OPEC+ Postpones its output policy meeting until Dec 5
OPEC announced on Thursday that the OPEC+ group of oil producing countries had postponed their next meeting regarding output policy from December 1 to Dec. 5, to avoid a clash with another event. OPEC announced that several OPEC+ Ministers will attend a summit of Gulf Arab Countries to be held on December 1 in Kuwait City. Before the official announcement, a source said that "Sunday is not for everyone". Top OPEC+ Ministers held discussions ahead of the summit.
Kuwait and Qatar in negotiations for new LNG supply contract of 15 years from North Field
Qatar Energy has been in discussions with Kuwait Petroleum Corporation for a long-term supply liquefied gas (LNG). This will help to meet the rising demand in Gulf Arab State for electricity generation. Four sources confirmed that the deal will see Qatar provide Kuwait with 3,000,000 metric tons of seaborne fuel per year (mtpa), over a period of 15 years, from its North Field Project, which should begin operations in 2026.
IEA: Early Signs of Recovery Visible, But Oil Demand Still Set For Record Fall
Oil demand is still set for a record fall in 2020, the International Energy Agency (IEA) said on Thursday, but it trimmed its forecast for the drop citing easing lockdown measures.Demand is expected to fall by 8.6 million barrels per day (bpd), the IEA said in its monthly report, raising its estimate by 690,000 bpd compared to last month.Around 2.8 billion people will be living under confinement measures aimed at containing the novel coronavirus at the end of May…
IEA: New Cuts by Saudi Arabia and Others Unlikely to Balance Oil Market
International Energy Agency (IEA) Executive Director Fatih Birol said on Thursday that recently announced oil output cuts by major Gulf Arab producers would likely not be enough to balance global markets as coronavirus lockdowns hollow out demand."I am happy to see Saudi Arabia, the Emirates and Kuwait - on top of their existing commitments - are now going to make further cuts.
Saudi Aramco Sets Record $25.6 Bln IPO
State-owned oil giant Saudi Aramco's initial public offering (IPO) will be the biggest in history, but will fall short of the towering $2 trillion valuation long sought by Crown Prince Mohammed bin Salman.Aramco priced its IPO at 32 riyals ($8.53) per share, the top of its indicative range, the company said in a statement, raising $25.6 billion and beating Alibaba Group Holding Ltd's record $25 billion listing in 2014.At that level…
Two Tankers Attacked in Gulf of Oman
Two oil tankers were attacked in the Gulf of Oman on Thursday, leaving one ablaze and both adrift, shipping firms said, driving oil prices as much as 4% higher over worries about Middle East supplies.The Front Altair, carrying petrochemical feedstock, was on fire in waters between Gulf Arab states and Iran after an explosion that a source blamed on a magnetic mine. The Norwegian owner said its…
Oil Falls on U.S. Factory Data
Oil prices fell on Tuesday, a day after data showing a decline in U.S. factory orders dragged both benchmarks down from 2019 highs.Despite the slide, investors expect U.S. sanctions on Venezuela and production cuts led by OPEC to head off a glut this year, buoying prices.U.S. crude futures were down 50 cents, or 0.9 percent, at $54.06 a barrel by 1400 GMT. They touched their highest in more than two months at $55.75 the previous day.Brent crude futures were down 46 cents…
Qatar to Leave OPEC
Qatar said on Monday it was quitting OPEC from January to focus on its gas ambitions, taking a swipe at the group's de facto leader Saudi Arabia and marring efforts to show unity before this week's meeting of exporters to tackle an oil price slide.Doha, one of OPEC's smallest oil producers but the world's biggest liquefied natural gas (LNG) exporter, is embroiled in a protracted diplomatic row…
Kuwait Tackles Another Offshore Oil Spill
Major oil exporter Kuwait is dealing with another crude oil spill off its southern coast, state news agency KUNA said on Monday, the latest in a series of unexplained leaks in the Gulf Arab state in recent months. KUNA said the latest spill has been detected in the Ras al-Zour area, where Kuwait National Petroleum Company (KNPC) is building the Middle East's largest oil refinery with a capacity of 615,000 barrels per day at a cost of $11.5 billion in contracts.
Exxon Mobil profit disappoints Wall Street, Chevron shines
Exxon Mobil Corp posted a rare earnings miss on Friday, the only international oil producer to do so last quarter, as production slipped in its African and Canadian operations. Exxon's results were overshadowed by rival Chevron Corp , which easily exceeded Wall Street's expectations with a double-digit percentage increase in production. Royal Dutch Shell Plc, Total SA and Statoil ASA this week delivered profits that topped expectations also.
Saudis, Allies give Qatar Two Days to Accept Demands
Trump calls Gulf Arab leaders, voices concern. Doha says four states target its sovereignty. Four Arab states which accuse Qatar of supporting terrorism agreed to extend until late on Tuesday a deadline for Doha to comply with a list of demands, as U.S. President Donald Trump voiced concern to both sides about the dispute. Qatar has called the charges baseless and says the demands, including closing Qatar-based al Jazeera TV and ejecting Turkish troops based there…
Gulf States Squeeze Qatar as Solution Proves Elusive
Qatar, major gas exporter, calls for dialogue, diplomacy; evidence of economic pressure mounts, alarming markets. Gulf states cranked up the pressure on Qatar on Thursday as U.S. President Donald Trump and Kuwait's emir worked to end an Arab row that Qataris say has led to a blockade of their country, an investment powerhouse and supplier of gas to world markets. With Trump offering to help resolve the crisis…
Oil Dips as Qatar Rift Threatens Output Cuts
Oil falls as some question impact of diplomatic row over Qatar. Oil prices fell on Monday on concerns a diplomatic rift among some of the Arab world's major energy producers could weaken a global deal on output cuts, while sterling shrugged off a deadly attack in London and focused on this week's UK election. Wall Street looked likely to open down 0.1 percent, index futures showed , after falls on European bourses.
China, Saudi Arabia Mull Billions in Energy Deals
King seeking investments after launching reforms; Saudi Arabia, China looking at refinery, petrochemical projects. Saudi Arabia's King Salman oversaw the signing of deals worth potentially $65 billion on the first day of a visit to Beijing on Thursday, as the world's largest oil exporter looks to cement ties with the world's second-largest economy. The octogenarian monarch, who has overseen the launch of an ambitious economic reform plan since his accession two years ago…
Britain Plans to Deepen Security Cooperation with Gulf
Britain plans to deepen security cooperation with Gulf Arab countries and work with them to counter Iranian actions in the region, Prime Minister Theresa May said on Wednesday. Addressing a meeting on the sidelines of the Gulf Cooperation Summit in Bahrain, May said Britain would invest more than 3 billion pounds in defence spending in the region over the next decade. "Gulf security is our security," May said.
Saudis Halt Egypt Oil Shipments
Saudi Arabia has informed Egypt that shipments of oil products expected under a $23 billion aid deal would be halted indefinitely, suggesting a deepening rift between the Arab world's richest country and its most populous. Saudi Arabia agreed to provide Egypt with 700,000 tonnes of refined oil products per month for five years in April, during a visit by King Salman. The cargoes stopped arriving at the start of October…
Al Qaeda Still Reaping Oil Profits in Yemen
Al Qaeda may have been pushed out of the enclave it carved out in Yemen as the country descended into civil war, but the militants are still entrenched in other parts of the country's south, reaping profits from smuggled fuel. Scores of militants were killed in a Gulf Arab-backed offensive on Al Qaeda's de facto capital of Mukalla, Yemen's third largest seaport, but hundreds fled to neighbouring Shabwa province and beyond.
Shift in Saudi oil thinking deepens OPEC split
Saudis no longer targetting oil prices. As OPEC officials gathered this week to formulate a long-term strategy, few in the room expected the discussions would end without a clash. But even the most jaded delegates got more than they had bargained with. "OPEC is dead," declared one frustrated official, according to two sources who were present or briefed about the Vienna meeting. This was far from the first time that OPEC's demise has been proclaimed in its 56-year history…
Yemeni Forces Seize Main Oil Terminal From al Qaeda
Yemeni government forces and their Emirati allies took back control of the country's largest oil export terminal from al Qaeda on Monday, security officials said, a day after routing the militants from their nearby stronghold. The lightning advance is a major shift in strategy for the Saudi-led coalition forces, which for over a year have focused their firepower on the Iran-allied Houthis who had seized the capital Sanaa and driven the government into exile.
Shift in Saudi Oil Thinking Deepens OPEC Split
As OPEC officials gathered this week to formulate a long-term strategy, few in the room expected the discussions would end without a clash. But even the most jaded delegates got more than they had bargained with. "OPEC is dead," declared one frustrated official, according to two sources who were present or briefed about the Vienna meeting. This was far from the first time that OPEC's demise has been proclaimed in its 56-year history…
