Saudi Aramco Discusses $10 Billion Pipeline Sale
Saudi Arabia’s oil giant Aramco is in early talks to potentially structure a deal worth more than US$10 billion to sell a part of its pipeline business to asset managers, Continue Reading
Iraq forecasts 2021 crude oil price at $50/b; proposes oil, gas reforms
Iraq has forecast the average price of its crude oil at $50/b in 2021, 23.4% higher than that which was proposed in the 2020 budget, as OPEC’s second largest producer Continue Reading
Iran to receive Iraqi medicine, staples for gas and power in bid to avoid sanctions
Iran and Iraq have agreed to settle Iraq’s energy debt to Iran through a barter deal, under which Baghdad would supply Tehran with needed medicine and staples, Iranian state news Continue Reading
OPEC’s No.2 Expects Another Weak Quarter Of Oil Prices
Iraq expects the pressure on oil prices to continue through at least the first quarter of 2021, with oil minister Ihsan Abdul Jabbar expecting the average for Brent during January-March Continue Reading
FEATURE: A year after Abqaiq attacks Saudi Aramco still seen vulnerable
Attacks on Saudi Aramco’s giant Abqaiq crude processing plant last September threatened a heart attack moment for the global oil market and the kingdom’s cherished reputation as a reliable supplier. Continue Reading
Iraq’s oil minister proposes creating Kurdish crude upstream, export company
Iraq’s oil minister has proposed creating a company to manage upstream and export operations in the semi-autonomous Kurdish region as Erbil and Baghdad hammer out an agreement to resolve their Continue Reading
Greece calls new Turkish survey mission a threat to region
ATHENS, Greece (AP) — Greece accused neighbor Turkey of undermining efforts to ease a crisis over eastern Mediterranean drilling rights Monday, after Ankara redeployed a survey vessel for new energy Continue Reading
Middle East Natural Gas Megaprojects Face Major Risks
In a new report, the Arab Petroleum Investment Corporation (Apicorp), the investment fund of the Organization of Arab Petroleum Exporting Countries (OAPEC), states that the ongoing oil market crisis and Continue Reading
Iraqi militias say they have halted anti-U.S. attacks
An array of Iran-backed Iraqi militia groups have suspended rocket attacks on U.S. forces on condition that Iraq’s government present a timetable for the withdrawal of American troops, one of Continue Reading
Iran’s rial falls to new low, as coronavirus deaths hit new high
The Iranian rial fell to a new low against the U.S. dollar on Sunday as a record daily death toll from COVID-19 compounded concerns over new U.S. sanctions which may Continue Reading
Five years on, Israelis see few benefits from major gas deal
Five years after Israel signed a landmark agreement to develop large offshore gas fields over the objections of antitrust authorities, environmentalists and consumer advocates, ordinary Israelis have yet to see Continue Reading
Aramco Dividend Won’t Cover Saudi Budget Gap
The massive US$75-billion annual dividend of Saudi Aramco cannot fund the widening budget gap of Saudi Arabia if oil prices remain low beyond 2021, Moody’s said in a report this Continue Reading
Saudi Arabia May Not Want To Ease Output Cuts In January
Saudi Arabia is mulling over canceling a planned relaxation of OPEC oil production cuts due to enter into effect next January, the Wall Street Journal reported , citing senior oil Continue Reading
Turkey’s Black Sea Gas Discovery May Be Bigger Than Thought
Turkey is about to revise up the estimate of its natural gas discovery in the Black Sea, Bloomberg reported on Friday, quoting sources with direct knowledge of the plans. In Continue Reading
Saudis Consider Canceling OPEC Plans to Boost Output
An abundance of fossil fuels combined with advances in technology to harness wind and solar power has sent energy prices crashing around the world. WSJ explains how it all happened Continue Reading
Trump administration to impose crushing sanctions on Iran in defiance of European humanitarian concerns
Secretary of State Mike Pompeo announces the Trump administration’s restoration of sanctions on Iran last month. The Trump administration has decided to impose new sanctions on Iran’s financial sector in Continue Reading
Saudi Aramco Doubles Down On Oil During Worst Demand Crisis Ever
The world’s largest oil company, state-held Saudi Aramco, is looking to withstand the crisis created by the worst oil demand crash in history— by doubling down on oil . Saudi Continue Reading
Saudi Oil Giant Aramco Dismisses ”Speculation” About Peak Demand
Saudi Arabia’s state oil giant Aramco doesn’t fear peak oil demand as it doubles down on boosting oil production in the long term to beat its competitors, many of which Continue Reading
Iran Is Building A Massive Energy Network To Boost Its Geopolitical Influence
It is no coincidence that just over a month after Israel and the United Arab Emirates declared that they would normalise relations and Israel and Bahrain did the same, Iraq Continue Reading
U.S. hits Iran’s financial sector with fresh round of sanctions
The United States on Thursday slapped fresh sanctions on Iran’s financial sector, targeting 18 Iranian banks in an effort to further shut Iran out of the global banking system as Continue Reading
Saudi Arabia Boosts Prices Of Flagship Crude Oil Blend
Oil markets might be looking up, if Saudi’s official oil selling price actions are any indication—and they usually are. Saudi Arabia has raised the official selling price of its Arab Continue Reading
Rockets on Erbil were launched near Kurdistan oil operations
The Sept. 30 rocket attack near the Erbil airport highlights the reach of rogue militant groups and the risks they pose to the investment climate in both federal Iraq and Continue Reading
Trump administration to impose crushing sanctions on Iran in defiance of European humanitarian concerns
Secretary of State Mike Pompeo announces the Trump administration’s restoration of sanctions on Iran last month. The Trump administration has decided to impose new sanctions on Iran’s financial sector in Continue Reading
Natural Gas Offers Lifeline For Distressed Gulf Oil Giants
Their budgets just don’t add up anymore. Oil-rich Arab nations are in the throes of a deep economic crisis and facing gaping holes in their finances. Saudi Arabia needs the Continue Reading
Oil Prices And The Pandemic Will Force Gulf Banks To Merge
The low oil prices and the coronavirus pandemic have increased the financial pressure on the banks in the Gulf region, which will be looking at more mergers and acquisitions opportunities Continue Reading
Facing liquidity crisis, Iraq presses for more emergency borrowing
The Iraqi government is expected to send a controversial new emergency finance bill to parliament this week in a last-ditch attempt to pay its bills in the absence of a Continue Reading
Saudi Arabia Sees Oil At $50 Until 2023
Saudi Arabia appears to be more upbeat about the immediate future of oil prices than fundamentals warrant, according to Goldman Sachs analysts. These have calculated that the Saudi budget plan Continue Reading
UAE DATA. Crude output cut by 8% in Sept, achieving 116% OPEC+ compliance: source
The UAE lowered its September crude output by 8% on the month to 2.476 million b/d, achieving 116% compliance with its OPEC+ quota as the producer compensated for overproduction in Continue Reading
Biden win could fray US-Saudi ties, bring new oil market rifts
If Democrats win the White House and US Senate in the November elections, US-Saudi relations would likely fray, creating reverberations across the global oil market, Washington-based energy analysts predict. Receive Continue Reading
Israel’s Coronavirus Lockdown Fuels Protests, Violence and Confusion
Fractured by internal political conflicts, confusing instructions and a lack of public trust in the government, Israel seems to be fraying further under a second national lockdown as the country Continue Reading
Saudi Arabia Oil Data, Price Forecast: Prices May Stay Around $50 Until 2023
Saudi Arabia’s Finance Ministry is budgeting for oil prices to be around $50 a barrel for the next three years, according to a Goldman Sachs Group Inc. analysis of the Continue Reading
Yemen’s war shifts focus to Marib, thousands of displaced at risk
In Yemen’s gas-rich region of Marib, fighters loyal to the Saudi-backed government recited Koranic verses before launching a hail of mortar and machine gun fire towards rocky mountains, in a Continue Reading
Iraq’s plans to boost refining capacity seen facing financing, economy of scale hurdles
Iraq’s plans to boost its refining capacity faces several hurdles, such as a lack of economy of scale and financing, which may thwart attempts by OPEC’s second-largest producer to wean Continue Reading
Turkey’s Covid-19 Figures Questioned After Asymptomatic Cases Omitted
The severity of Turkey’s coronavirus outbreak was called into question after the government acknowledged it wasn’t counting asymptomatic cases, triggering criticism from local medical professionals and promoting the U.K. on Continue Reading
U.S., UAE And Israel Agree On Joint Energy Strategy
The United States, the UAE, and Israel will pursue a joint energy strategy as a means to improve the security of the region. In a statement carried by the Emirati Continue Reading
Iraq Boosts Oil Exports Despite OPEC+ Pledges
Despite promises to keep in line with the OPEC+ pact, Iraq – OPEC’s second-largest producer and biggest laggard in implementing the cuts – slightly raised its crude oil exports in Continue Reading
Analysis: U.S. second-guesses its Iraq strategy
The U.S. government appears to be second-guessing its own strategic push to broaden economic and commercial ties with Iraq. In response to unabated rocket attacks and roadside bombs against U.S. Continue Reading
Turkey Energy News in Black Sea: Second Drilling Ship to Explore in 2021
Turkey plans to deploy a second drilling ship in the Black Sea early next year following the biggest-ever natural-gas discovery there. The vessel, named Kanuni, will join another ship seeking further oil Continue Reading
IRAQ DATA: Oil ministry says exports steady in Sept amid doubts about compensation cuts
Iraq’s federal oil exports remained nearly steady in September compared with August, the oil ministry said Oct.1, signaling OPEC’s second-largest producer may have failed again to implement compensation cuts to Continue Reading
EU warns Turkey of sanctions over ‘provocations’ in Mediterranean
Turkish research ship off Antalya, Turkey on July 22, 2020 Tensions rose earlier this year when Turkey sent a ship into a disputed area to search for potentially rich oil Continue Reading
Loadings from Turkey lead slight Iraqi export increase
Crude loadings from the Turkish port of Ceyhan by both the federal and Kurdistan regional governments increased over the past month, raising Iraq to a monthly nationwide export average of Continue Reading
US, Israel and UAE to cooperate in oil, gas, renewable energy
The US, Israel and the UAE agreed to cooperate in the fields of oil, gas and renewables among other energy sectors, following the signing of a peace agreement between Israel Continue Reading
U.S. fines Emirates $400,000 for flying over Iranian airspace
The U.S. Transportation Department said Thursday it fined Emirates airline $400,000 for operating flights in parts of prohibited Iranian airspace in 2019. The flight was carrying the JetBlue Airways JBLU.O Continue Reading
Saudi economy contracts sharply in Q2 on oil demand slump
Saudi Arabia’s economy contracted 7% year on year in the second quarter as the world’s largest crude exporter was hit hard by the demand destruction caused by the coronavirus pandemic, Continue Reading
China Is Ready To Give Iran’s Oil Industry A Major Boost
With the 25-year deal with China now moving ahead at pace, Iran has a buyer for all of the crude oil it can produce, albeit at discounted levels , so Continue Reading
Will the new oil discoveries in Iran change energy geopolitics?
A gas flare on an oil production platform in the Soroush oil fields is seen alongside an Iranian flag in the Persian Gulf, Iran, July 25, 2015. (Reuters Photo) The Continue Reading
Iraq seeks another emergency financing law as 2020 budget stalls
Cabinet considers new borrowing legislation to fund massive deficits after political headwinds stopped attempts to pass a full 2020 budget. Iraqi Finance Minister and Deputy Prime Minister (second from right) Continue Reading
Threat to evacuate U.S. diplomats from Iraq raises fear of war
Washington has made preparations to withdraw diplomats from Iraq after warning Baghdad it could shut its embassy, two Iraqi officials and two Western diplomats said, a step Iraqis fear could Continue Reading
UAE Wealth Fund Sees Oil Demand Peaking In 2030
Global oil demand has another decade to grow until peaking in 2030, Mubadala Investment Company, one of the largest state wealth funds of the United Arab Emirates (UAE), believes. The Continue Reading
Trump Team Weighs New Sanctions on Iran’s Financial Sector
A man rides a scooter along Valiasr Square in Tehran on Sept. 27. The Trump administration is considering fresh sanctions to sever Iran’s economy from the outside world except in Continue Reading