Investing LONDON – Oil prices surged more than 3% on Monday as military clashes between Israel and the Palestinian Islamist group Hamas ignited fears that a wider conflict could impact oil supply from the Middle East. Brent crude was up $3.07, or 3.6%, to $87.65 a barrel by 1341 GMT, while U.S. West Texas Intermediate crude was at $86.15 a barrel,
World Oil (Bloomberg) – Saudi Arabia’s economic output is expected to contract this year as a series of oil-production cuts pose a risk to the kingdom which is heavily reliant on energy prices and crude production, according to the World Bank. Gross domestic product in the OPEC+ member is now seen shrinking 0.9% this year, according to the World Bank’s
Oil Price Abu Dhabi National Oil Company (ADNOC), one of the largest NOCs around, has been directed to expand internationally. The NOC, already making headlines with its plans to potentially acquire Germany’s Covestro and a major stake in Israel’s NewMed Energy, is now openly going to put in place a direct internationalization strategy, as ordered by the Abu Dhabi Executive
World Oil (Bloomberg) – Saudi Arabia and Russia reaffirmed that they will stick with oil production curbs of more than 1 MMbpd until the end of the year as a rally in prices falters. The leaders of the OPEC+ coalition announced the plans in separate official statements on Wednesday. Riyadh has slashed crude oil production by 1 MMbpd, and Moscow
World Oil (WO) – His Excellency Mr. Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of QatarEnergy, highlighted the importance of harmonizing energy security, affordability and sustainability in the quest for an equitable and realistic energy transition. In remarks at the Ministerial Plenary Meeting, as part of Tokyo’s Green Transformation Week, His Excellency Minister
World Oil (Bloomberg) – Saudi Arabia may be getting closer to declaring its oil-market mission accomplished than traders realize, according to Rapidan Energy Group. Riyadh has propelled Brent crude toward $100 a bbl by slashing oil production just as global fuel demand hit record levels. That may soon be enough for the kingdom to start reviving production again, rather than risk
Oil Price Iraq’s Prime Minister Mohammed Shiaa al-Sudani is meeting this week in New York with representatives of dozens of U.S. energy companies to pitch potential investments in the Iraqi natural gas sector. “My government is serious about investment in gas and to be an active and powerful player in the gas market,” the Iraqi official has told Bloomberg Television in an
Oil Price Five Americans imprisoned in Iran were officially flown out of Tehran on Monday as the U.S. unfroze some $6 billion in Iranian oil funds held for five years in South Korea. The prisoner swap deal also included the release of five Iranian prisoners being held by Americans, two of whom plan to stay in the U.S. As of late morning
Oil Price Last week, Brent crude topped $90 per barrel for the first time since last November, and WTI climbed to an 11-month high, too. The reason: Saudi Arabia and Russia said they would extend their oil supply cuts until the end of the year. The decision was hardly unexpected. What was unexpected was the length of the extension. It
Nasdaq DUBAI – Saudi Arabia faces the risk of an economic contraction this year following its decision to extend crude production cuts, highlighting its still heavy reliance on oil as reforms to diversify are slow moving. Riyadh says it aims to stabilise the oil market by extending a voluntary oil output cut of 1 million barrels per day until the end of
Oil Price The premium for Brent Crude prices to Dubai crude has evaporated in recent weeks and has swung to a discount as Middle East oil availability has shrunk with OPEC+ and Saudi production cuts. This dramatic shift in the usual trading pattern could change global oil flows and prompt Brent-linked barrels to sell more easily on the Asian markets.
Nasdaq DUBAI – Saudi Arabia will extend a voluntary oil output cut of one million barrels per day for another month to include September, the state news agency SPA said on Thursday. The agency cited an official source at the ministry of energy as saying the cut can be “extended, or extended and deepened”. The kingdom’s production for September will
