Saudi Arabia’s Energy Minister Prince Abdulaziz claimed last week that the Kingdom will be the world’s biggest hydrocarbon producer “even” in 2050. “I can assure that Saudi Arabia will not Continue Reading
Iraq’s oil exports, excluding those from the semi-autonomous Kurdish region, fell 12% in June, the oil ministry said July 1, a sign that OPEC’s second-largest producer improved its compliance with Continue Reading
After years of dragging its feet on complying with OPEC oil production quotas, Iraq has taken its biggest steps towards implementing its agreed output cuts, as a campaign of financial Continue Reading
Iran recorded its highest number of deaths from COVID-19 within a 24-hour period, official health ministry figures showed on Monday. The 162 deaths reported on Monday exceed the previous record Continue Reading
Iraq produced more than 650,000 barrels per day (bpd) above its target output level in May and is now being asked to make up for its non-compliance in future months Continue Reading
Saudi Arabia’s plans to restrict the number of pilgrims during the annual Hajj pilgrimage to a few thousand will likely dent jet fuel demand in the Arab world’s biggest economy, Continue Reading
Saudi Arabia’s net foreign assets rose in May, reversing three months of declines. The stockpile climbed by 0.2%, or about 3 billion riyals ($800 million), to reach $445 billion, according to Continue Reading
Iran has exported gasoline to Venezuela under a “commercial deal” and none of the trades was for free, news agency IRNA reported on June 28, citing Iranian Oil Minister Bijan Continue Reading
A tanker with 1 million barrels of oil, which has been moored off the Yemeni coast for five years, could explode or sink, the United Nations (UN) warn , in Continue Reading
Iraq’s Parliament has passed a law authorizing new borrowing of nearly $18 billion – an emergency measure that will enable the government to pay public-sector salaries despite a dire financial Continue Reading
As China imported its highest-ever volume of crude oil in May. Chinese imports of crude oil from OPEC’s largest producer, Saudi Arabia, surged by 94.9 percent on the year and Continue Reading
Singapore — China’s crude oil imports from Saudi Arabia soared 94.9% year on year to 9.17 million mt, or 2.17 million b/d, in May, a new record high for a Continue Reading
Saudi Arabia made good on its promise to flood the market with oil after the collapse of the previous OPEC+ deal in early March. In April, the value of Saudi Continue Reading
Iran on June 25 officially started building a 1,000-km (620-mile) pipeline to avoid the disputed Strait of Hormuz for its future oil exports, state television reported. The Goureh-Jask route will bring Continue Reading
Hassan Rouhani, Iran’s president, warned exporters that they risk prosecution if they keep their foreign currency earnings offshore as Tehran struggles to stabilise the plummeting rial. The Iranian currency has fallen Continue Reading
Emirates operated world’s biggest fleet of A380 before coronavirus pandemic Airline currently flying to over 40 destinations Dubai to welcome tourist, business travelers from July 7 Dubai — Emirates, the Continue Reading
Iran is pressing Iraq to expand its already game-changing oil and gas infrastructure deal with China. Tehran is looking to include Iraq in the Sino-Russian power bloc in order to Continue Reading
Iraq has raised estimates for its oil income and export prices for May, the oil ministry said on June 24, as OPEC’s second-largest producer benefits from the uptick in global Continue Reading
Iran would be open to talks with the United States if Washington apologises for exiting a 2015 nuclear deal and compensates Tehran, Iranian President Hassan Rouhani said on Wednesday, cautioning Continue Reading
The coronavirus pandemic has stalled factories and shut down business around the world, causing a historic drop in oil demand just as production was reaching new highs. WSJ explains the Continue Reading
The world’s top oil exporter, Saudi Arabia, is creating a tourism development fund with an initial investment of US$4 billion as part of efforts to diversify away from oil and Continue Reading
Iraq expects higher crude revenues in July and is currently selling its oil at around $34-$35/b, the al-Mirbad news organization quoted the oil minister as saying on June 22. Iraq Continue Reading
Saudi Arabia said on Monday it will bar arrivals from abroad to attend the haj this year due to the coronavirus, allowing only a limited number of Saudi citizens and Continue Reading
Saudi Arabia came under a missile and drone attack from Iran-backed Yemen rebels that targeted the capital, Riyadh, and other cities, state-run Saudi Press Agency reported. Saudi air defenses intercepted Continue Reading
Work to lay the main pipeline to link UK-based Energean’s Karish and Tanin gas fields to the Israeli shore is now complete, the company said June 22. Receive daily email Continue Reading
Britain, France and Germany said on Friday they would not back U.S. efforts to unilaterally trigger the reimposition of United Nations sanctions on Iran, but said they wanted talks with Continue Reading
On the front lines, Iraq’s doctors are contracting the coronavirus by the hundreds, as a rising wave of infections threatens to crush the country’s health-care system. Medical staff who develop Continue Reading
The widening scale of the coronavirus pandemic in Iraq is causing new disruptions to oil sector operations and is hurting the ability of security forces to respond to an intensifying insurgency. Continue Reading
Iranian Foreign Minister Mohammad Javad Zarif tweeted that “an agreeable solution is possible” for the United Nations nuclear watchdog’s request for access to two nuclear sites in the country. France, Continue Reading
Saudi Aramco , the world’s biggest oil exporter, has begun cutting hundreds of jobs as it looks to reduce costs after a slump in energy prices, according to people familiar Continue Reading
Saudi Arabia is significantly cutting its crude oil exports to the United States this month, with shipments likely to hit a 35-year low and reducing the overhang in U.S. oil Continue Reading
Following the demand and oil price crashes, Saudi Arabia has idled offshore rigs and postponed the start of a US$18-billion expansion project, Bloomberg News reported on Wednesday, citing sources familiar Continue Reading
Iraq suffers power shortages, capacity at 16.77 GW Solar tender for 755 MW restarted Iraq recently signed two-year contract to import Iranian electricity Iraq plans to increase its generating capacity Continue Reading
Qatar’s recent decision to go ahead with bold plans for the North Dome , its supergiant non-associated gas reservoir, together with corollary deals to secure massive new liquefied natural gas Continue Reading
The ongoing record production cuts from the OPEC+ group are set to push oil prices up to ‘normal’ levels soon, Suhail Al Mazrouei, energy minister of the United Arab Emirates Continue Reading
OPEC’s second-largest producer, Iraq, which is also the least compliant member of OPEC+, has made significant cuts in its crude oil exports so far in June, in a move suggesting Continue Reading
Iraq’s state-run North Oil Company (NOC) has fallen two months behind in paying hundreds of local residents contracted to guard oil wells in the Kirkuk area, potentially compounding the threats Continue Reading
After flooding the U.S. with crude earlier this year, Saudi Arabia has all but cut off the taps to the American oil market. The kingdom has exported just one cargo to Continue Reading
The head of the United Nations’ atomic watchdog agency said Monday that Iran must provide inspectors access to sites where the country is thought to have stored or used undeclared Continue Reading
Iraq’s government has approached international oil companies operating some of its largest oilfields to reduce production further and they have agreed, Reuters reports , citing an unnamed source from the Continue Reading
Saudi state oil giant Aramco has finalized the purchase of a majority stake in petrochemicals major Sabic on the Saudi stock market, Reuters reported , buying over 2 billion shares Continue Reading
Production cuts and falling exports move Iraq closer to OPEC-plus quota compliance. Flares burn at the North Rumaila oil field on June 6, 2020. (JASSIM AL-JABIRI/Iraq Oil Report) BASRA – Continue Reading
From the moment Iraq’s new prime minister stepped off the Iraqi Army MI-17 helicopter for a tour of Mosul, the city most damaged by the Islamic State’s takeover in 2014, Continue Reading
Saudi Arabia’s oil giant Aramco has cut the crude oil shipments loading in July to at least five of its customers in Asia, Reuters reported on Monday, quoting sources familiar Continue Reading
Iraq has asked BP Plc to cut crude production at the nation’s biggest field of Rumaila by 10% as part of a push to comply with OPEC+ quotas, according to a Continue Reading
Iraq, OPEC’s second-largest oil producer, expects to export 2.8 million b/d of crude oil in June as it seeks to firmly commit to the OPEC+ cuts after it failed to Continue Reading
Saudi Arabia shocked the markets this week when it said it would not keep up the voluntary portion of the cuts–the extra cuts beyond the official OPEC+ agreement–past June. The Continue Reading
Turkey’s state gas grid operator Bota? has opened a tender for a gas pipeline to supply Azerbaijan’s exclave of Nakhchivan. The new supply route would sideline Iranian gas sales to Continue Reading
Non-OPEC oil producer Oman has been talking to other countries in the Gulf about potentially receiving financial aid to help its economy and fiscal position which are hit by the Continue Reading
Major reductions totaling almost 200,000 bpd were not nearly enough to bring Iraq’s May production in line with an OPEC-plus agreement. Workers from the Iraqi Drilling Company begin drilling a Continue Reading
