Iraq, OPEC’s second-largest oil producer, has begun negotiations with international oil companies on postponing payments to them and cutting costs as OPEC’s second largest oil producer grapples with the crude Continue Reading
Iraq, OPEC’s second largest oil producer, has cut 650,000 b/d from it southern fields to comply with OPEC+ cuts of 1.061 million b/d agreed for May and June, an official Continue Reading
Iraq is committed to the OPEC+ oil production cuts agreement, the acting oil minister said Thursday, dismissing media reports that had questioned the ability of OPEC’s second largest member to Continue Reading
Saudi Aramco reported on Tuesday a net income of US$16.66 billion for the first quarter of 2020, down from net earnings of US$22.2 billion for Q1 2019, due to the Continue Reading
Saudi Arabia announced a slew of austerity measures to cope with the impact of the coronavirus pandemic and an oil-price rout, tripling its value-added tax and cutting a cost-of-living allowance Continue Reading
Saudi Arabia announced a surprise move to slash oil output to the lowest in 18 years as it tries to spur the recovery from an energy crisis that has devastated the Continue Reading
Saudi Arabia announced Monday it was tripling taxes on basic goods, raising them to 15%, and cutting spending on major projects by around $26 billion as it grapples with blows Continue Reading
Saudi Aramco said its first-quarter profit fell sharply and it would cut spending this year, underscoring the twin impact of an oil-price rout and the coronavirus pandemic on the kingdom’s Continue Reading
Saudi Arabia said Monday it would triple its value-added tax rate and eliminate allowances for state workers, adopting austerity measures aimed at boosting state finances battered by the coronavirus pandemic Continue Reading
At no time since Ibn Saud first consolidated his Arabian conquests into the Kingdom of Saudi Arabia in 1932 has the ruling Saud dynasty faced such an existential threat to Continue Reading
The United Arab Emirates will cut even more oil production in June, UAE Minister of Energy and Industry Suhail bin Mohammed Faraj Faris Al Mazrouei announced this week. The production Continue Reading
Highlights Parliament last week postponed voting on oil minister post PM Kadhimi wants to restore Iraq’s shrunken oil market share He also wants to amend IOC contracts Iraq’s new prime Continue Reading
A county in southwestern Iran has been placed under lockdown to prevent the spread of coronavirus, Tasnim news agency reported on Sunday, also quoting the provincial governor as saying there Continue Reading
Saudi Aramco is looking to restructure its deal to acquire a controlling stake in petrochemicals maker SABIC after a more than 40% drop in SABIC’s value following a slump in Continue Reading
Iran is quarantining part of the oil-rich southwest of the country for the next week, with all main routes into the area closed, the semi-official Tasnim news agency reported. All banks, Continue Reading
Despite – or perhaps because of – the global overhang in liquefied natural gas (LNG) supplies, a weak demand profile, and ongoing uncertainty in the hydrocarbons market overall, Qatar believes Continue Reading
Saudi Arabia announced a slew of austerity measures to cope with the impact of the coronavirus pandemic and an oil-price rout, tripling its value-added tax and cutting a cost-of-living allowance Continue Reading
WASHINGTON (Reuters) – U.S. President Donald Trump and Saudi Arabia’s King Salman spoke by phone on Friday and “reaffirmed the strong United States-Saudi defense partnership,” the White House said, amid Continue Reading
New infections from the coronavirus have surged in Iran two weeks after it began easing restrictions on its population and a day before some mosques are set to reopen for Continue Reading
The U.S. is removing Patriot antimissile systems from Saudi Arabia and is considering reductions to other military capabilities—marking the end, for now, of a large-scale military buildup to counter Iran, Continue Reading
Construction is now fully under way of Iran’s game-changing oil pipeline that will be able to transport huge quantities of oil and petrochemicals from its major oil fields via Guriyeh Continue Reading
Iraq swore in a new government after months of political deadlock that has hampered the country’s ability to respond to multiple crises exacerbated by the coronavirus pandemic. Lawmakers wearing surgical Continue Reading
Iraq’s Parliament chose an American-backed former intelligence chief as the new prime minister early Thursday morning, giving the country its first real government in more than five months as it Continue Reading
Iraq’s new prime minister, who was granted a vote in confidence by the country’s parliament early Thursday, wants to restore the oil market share of OPEC’s second largest oil producer Continue Reading
With some measures relaxed, the risk of further COVID-19 case growth raises concerns. Traffic police direct taxies and other vehicles in a traffic jam on May 05, 2020. (MURTADHA AL-SUDANI/Anadolu Continue Reading
The Saudi-Russian oil price war may be officially over with the new, historic, OPEC+ deal, but Saudi Arabia has continued to aggressively pursue additional market share in Asia and managed Continue Reading
With the U.S.’s patience wearing thin on its dealings with neighbouring Iran, endemic corruption still prevalent in both the south of the country and in the northern semi-autonomous region of Continue Reading
It is becoming increasingly clear that the ongoing oil demand destruction, COVID-19 lockdowns and financial crisis are going to significantly impact Saudi Arabia. In a dramatic appearance, Saudi Minister of Continue Reading
The volume of oil products held in storage at Fujairah jumped to the highest level on record as tumbling regional demand from the coronavirus pandemic drives more supplies into the Continue Reading
Time is running out for oil-dependent nations. The world is transforming quickly and climate change is accelerating oil’s demise even faster. Despite fossil fuel’s so-called imminent fall of grace with Continue Reading
Saudi Arabia is taking unprecedented measures to cushion the blow of rock-bottom oil prices and the new coronavirus pandemic, as the monarchy seeks to extricate the kingdom from its worst Continue Reading
A peddler arranges clothes at the Sarj Khaneh market in Mosul as the country eases restrictions put in place for the coronavirus pandemic. (Zaid Al-Obeidi/AFP/Getty Images) According to government officials, Continue Reading
India is working with some Arab Gulf states in an effort to repatriate hundreds of thousands of migrant laborers stranded by the coronavirus pandemic, in what could become one of Continue Reading
The two men, who remain at large, were charged with violating U.S. money-laundering and sanctions laws. The U.S. Treasury on Friday separately blacklisted Mr. Dianat, a dual Iranian and Iraqi Continue Reading
Attentive Oilprice readers must have read at least a dozen articles describing how hard Iraq has been hit by the drop in oil prices. Iraq’s political travails are by no Continue Reading
Saudi Arabia’s finance minister has warned the kingdom needs to make “extreme” spending cuts to manage the economy during the COVID-19 crisis and oil price crash. “It is very important Continue Reading
Iraq’s semi-autonomous Kurdish region pump an average of about 468,400 b/d in 2019, with 93% of its oils sales exported at an average price of $52.676/b, according to a Deloitte Continue Reading
Saudi Basic Industries Corp. is suspending new capital expenditure after an oil-price slump and coronavirus-related lockdowns pushed the company into a 950 million-riyals loss ($253 million) in the first quarter. Sabic, as Continue Reading
Iraq’s April oil revenues collapsed to their lowest level in more than a decade, dragging the country deeper into a financial crisis that has paralyzed both the federal government and Continue Reading
Saudi Arabia’s outlook was cut to negative from stable by Moody’s Investors Service as the crash in oil prices and the pandemic sent the kingdom’s reserves plunging to their lowest Continue Reading
U.S. President Donald Trump was so intent on saving the American oil industry that he told the Saudi crown prince that unless the Kingdom stopped the oil price war and Continue Reading
As many as 6.43 million Iranians, or nearly 25% of the workforce, could lose their jobs due to the coronavirus outbreak, according to a study by the country’s Parliament Research Continue Reading
Iraq is seeking financial assistance from the U.S. to help the country combat the fallout of the Covid-19 pandemic and plummeting oil revenue, the country’s health minister-designate said. “We have been Continue Reading
A fleet of supertankers carrying Saudi oil will add to the growing congestion at U.S. ports in coming weeks at the same time producers are shutting in output as they Continue Reading
With the Covid-19 pandemic reducing global oil demand by devastating numbers, oil storages are filling quickly in the US, forcing producers to start shutting output in the country and creating Continue Reading
We’re only in late April, but already Mohammed bin Salman’s banner year is unraveling. After a failed boycott of neighboring Qatar, a disastrous military campaign in Yemen and international condemnation over the gruesome Continue Reading
Could anything good come out of the coronavirus pandemic? Amid mass deaths, lockdowns and the prospect of another Depression, it is hard to find a bright side. Yet one ray of Continue Reading
The Chinese word ‘crisis’ consists of the characters for ‘danger’ and ‘opportunity’. The unprecedented situation in global energy markets has provided traditional producers with an opportunity to displace incumbents in Continue Reading
OPEC’s top producer and the world’s top oil exporter, Saudi Arabia, has already started cutting its oil production ahead of the official start of the new OPEC+ pact on May Continue Reading
Iraq can import Iranian electricity without the risk of sanctions for another 30 days, the US State Department said Sunday in extending a key waiver, despite some predictions that the Continue Reading
