Oman Looks At Full Oil Industry Overhaul
With a fiscal breakeven oil price of US$87.55 per barrel (pb) of Brent in 2020 and 80 per cent of its revenues still coming directly or indirectly from the hydrocarbons Continue Reading
Eastern Libyan force warns against transporting military equipment in civilian planes
The eastern-based Libyan National Army force said on Sunday it had monitored a Boeing 747-412 that had flown from Istanbul to Libya carrying military equipment. LNA spokesman Ahmed Mismari warned Continue Reading
Erdogan says Turkey will increase military support to Libya if necessary
Turkey will increase its military support to the internationally recognized government of Libya if necessary and will evaluate ground, air and marine options, President Tayyip Erdogan said on Sunday, after Continue Reading
Saudis, Kuwait Near End to Spat Over Shared Oil Fields
The deal could still fall through at the last minute and the two countries, which reached a preliminary agreement in October, are unlikely to restart production immediately, the people familiar Continue Reading
Russia Strengthens Its Grip On Syrian Oil
Following the various recent announcements from U.S. President Donald Trump that he wants the country to withdraw from all areas of potential conflict in the Middle East – except Saudi Continue Reading
Iran’s leader ordered crackdown on unrest – ‘Do whatever it takes to end it’
After days of protests across Iran last month, Supreme Leader Ayatollah Ali Khamenei appeared impatient. Gathering his top security and government officials together, he issued an order: Do whatever it Continue Reading
Saudi sentences five to death, three to jail in Khashoggi case
Saudi Arabia’s public prosecutor said on Monday five people had been sentenced to death and three more to jail terms totaling 24 years in the case of the killing of Continue Reading
Saudi Arabia sentences five to death for killing journalist Jamal Khashoggi inside Turkish consulate
The country’s top prosecutor said three more people were sentenced to jail terms totaling 24 years. Saud al-Qahtani, an aide to Crown Prince Mohammed bin Salman and the most senior Continue Reading
Isis in Iraq: Militants ‘getting stronger again’
IS was uprooted after a long fight in Iraq, but it was never completely defeated There are growing indications that the Islamic State (IS) group is re-organising in Iraq, two Continue Reading
Facing tighter OPEC policy, Iraq continues output cuts
Iraq has continued to reduce its oil production as it moves closer to compliance with an OPEC agreement designed to bolster global oil prices. The federal government and the autonomous Continue Reading
2020 budget delayed amidst political chaos
Iraqi Prime Minister Adil Abd al-Mahdi has indicated he is unlikely to send a draft 2020 budget to Parliament, instead leaving the next government to answer tough questions about how Continue Reading
Exclusive: U.S. probe of Saudi oil attack shows it came from north – report
The United States said new evidence and analysis of weapons debris recovered from an attack on Saudi oil facilities on Sept. 14 indicates the strike likely came from the north, Continue Reading
Saudis Look At Bond Market To Fund Move Away From Oil
Crown Prince Mohammed bin Salman finally saw Saudi Aramco reaching the US$2 trillion valuation he has sought for years. Yet, this record-breaking valuation , achieved on the second day of Continue Reading
Israel’s Massive Gas Field To Start Producing On December 23
Israel’s biggest natural gas field, Leviathan, is expected to begin production on Monday, the Israeli energy ministry said on Thursday, after a Jerusalem court rescinded an injunction that it had Continue Reading
Aramco’s Opening Rally Comes To An End
Shares in Saudi Aramco dipped 3.27 percent on Thursday as the oil giant was hit by profit-taking, ending the trading week in Saudi Arabia among the top losers today, and Continue Reading
Israel approves final permits to allow first gas exports to Egypt
Gas supplies by pipeline from Israel to Egypt are on course to begin by the end of 2019 after Israeli energy minister Yuval Steinitz on Monday signed the final permits Continue Reading
Volkswagen and Qatar to put autonomous electric vehicles on Doha roads in 2022
Volkswagen AG and the Qatar Investment Authority (QIA) are partnering in Project Qatar Mobility, which will put a fleet of self-driving Level 4 electric shuttles into operation in the Qatar Continue Reading
Iraq’s 550,000 Bpd Oil Deal Is In Jeopardy
The much-vaunted deal involving the transfer of oil from the semi-autonomous region of Kurdistan in Iraq’s north in exchange for budget disbursements from the federal government is in Baghdad in Continue Reading
How one deadly day prompted Iraqi leader’s exit
In the pre-dawn hours of Nov. 28, after Iraqi demonstrators set the Iranian consulate in the southern holy city of Najaf ablaze, the killings began. By the end of that Continue Reading
US sanctions on Iranian oil impeding foreign investment, slowing product exports: official
Iran’s oil export revenues have fallen to zero US sees Iranian attempts to evade sanctions Hook gives no sign US open to sanctions relief US sanctions on Iran’s oil exports Continue Reading
U.S. Turns Up Pressure on Iran With Sanctions on Transportation Firms
Secretary of State Mike Pompeo announced Wednesday that the United States plans to impose new sanctions on Iran’s largest shipping company and a major airline for what he said were Continue Reading
The Uncomfortable Truth Behind Iraq’s Violent Protests
Recent protests in Iraq have demanded an end to rampant state corruption, the removal of foreign influences from Iraqi politics and the proper provision of public services. State-Society Relations in Continue Reading
Cyprus To Continue Gas Field Development Despite Israel’s Objection
Cyprus will proceed with the development of a natural gas field in Cypriot waters in the Mediterranean despite the fact that Israel has advised the field’s developers not to begin Continue Reading
Iraqi crude output rebounds in Nov, exports rise: SOMO
Iraqi crude oil production rose by 19,000 b/d on the month to 4.595 million b/d in November, the country’s State Oil Marketing Organization said Wednesday, amid higher exports from both Continue Reading
Saudi Aramco tops Crown Prince’s $2 trillion goal as shares surge
Saudi Aramco topped the $2 trillion target sought by Saudi leader Crown Prince Mohammed bin Salman on Thursday as its shares clocked up the second day of gains, defying some Continue Reading
U.S. imposes new sanctions on Iran airline over proliferation
The United States on Wednesday imposed new sanctions on Iran’s biggest airline and its shipping industry, accusing them of transporting lethal aid from Iran to Yemen and weapons of mass Continue Reading
Iran-backed attacks in Iraq risks uncontrollable escalation – U.S. official
A senior U.S. military official said on Wednesday attacks by Iranian-backed groups on bases hosting U.S. forces in Iraq were gathering pace and becoming more sophisticated, pushing all sides closer Continue Reading
Will The Aramco IPO Help Saudi Arabia Meet Its Vision 2030 Goals?
Announcing the development on November 3, Saudi Aramco said that the offer period will run from November 17 to December 4, and the IPO would be priced on December 5. Continue Reading
This Exploration Blind Spot Offers Great Promise
Based on currently available geophysical data, the Lebanese government estimates that the offshore oil and gas frontier areas in the East Mediterranean may hold around 25 trillion cubic feet of Continue Reading
Prisoner swap increases likelihood of US-Iran talks, sanctions relief: analysts
Trump administration ‘hopeful’ that Iran will agree to negotiations Iran may pursue more swaps aimed at easing oil sanctions US, Iran do not agree on sanctions preconditions This weekend’s US-Iran Continue Reading
Boost for Saudi Arabia as Aramco shares surge 10% on debut
Saudi Aramco ( 2222.SE ) shares surged the maximum permitted 10% above their IPO price on their Riyadh stock market debut on Wednesday, closing in on the $2 trillion valuation Continue Reading
China Quietly Ramps Up Oil Production In Iran
The supergiant Azadegan oil field, comprising major north and south sites, is as important to Iran’s overall strategic plan to survive the current sanctions environment and to prosper when they Continue Reading
Erdogan: Turkey and Libya can conduct joint explorations in eastern Med
Turkey and Libya can carry out joint exploration operations in the eastern Mediterranean after the two sides signed a deal on maritime boundaries, Turkish President Tayyip Erdogan said on Monday Continue Reading
Aramco Looks To Build An LNG Fleet
Aramco’s shipping division has issued an expression of interest in the chartering of up to a dozen LNG carriers beginning in 2025, Reuters reports , citing industry sources. Liquefied natural Continue Reading
Foreign Investors Get 23% Of Saudi Aramco’s Institutional IPO
Less than a quarter, or 23 percent, of the institutional portion of Saudi Aramco’s initial public offering went to non-Saudi investors, the head of Investment Banking at National Commercial Bank, Continue Reading
Iran President Announces Russia-Backed “Budget of Resistance”
Iran’s President Hassan Rouhani announced a “budget of resistance” to U.S. sanctions, including a $5-billion loan from Russia. Reuters quoted Rouhani as saying the budget would reduce Iran’s dependence on Continue Reading
Saudi Arabia plans for lower 2020 oil revenues on OPEC cuts, global trade disputes
Saudi Arabia on Monday revealed its 2020 budget, forecasting lower oil income due to OPEC production cuts and a lesser reliance on its lifeblood industry in the coming years as Continue Reading
What does the Aramco IPO tell us about Saudi reforms?
The excitement was palpable as bankers, one group at a time, stepped on to buses that shuttled them from Riyadh’s Ritz-Carlton hotel to a meeting with Saudi officials. Saudi Arabia, the Continue Reading
Lower Oil Production Will Cause Saudi Budget Deficit To Balloon
Saudi Arabia is predicting that its budget deficit will balloon to US$50 billion next year as low oil prices and lowered production eat into the Kingdom’s oil revenue, according an Continue Reading
Iran’s new budget has Russian loan, US sanctions continuing in new year
Iranian President Hassan Rouhani on Sunday proposed next year’s budget of about $115 billion, including a $5 billion loan from Russia and continuation of US sanctions against the country’s oil Continue Reading
Iran outlines budget to resist U.S. sanctions as oil exports plunge
Iran’s president presented a draft state budget of about $39 billion to parliament on Sunday, saying it was designed to resist U.S. sanctions by limiting dependence on oil exports. Officials Continue Reading
United States and Iran swap prisoners in rare act of cooperation
The United States and Iran each freed a prisoner on Saturday in a rare act of cooperation between two longtime foes whose ties have worsened since President Donald Trump took Continue Reading
Forget The Hype, Aramco Shares May be Valued At Zero Next Year
This week will see the onset of full trading activity in the shares of Saudi Arabia’s flagship oil company, Aramco. Through a combination of wooing local retail investors via preferential Continue Reading
Oman’s economy contracted 1.9% in first half of 2019: central bank
Oman’s economy contracted by 1.9% in nominal terms in the first half of the year as the non-oil sector shrank, the central bank said on Monday. The Gulf state’s finances Continue Reading
Saudi Aramco Shares To Start Trading On December 11
Following the largest-ever initial public offering, Saudi Aramco’s shares will be listed and start trading on the main market of the Saudi oil exchange on Wednesday, December 11, the Saudi Continue Reading
IS steps up nighttime assaults near Diyala oil fields
Thousands of Islamic State militants are believed to be in the area, exploiting security gaps. Iraqi fire fighters battle a fire in the Alas oil field on Oct. 8, 2017, Continue Reading
Iran deal limps on as Europeans delay sanctions blow
European powers demanded at talks on Friday that Iran stop violating their nuclear deal, but stopped short of triggering a mechanism that could renew U.N. sanctions and kill the 2015 Continue Reading
Iraq protest death toll mounts as cleric warns against meddling
Iraq’s top Shi’ite Muslim cleric said that a new prime minister must be chosen without foreign interference in an apparent nod to Iranian influence as gunmen killed at least 14 Continue Reading
Iran: We Won’t Agree To Any Production Cuts In The Future
Before OPEC members sat down to wrangle about production quotas and compliance on Thursday, the oil minister of Iran—exempted from the ongoing cuts because of the U.S. sanctions crippling its Continue Reading
Washington blacklists Iran-backed Iraqi militia leaders over protests
The United States on Friday blacklisted three Iran-backed Iraqi paramilitary leaders over their alleged role in killings of anti-government protesters in Iraq, the U.S. Treasury Department said. They are the Continue Reading