Saudi Arabia Oil Exports To U.S. Nosedive
Saudi Arabia’s crude oil exports to U.S. are falling sharply, with shipments so far this month at just 1.6 million barrels, according to data compiled by Bloomberg , versus 5.75 Continue Reading
Why Iran Fears The New Oil Order
The fundamentals of the oil market have changed significantly over the decades since the inception of the Organization of Petroleum Exporting Countries. Although the cartel’s oil production has increased over Continue Reading
Two Days After Resigning, Iran’s Foreign Minister Returns to Post
Two days after saying he intended to step down, Iran’s foreign minister, Mohammad Javad Zarif, returned to his post after President Hassan Rouhani rejected the resignation. There were smiles all Continue Reading
UAE To Build World’s Largest Underground Oil Storage Facility
The Abu Dhabi National Oil Company (ADNOC) and South Korea’s SK Engineering and Construction Co. Ltd (SKEC) signed an agreement on Wednesday to build the world’s single largest underground oil Continue Reading
Middle East Oil Kingdoms Grapple With New Crisis
Ever since oil was first discovered in the Middle East in the 1930s, the monarchies in the Persian Gulf have generously subsidized energy and utilities costs for the population. While Continue Reading
Saudis Leaning Toward OPEC Cut Extension
Saudi Arabia’s Energy Minister Khalid al-Falih said on Wednesday that he was leaning toward an extension of the OPEC+ production cuts after June, although he noted that the producer group Continue Reading
Saudi Aramco To Discontinue Fuel Oil Production By 2024
Saudi Arabia’s oil giant Saudi Aramco targets to stop producing fuel oil at its refineries by 2024, as stricter environmental regulations for the shipping industry will significantly cut the largest Continue Reading
Court signals skepticism in Baghdad-KRG oil case
Issuing yet another delay in the seven-year-old proceedings, Iraq’s chief justice appeared to question whether there is still an active constitutional dispute. Iraq’s Federal Supreme Court at the Aug. 14, Continue Reading
Asia’s Iran crude oil imports dips to two-month low in January; to rebound in February
Asia’s crude oil imports from Iran dipped in January to the lowest in two months after top buyers China and India slowed down purchases and as Japan recorded zero imports Continue Reading
Saudi Aramco CEO Rebukes Peak Oil Demand ‘Hype’
“I am not losing any sleep over ‘peak oil demand’ or ‘stranded resources’,” Amin Nasser, the chief executive of Saudi Arabia’s oil giant Saudi Aramco, said in a speech in Continue Reading