After three consecutive months of raising its crude oil prices, the world’s largest oil exporter, Saudi Arabia, is widely expected to make the first cut to its official selling prices Continue Reading
Iraq’s chronic power shortages and its OPEC+ commitment to cut crude output have pushed the country closer to Iran at a time when the US wants to isolate Tehran. OPEC’s Continue Reading
The autonomous government of northeast Syria has signed a deal for the marketing of crude oil with a U.S. company, Al-Monitor reports , citing unnamed sources in the know. What’s Continue Reading
Iraq’s financial crisis has left the state unable to hire tens of thousands of newly trained medical personnel who could help relieve pressure on a healthcare system struggling to contain Continue Reading
Iran’s supreme leader, Ayatollah Ali Khamenei, has said in a televised address that Iran will expand its nuclear program and will not negotiate with the United States, doubling down on Continue Reading
It is a time for market shakeups. On Friday, tech giant Apple unseated oil giant Saudi Aramco as the world’s most valuable company. Earlier in the week, the market saw Continue Reading
The UAE, OPEC’s third-largest oil producer, started producing nuclear energy from a 1.4 GW nuclear reactor, becoming the first country in the Gulf to use such a source for power Continue Reading
The steady rise in U.S. strategic competition with the People’s Republic of China (PRC) over trade and the South China Sea already has so many dimensions that it is sometimes Continue Reading
Pivoting away from negotiations with ExxonMobil, Iraq is now putting the Ratawi oil field at the center of a prospective upstream, gas, and power deal with Saudi Arabia. Iraqi Oil Continue Reading
CAIRO (Reuters) – Saudi Arabia’s 84-year-old ruler, King Salman bin Abdulaziz left King Faisal hospital in Riyadh after recovery, the state news agency reported on Thursday. The Saudi king was Continue Reading
Iran, creaking under the impact of U.S. sanctions, a collapse in oil sales and a severe COVID-19 epidemic, is scrambling to buy food and medicine to avoid a supply crunch. Continue Reading
Chinese state-held giant China National Petroleum Corporation (CNPC) is in advanced talks to buy a 10-percent stake in a giant natural gas field in Oman from BP in a deal Continue Reading
Saudi Arabia booked a deficit of $29 billion for the second quarter of the year because of the continued slump in oil prices and oil demand, which affected revenues. Reuters Continue Reading
Saudi Arabia may have little choice but to reduce the price of its oil as OPEC and allied producers start to ease output curbs amid weakening demand that’s crashed the Continue Reading
There are four key reasons why Iraq is increasing the pace of development on a number of its major oil fields right now. First, it needs the money; second, hitting Continue Reading
Iraqi Prime Minister Mustafa al-Kadhimi has redeployed security forces and replaced senior officials at key border points as part of a high-profile effort to reign in paramilitary groups — including Continue Reading
Ashraf, an Egyptian working in Kuwait, lost all his income as a result of the coronavirus pandemic. The country’s curfew was eased two months ago, but for Ashraf there was Continue Reading
Lebanon had its rating cut to the lowest grade by Moody’s Investors Service, which said that bond investors will likely suffer major losses on their holdings as the government struggles to Continue Reading
Flash floods have ravaged swaths of war-torn Yemen, leaving dozens dead and destroying thousands of homes, security officials and an aid group said Monday. At a time when Yemen is Continue Reading
Clashes between Iraqi protesters and security forces in central Baghdad killed at least two demonstrators overnight, security and medical sources said on Monday. It was the first such deadly incident Continue Reading
The idea of developing the 4.36 billion-barrel Nasiriyah oilfield in southern Iraq’s Dhi Qar province has been seriously mooted by the each of the rapid succession of governments in Iraq Continue Reading
China’s crude oil imports from Saudi Arabia rose 15% in June from a year ago, as refiners ordered record volumes of the fuel in March and April when oil prices Continue Reading
Oil revenues for the world’s largest oil exporter, Saudi Arabia, continued to slide in May after the Kingdom ended its oil price war with Russia, with the income from oil Continue Reading
The world’s largest oil exporter, Saudi Arabia, plans to put up for privatization state-held assets in the healthcare, education, and water utility sectors in order to raise money while its Continue Reading
The field will initially target 50,000 bpd – about half the production level it averaged before shutting down amidst the coronavirus pandemic. In mid-July 2019, workers from the state-owned Iraqi Continue Reading
Iran’s foreign ministry said on Thursday foreign governments may have been behind recent cyberattacks on Iranian facilities, but played down the possibility of them having a role in a series Continue Reading
Turkey is looking to reduce further its reliance on Russian gas, and for the first time in almost two decades, Turkey may not receive gas at all from Russian gas Continue Reading
The 2020 gas price crunch has substantially cooled down the hype around the Eastern Mediterranean’s recent discoveries in Egypt, Israel and Cyprus. Israel was the first EastMed nation to commission Continue Reading
Saudi Arabia could use this summer record amounts of crude oil for producing electricity as more Saudis would stay at home rather than travel on vacation abroad because of the Continue Reading
Despite the recommendation of the OPEC+ JMMC to ease the oil output cuts by 2 million bbl/d, oil markets maintained their bullish sentiment over the past week as Brent was Continue Reading
Saudi Twitter users have sent thousands of tweets accusing the kingdom’s former crown prince and his long-time aide of corruption, in what two Saudi sources said was a campaign to Continue Reading
Following to the oil price crash and the coronavirus crisis, the Arab Gulf countries are set to accumulate as much as US$490 billion in combined government deficits between 2020 and Continue Reading
The U.S. sanctions on Iran’s oil and other industries are scaring foreign firms which are unwilling to sign any deals in any sector with Iran and are even rescinding existing Continue Reading
Iran signed on Monday a US$1.3-billion deal with domestic companies to double the production capacity at the massive Azadegan oilfield, expecting the rise in production to boost its oil revenues Continue Reading
The current energy market crisis could benefit Qatar and fuel a second gas boom, PwC said in a report, as cited by the Gulf Times. The world’s top exporter of Continue Reading
King Salman bin Abdulaziz of Saudi Arabia has been admitted to a hospital in Riyadh early Monday for medical tests, the second elderly ruler of an oil-rich Gulf Arab nation to Continue Reading
If presumptive Democratic candidate Joe Biden wins the presidential election in November, Iran could suddenly turn from a bullish driver for oil prices into a bearish factor if it resumes Continue Reading
Oil market bulls are in for a surprise if we believe the latest statements from OPEC+ leaders Saudi Arabia and Russia. The official views proponed by the OPEC+ JMCC during Continue Reading
Most parts of Lebanon are receiving no more than two or three hours of electricity a day. An incoming flight at Beirut’s airport had to abort a landing this month Continue Reading
Iran’s Petropars Ltd. signed a contract to more than double output at the South Azadegan oil field, the second deal this month to boost production at a deposit shared with Continue Reading
The United Arab Emirates launched its first mission to Mars on Monday as it strives to develop its scientific and technological capabilities and reduce its reliance on oil. The Hope Continue Reading
Saudi Arabia’s 84-year-old ruler, King Salman bin Abdulaziz, has been admitted to hospital in the capital Riyadh, suffering from inflammation of the gall bladder, state news agency SPA said on Continue Reading
Israel’s cabinet approved a multinational accord to lay a pipeline that will facilitate the export to Europe of natural gas found in Israeli and Cypriot waters. he $6 billion plan, Continue Reading
Iraq has struck deals with oil field operators and state-run companies to augment the national power grid and help stave off further protests prompted by recent blackouts. Significant power outages Continue Reading
Iranian security forces fired tear gas on Thursday to disperse demonstrators gathered in the southwestern city of Behbahan, witnesses told Reuters, and there was a heavy presence of forces in Continue Reading
Iraq is the rare country that imports gas but also burns natural gas from oil wells into the air. The wasted gas is enough to power 3 million homes. Burning Continue Reading
Iraq is cutting its oil exports as it seeks to achieve full compliance with its oil production quota under the OPEC+ agreement, Bloomberg has reported , citing unnamed sources from Continue Reading
Saudi Arabia’s crude oil exports plunged to a nine-year low in May as the historic OPEC+ cuts began, according to data released July 16 by the Joint Organisations Data Initiative. Continue Reading
Iranian authorities are investigating a blaze that damaged seven ships at a southern Iranian port, the latest in a string of fires and explosions that have raised suspicions of coordinated Continue Reading
An oil tanker tied to a sanctioned Iranian individual and under arrest in UAE waters has recently left the UAE port in violation of a Prohibition to Sail notice and Continue Reading
