Nasdaq Saad al-Kaabi, the head of Qatar’s state-run energy company, said on Monday all oil and gas trade should be depoliticized, calling for policies to move away from sanctions and anti-free market agreements. The comments by Kaabi, who is also Qatar’s minister of state for energy, come ahead of a Gas Exporting Countries Forum (GECF) meeting in Egypt and echo
US News LONDON – Oil prices rose on Friday in choppy trade as hopes of stronger Chinese demand and output cuts by OPEC and its allies offset concern about a global economic downturn and the impact of interest rate rises on fuel use. To fight inflation, the U.S. Federal Reserve is trying to slow the economy and will keep
US Money RIYADH – Neither side is backing down in a battle of wills over oil between Saudi Arabia’s Crown Prince and U.S. President Joe Biden, putting severe strain on their countries’ energy-for-security alliance, although a full rupture looks unlikely, Gulf sources and experts said. As de facto leader of the OPEC+ oil group, Saudi Arabia risked U.S. wrath
World Oil (Bloomberg) — The U.S. has accused Saudi Arabia of siding with Russia after it led OPEC+ in a shock decision to slash crude output, keeping oil prices high at a time of global concern about inflation. The world’s largest oil exporter insists the decision was about economics, not politics. The move marks a significant moment in the more
World Oil (Bloomberg) — Arabian Drilling Co., a Saudi oilfield-services firm partly held by Schlumberger NV, hired Goldman Sachs Group Inc, HSBC Holdings Plc and SNB Capital to manage its IPO in Riyadh, seeking to join a steady stream of Gulf firms tapping equity markets. The firm will sell 26.7 million shares, or a 30% stake, in initial public offering, according
Oil Price An oil spill has forced a shutdown of all crude oil exports from Iraq’s Basra Port, oil sector sources said on Friday, cited by Reuters. With four tanker berths, the Basra oil terminal can process 3.3 million barrels of crude oil per day, although the country had plans to raise this capacity to 3.45 million barrels per
CNBC The return of the Iran nuclear deal could be imminent — and with it, the return of a lot of oil to international crude markets. Before the U.S. resumed sanctions on Iran after former President Donald Trump left the deal in 2018, Iran was the third-largest producer in OPEC after Saudi Arabia and Iraq. In 2017, it was
Yahoo News JERUSALEM – A new nuclear deal between world powers and Iran would allow other nations to avoid sanctions and give Teheran $100 billion a year to destabilise the Middle East, Israeli Prime Minister Yair Lapid said on Wednesday. The United States aims to respond soon to a draft accord proposed by the European Union that would restore the
World Oil (Bloomberg) — Saudi Arabia’s oil exports reached $31 billion in June, the highest in at least six years, driven by a rally in prices and rising production. Monthly crude exports topped more than $1 billion a day and jumped 94% year-on-year, the kingdom’s statistics office said on Wednesday. Second-quarter oil exports were more than $91 billion, or
World Oil (Bloomberg) — Iran warned that proposed U.S. legislation targeting the Islamic Republic could further imperil stalled Biden administration efforts to resurrect the moribund nuclear deal. The bipartisan U.S. Senate bill, called the Iran Nuclear Weapons Capability Act of 2022, seeks to compel the government to assess the dangers posed by Iran and come up with a strategy to
Yahoo NEW DELHI – Russia is seeking payment in United Arab Emirates dirhams for oil exports to some Indian customers, three sources said and a document showed, as Moscow moves away from the U.S. dollar to insulate itself from the effects of Western sanctions. Russia has been hit by a slew of sanctions from the United States and its allies
World Oil (Bloomberg) — President Joe Biden said he expects further oil supply increases from Saudi Arabia to help tame fuel costs at home after a landmark meeting with the kingdom’s rulers. Biden’s trip didn’t result in an immediate pledge for a production hike, but US officials said they were confident that Riyadh would lead the OPEC+ alliance to
