Saudi Arabia is flooding markets with oil at prices as low as $25 per barrel, specifically targeting big refiners of Russian oil in Europe and Asia, in an escalation of Continue Reading
U.S. President Donald Trump has authorized the U.S. military to respond to Wednesday’s rocket attack by Iran-backed militia in Iraq that killed two American troops and a British service member, Continue Reading
The world’s top oil exporter Saudi Arabia is going after Russia’s oil market share in Europe with deeply discounted Arab Light crude at up to three times the usual volumes, Continue Reading
The run-up to Persian new year should be one of the busiest periods for shopkeepers in the vaulted streets of Tehran’s grand bazaar, the centre of commerce in the Iranian Continue Reading
The Latest on the coronavirus outbreak sweeping the globe: Iran’s information and communications technology minister has tweeted a map of Iran that shows the virus affecting almost the entire country. Continue Reading
In just 24 hours, Saudi Arabia’s crown prince launched an oil-price war with Russia and sidelined a domestic rival to cement his power at home. But his surprise actions on Continue Reading
Saudi Arabia on Wednesday unveiled plans to boost its oil-production capacity to help fight a price war with Russia, as other producers launched attempts to mediate a truce. The capacity Continue Reading
Even before the collapse of the OPEC+ talks last Friday, Saudi Arabia’s finance ministry had asked government agencies to propose a 20-30 percent cut in their budgets due to the Continue Reading
Iran has asked the International Monetary Fund (IMF) for emergency funding to help it fight the coronavirus outbreak, which has hit the Islamic Republic hard, Foreign Minister Mohammad Javad Zarif Continue Reading
Two Americans and one other coalition member were killed in a rocket attack on a base in Iraq on Wednesday night, a U.S. military spokesman said, potentially spiking tensions with Continue Reading
Iraq will suffer more than most Middle East oil producers amid a Saudi-led price war that is flooding the market with cheap crude as OPEC’s second largest producer is already Continue Reading
Shale billionaire Harold Hamm wants to file a complaint with the US Department of Commerce against Saudi Arabia for “illegal” dumping of crude. (Bloomberg) — Shale billionaire Harold Hamm intends Continue Reading
Saudi Arabia is unleashing a wave of crude toward Europe, traditionally the backyard for Russian oil sales, pledging to supply regional refineries with as much as triple their usual intake Continue Reading
A popular post on Russian social media this week depicts Karl Bryullov’s apocalyptic painting “The Last Day of Pompeii”, with Igor Sechin, head of Russia’s biggest oil company, added to Continue Reading
Saudi Arabia’s state-run shipping company has hired multiple very large crude carriers to carry all the extra oil it plans on exporting next month—a rare move indeed for the shipping Continue Reading
DUBAI, United Arab Emirates (AP) — Saudi Arabia’s oil company Aramco said Wednesday it will increase production capacity to 13 million barrels per day, up from 12 million per day, Continue Reading
Saudi Arabia fired another salvo in its oil-market war with Russia on Wednesday, unveiling plans to boost its oil-production capacity to a record 13 million barrels a day. The capacity Continue Reading
It was always a marriage of convenience, whatever the pledges of devotion, but when Russia and Saudi Arabia parted ways late last week after a dispute over oil production, it Continue Reading
The U.S. sanctions on Iran’s oil sector are impacting the Islamic Republic’s ability to potentially increase production in the long term if the U.S.-Iran tensions subside and sanctions ease. Iran Continue Reading
At least a quarter of Iran’s oil rigs are out of action as U.S. sanctions strangle the Islamic Republic’s vital oil industry, according to a Reuters review of financial documents Continue Reading
Iran has had 237 deaths from coronavirus and 7,161 infections, Health Ministry spokesman Kianush Jahanpur said on state TV on Monday. The figures included 595 new infections and 43 new Continue Reading
As the world watches an oil price war unfold between Russia, OPEC, and US shale, another major crisis is looming in the Middle East. Saudi Arabia is facing multiple existential Continue Reading
Iran is positioning itself to benefit from the fallout from Saudi Arabia’s latest disastrous handling of the global oil markets. The Kingdom’s ability to metaphorically shoot itself in the foot Continue Reading
Saudi Arabia has announced it will slash its official selling prices for crude by between $4 and $8 per barrel, Arab News reports , to be in effect from April Continue Reading
Iraq’s oil production rose 3% in February to 4.5 million b/d, the country’s oil marketer SOMO said Monday, confirming another month of output above its OPEC+ quota of 4.46 million Continue Reading
At least three buyers of Saudi Arabian oil requested between 30% and 50% more supplies than they had originally planned in April after the world’s biggest exporter slashed its prices, according Continue Reading
Saudi Arabia escalated its oil price war with Russia on Tuesday, with its state-owned company pledging to supply a record 12.3 million barrels a day next month, a massive production Continue Reading
The sudden upheaval in the oil markets may claim victims around the world, from energy companies and their workers to governments whose budgets are pegged to the price of crude. Continue Reading
First he ordered the detention of at least four senior members of his own royal family . The next day he plunged Saudi Arabia into a price war with Russia Continue Reading
The oil price war that Saudi Arabia and Russia started will hurt the fiscal revenues of the oil producers in the Persian Gulf, including the Saudis, OPEC’s top producer and Continue Reading
Washington has plans to issue warnings to oil shippers , insurers, and port authorities that storing Iranian crude oil will bring the wrath of US sanctions, a US State Department Continue Reading
Iraq has closed five land borders with Iran, Iran’s Irna news agency reported. However, the Islamic Republic of Iran Customs Administration (IRICA) announced Sunday that this is a temporary closure Continue Reading
Drilling of Lebanon’s first offshore well started on February 27. All eyes are pinned on Byblos 1, waiting to find out whether it is a dry or a commercial well. Continue Reading
Saudi Arabia’s oil and gas giant, Aramco, has been given the go-ahead to launch the Jafurah shale gas field project, which will be the biggest shale gas development outside the Continue Reading
Shares of Saudi state oil company Aramco 2222.SE slumped below their initial public offering (IPO) price on Sunday for the first time since they began trading in December after OPEC’s Continue Reading
Shares in Saudi Aramco ( 2222.SE ) plunged 10% in opening trade on Monday, following a sharp drop in oil prices after Saudi Arabia slashed its official selling prices for Continue Reading
Saudi authorities began releasing officials and royal family members questioned in a security clampdown, as the government sought to end speculation about the health of King Salman by publishing photographs Continue Reading
Oil prices crashed by as much as 30 percent after Saudi Arabia fired the first shots in a price war, in crude’s biggest one-day fall since the early 1990s Gulf Continue Reading
DUBAI (Reuters) – Saudi Arabia has detained two senior members of the Saudi royal family – Prince Ahmed bin Abdulaziz, the younger brother of King Salman, and Mohammed bin Nayef, Continue Reading
Saudi Arabian authorities detained two of the kingdom’s most prominent figures for an alleged coup attempt, further consolidating the power of the king’s son, Crown Prince Mohammed bin Salman, and Continue Reading
Fayez Nureldine/Agence France-Presse — Getty Images In a fresh episode of Saudi palace intrigue, Crown Prince Mohammed bin Salman has detained three members of the royal family, including a brother Continue Reading
The northwestern Chinese province of Gansu has confirmed 17 new coronavirus cases imported from Iran, bringing the total imported cases to 28, the province’s health authorities said late on Friday. Continue Reading
MOSCOW (Reuters) – Turkey and Russia agreed a ceasefire deal on Thursday in Syria’s Idlib region, their two leaders said after lengthy talks in Moscow to contain a conflict which Continue Reading
Participants at a recent ‘Future Energy Summit’ in Abu Dhabi discussed the problem of integrating variable renewable energy into electricity grids. Despite the significant challenges, an upbeat mood pervaded the Continue Reading
Syria’s war-battered Idlib region was quiet but tense on Friday as a ceasefire deal between Moscow and Ankara took effect, with residents and opposition forces describing a lull in air Continue Reading
Saudi Arabia expanded a rare freeze on pilgrimages to the Muslim holy cities of Mecca and Medina by foreigners to also include Saudi citizens and residents due to concerns about Continue Reading
The Middle East oil exporters are grappling with depressed demand in their key market, China, due to the coronavirus outbreak. The economies of the Arab Gulf countries are feeling the Continue Reading
Iraq needs a positive impetus to leave behind the travails of 2019 – the widespread demonstrations, the geopolitical flare-up engendered by the assassination of Major General Soleimani in Baghdad, the Continue Reading
A spokesman for the Saudi-led coalition in Yemen announced on Wednesday that it had staved off an attack on an oil tanker in the Arabian Sea, Saudi news agency SPA Continue Reading
The coronavirus outbreak sweeping through Iran has delivered a jarring blow to the senior ranks of its government, infecting about two dozen members of parliament and at least 15 other Continue Reading
