President Donald Trump is considering all options available to him to make the Saudis pay for the oil price war as the crash that followed has done significant damage to Continue Reading
Saudi Arabia remained China’s top crude oil supplier in March, despite arrivals slipping 1.6% year on year to 1.7 million b/d or 7.21 million mt, the latest data from General Continue Reading
Reaching natural gas production of one billion cubic metres per day (Bcm/d) has been one of the three core hydrocarbons resource strategies of Iran since the Islamic Republic began to Continue Reading
Renewal enables Iraq to continue Iranian energy imports, but short window reflects ongoing strain in relations with Washington. Iraqi Prime Minister Adil Abd al-Mahdi meets with U.S. Secretary of State Continue Reading
It may seem that the worst-case scenario has already come to pass, as United States crude prices plunged far below zero on Monday, with the West Texas Intermediate crude benchmark Continue Reading
A top Iranian general warned the United States on Thursday against “dangerous behavior” in the Persian Gulf, saying his forces would target U.S. naval ships that posed a threat to Continue Reading
Although the new OPEC+ agreement goes into effect on May 1, OPEC’s fourth-largest producer, Kuwait, has already started to reduce crude oil supply to international markets “sensing a responsibility responding Continue Reading
Yemen’s Houthi rebels demanded more concessions from Saudi Arabia, including lifting a five-year blockade, before they would resume United Nations-backed peace talks, raising the risk of a new flare-up of Continue Reading
When the OPEC+ alliance failed to reach an agreement on new output cuts at its meeting in early March, Saudi Arabia immediately pledged to shock and awe the market by Continue Reading
President Trump said on Wednesday that he has told the Navy to “shoot down and destroy” any Iranian fast boats that harass American naval ships, in what would be a Continue Reading
Saudi Arabia has made good on its early-March promise to flood the world with oil, but with demand collapsing and storage filling fast, the world’s top oil exporter must now Continue Reading
Saudi Arabia plans to draw down Riyals 120 billion ($32 billion) from its cash reserves, and increase borrowing this year by Riyals 120 billion, in attempt to stem the damage Continue Reading
Saudi Arabia is exploring re-routing millions of barrels of oil on board tankers sailing to the United States if President Donald Trump decides to block imports of crude from the Continue Reading
With just three days remaining to the expiry of a 30-day US waiver to import Iranian gas and electricity, Iraq will struggle to drum up some $10 billion in investments Continue Reading
By now even the 165,727 “professional investors ” who are long the USO ETF on the free, glitch-prone platform Robin Hood, are aware that the problem facing global oil production Continue Reading
Even if the U.S. government will install an outright ban on Saudi oil, it won’t make much of a difference considering the huge demand destruction and filling storage tanks Desperate Continue Reading
Iran’s Revolutionary Guards Corps said on Wednesday it had successfully launched the country’s first military satellite into orbit, at a time of heightened tensions with the United States over Tehran’s Continue Reading
As the oil market meltdown intensified a week after the new OPEC+ production cut deal, Saudi Arabia has hinted for a second time in two weeks that it is ready Continue Reading
Iraq, OPEC’s second-largest oil producer, does not rule out OPEC+ members taking extra measures to halt the further slide of oil prices, but any steps will need to take into Continue Reading
U.S. President Donald Trump said he’ll look into a proposal to prevent Saudi Arabian oil from unloading in the U.S. and that he wants to fill the Strategic Petroleum Reserve Continue Reading
Kurdistan is committed to the OPEC+ oil production cut deal and will reduce output accordingly, the government of the semi-autonomous Iraqi region said in a statement following a meeting between Continue Reading
Saudi Arabia extended on Monday the suspension of praying in the Grand Mosque and Prophet’s Mosque during the fasting month of Ramadan to stem the spread of the coronavirus, the Continue Reading
Iran’s government allowed local bazaars and shopping malls to reopen on Monday, a potential milestone for a country that was one of the first outside of China to be hit Continue Reading
The highest number of Saudi oil shipments in years are making their way to the United States this month, threatening to make an already dire situation in the U.S. oil Continue Reading
Even before the current spate of Saudi-led lunacy in the shape of the oil price war with the two biggest oil producers in the world loomed into view, Kuwait’s 2020/21 Continue Reading
Iran has extended furloughs for prisoners for another month, Iranian President Hassan Rouhani said on Sunday, as the Islamic Republic endeavors to stem the spread of the new coronavirus in Continue Reading
Iraq’s semi-autonomous Kurdish region has committed to trimming its oil output, the country’s oil minister said on Sunday, which will allow OPEC’s second largest oil producer to comply with OPEC+ Continue Reading
Oman has reduced its 2020 state budget by 500 million Omani riyals ($1.3 billion), after directing all ministries to reduce development and operating budgets by 10%, according to state-run news Continue Reading
Iraq will have to cut production from fields operated by international oil companies to comply with the new OPEC+ pact, but the country’s 1.061 million b/d output reduction in May Continue Reading
United Arab Emirates-based companies shipped nearly 11,000 tonnes of jet fuel to eastern Libya, the stronghold of the renegade general Khalifa Haftar, in a suspected violation of an international arms Continue Reading
Two small arms attacks on oil security forces over the past two days are the latest in Kirkuk area security gaps exploited by suspected Islamic State group militants. A senior Continue Reading
Iraq plans to study using Kurdish natural gas for power generation across the country, the country’s oil minister said on Sunday, allowing OPEC’s second-largest oil producer to plug the gas Continue Reading
The semi-autonomous region of Kurdistan in Iraq will defer payments to oil companies operating in the region for the oil sales they had made between November 2019 and February 2020, Continue Reading
Saudi Arabia’s oil giant Aramco will be sending 4 million barrels per day (bpd) of its crude to Asia in May, down from the full contractual volumes of 6 million Continue Reading
Saudi Arabia is set to sell about 600,000 barrels a day of crude to the U.S. in April, the highest volume in a year, according to a Saudi industry official Continue Reading
It’s the basic successful investment rule: buy when everyone is selling and sell when everyone is buying. The rule has been proved right by many a legendary figure in the Continue Reading
Saudi Arabia and Russia signaled they may be open to further output cuts after the latest OPEC+ deal to curb global oil supplies failed to stem crude’s downward spiral. The two Continue Reading
A fleet of tankers full of Saudi oil is slowly making its way to the U.S. Gulf Coast, threatening to worsen an already historic oversupply of crude. The Saudi crude, Continue Reading
State-owned Saudi Aramco said Friday it will cut oil supplies in May by almost 4 million b/d, in line with the kingdom’s commitments under the new OPEC/non-OPEC deal, as it Continue Reading
Global oil production cuts could end up rising to 20 million bpd, including forced reduction of output such as already underway in the United States, the Saudi Energy Minister, Abdulaziz Continue Reading
Unidentified armed men have boarded a Hong Kong-flagged oil tanker off the coast of Iran near the strategic Strait of Hormuz, a British monitoring organization and a private intelligence firm Continue Reading
Oman increased its crude oil and condensate production in March by nearly 13 percent from February, after the collapse of the OPEC+ deal early last month, according to data from Continue Reading
This weekend’s 11th hour decision to cut OPEC oil output by 23% was supposed to end the oil price war between Saudi Arabia and the rest of OPEC+, but it Continue Reading
Saudi Arabia did not intend for U.S. oil producers to suffer, Saudi Energy Minister, Prince Abdulaziz bin Salman, said in an interview with a select group of reporters, including Energy Continue Reading
Iranian naval forces seized a Hong Kong-flagged tanker and redirected the vessel into Iranian waters before releasing it, according to Western and Emirati officials, prompting a warning Tuesday to ships Continue Reading
Volumes of oil products held in storage at Fujairah climbed to their highest since the all-time high seen in February as tumbling demand from the coronavirus pandemic left more supplies Continue Reading
Saudi Arabia might have just signed off on one of the most notable oil output deals in history, but challenges lie ahead as the kingdom faces keen competition from rival Continue Reading
The doctor paused before banging on the front gate, gesturing to his companions who were wearing full hazmat suits, masks, goggles and gloves to stand back so they would not Continue Reading
Saudi Arabia has said that even more production cuts could be on the horizon, after sealing a 9.7 million bpd production cut over the week from the OPEC+ group, Saudi Continue Reading
The Saudi energy minister said on Sunday that effective oil supply cuts by OPEC and its allies, a group known as OPEC+, will amount to 12.5 million barrels per day, Continue Reading
