrevocably damaged core relationship with Continue Reading
Iraq Sees Oil Prices Recovering In Q2 2021
Oil prices are set to recover beginning in the second quarter next year, helping Iraq’s oil industry and its plans to increase production capacity, Iraqi Oil Minister Ihsan Abdul Jabbar Continue Reading
Russian Lukoil Looks To Boost Its Oil Production In Iraq
Russia’s second-largest producer, Lukoil, is eager to increase its oil production in Iraq once the production cuts of the OPEC+ group end, Egor Zubarev, Managing Director of Lukoil Mid-East, told Continue Reading
IMF: Nearly all Mideast economies hit by pandemic recession
The coronavirus pandemic has pushed nearly all Mideast nations into the throes of an economic recession this year, yet some rebound is expected as all but two — Lebanon and Continue Reading
Iran Boots Out India From Huge Gas Field Development
Iran has decided to use local firms to develop a large offshore natural gas field, which was discovered by an Indian company and set to be developed by a group Continue Reading
Iran To Import North Korean missiles In 25-Year Military Deal With China
Following the end on the 18 th of October of the 13-year United Nations’ embargo on Iran buying or selling weapons, the roll-out of the military component of the 25-year Continue Reading
Iraq expects global oil demand growth in 2023; no plans to cancel projects: minister
Iraq expects global oil demand to grow at a pace of 3% a year in 2023, and OPEC’s second largest oil producer does not plan to cancel projects due to Continue Reading
Saudi Aramco, SABIC to reassess plans for Yanbu crude to chemicals complex
Saudi Aramco and Saudi Basic Industries Corporation (SABIC) have decided to reevaluate their crude-oil-to-chemicals project in Yanbu on the kingdom’s west coast, according to an Oct. 18 statement on the Continue Reading
Turkey increases size of Black Sea gas find by 85 Bcm to 405 Bcm
Turkey has added a further 85 Bcm to the size of the reserves at its giant Black Sea Sakarya gas field, bringing the total to 405 Bcm. Not registered? Receive Continue Reading
Aramco Reassesses $20 Billion Chemicals Plant Amid Cost Cuts
Saudi Aramco and Saudi Basic Industries Corp. will re-evaluate a planned $20 billion crude-to-chemicals plant as they seek to cut spending and as the oil company tries to preserve its Continue Reading
Socotra residents resort to logging amid gas shortages
Residents on the Yemeni island of Socotra have reportedly resorted to logging due to a shortage of domestic gas, heightening fears of its impact on the island’s unique biodiversity. Al-Mahriya Continue Reading
Iraq’s September production drops 200,000 bpd toward OPEC+ compliance
Under pressure from the OPEC-plus coalition to compensate for past over-production, Iraq makes painful cuts mainly from IOC-operated fields. Iraqi Drilling Company personnel drill a well at the West Qurna Continue Reading
Iran’s Sanction Busting Pipeline Is Just Months From Completion
With sanctions on Iran still in place following the U.S.’s unilateral withdrawal from the Joint Comprehensive Plan of Action (JCPOA) in May 2018, Tehran has been relying on the tried-and-tested Continue Reading
Turkey Resumes Oil, Gas Survey In Eastern Mediterranean
Turkey has resumed survey activities for oil and gas in disputed waters in the eastern Mediterranean in a move reigniting the tension with its neighbors and EU members Greece and Continue Reading
Saudi Aramco Sees Tighter Oil Markets In 2022
Aramco expects oil demand to rebound to pre-pandemic levels by 2022 while supply tightens, creating a deficit, the chief executive of the Saudi state energy giant told Energy Intelligence. China Continue Reading
Iraq outlines financial crisis response plan
Emergency measures include $35 billion in new borrowing, a total overhaul of the economy, and the potential devaluation of the Iraqi dinar. Iraqis who recently graduated with engineering degrees protest Continue Reading
Iran Nuclear Deal Hangs on an Election, And It’s Not in the U.S.
While the world looks to next month’s U.S. election for clues on the future of the standoff with Iran, candidates are preparing for another vote that may prove just as pivotal. Next Continue Reading
Iraq Discusses Gas Investment At Its Largest Oilfield With BP
Iraq discussed on Tuesday plans for investment in associated gas production at its largest oilfield, Rumaila, Iraq’s Oil Minister Ihsan Abdul-Jabbar Ismail said in a statement to Shafaq News agency Continue Reading
Iraq Proposes New Jointly Managed Oil Company For Kurdistan
The federal Iraqi government has proposed the establishment of a new oil company that will be managed jointly by Baghdad and Erbil to operate crude oil production and exports from Continue Reading
Iran’s Covid-19 Death Toll Is Rising. Show Mercy, Mr. Trump.
Morteza Nikoubazl/NurPhoto, via Getty Images In 2003, when an earthquake killed thousands in the Iranian city of Bam, President George W. Bush set aside years of animosity and sent an Continue Reading
Why Saudi Arabia May Be Forced To Start Another Oil Price War
The ongoing weakness of global oil markets seems to be stoking tensions within OPEC+, and a split within its leadership is now imminent. From the start of this year’s Moscow-Riyadh Continue Reading