(BOE Report) – Iraq is in negotiations over the size of its OPEC quota within its available capacity of 5.5 million barrels per day, oil minister Hayan Abdel-Ghani said at an oil conference on Monday. The country, OPEC’s biggest overproducer, submitted plans in April to make further oil output cuts to compensate for pumping above agreed quotas. Abdel-Ghani said that
(World Oil)– Baker Hughes has secured a multi-year agreement from Aramco to significantly expand its integrated underbalanced coiled tubing drilling (UBCTD) operations across Saudi Arabia’s natural gas fields. The order, booked in the third quarter of 2025, will see Baker Hughes increase its active UBCTD fleet from four to ten units beginning in 2026. Under the new contract, Baker Hughes
(Oil Price) – Saudi Arabia’s crude oil exports surged by 413,000 barrels per day (bpd) in August, to the highest level in six months, as the world’s top crude exporter and the OPEC+ group accelerated the reversal of the production cuts. Saudi Arabia’s crude oil production also soared in August, by 521,000 bpd from July, the latest data by the Joint
(BOE Report)– The International Monetary Fund upgraded its 2025 economic growth forecast for Saudi Arabia on Tuesday due to a faster-than-expected unwinding of oil production cuts in the world’s top crude exporter. In its latest World Economic Outlook, the IMF lifted its forecast for Saudi Arabia’s GDP growth in 2025 to 4%, from 3% it projected in April. Growth in
(World Oil) – Exxon Mobil Corp. Chief Executive Officer Darren Woods renewed criticism of the European Union’s energy policies while praising U.S. President Donald Trump’s approach. The Texas oil and gas giant is slowing investment in Europe and selling assets, with Woods describing the bloc’s climate and human rights regulations as “slowing things down and trying to over-prescribe unpractical” solutions.
(Oil Price) – Saudi Aramco can sustain its oil production at its maximum capacity of 12 million barrels per day (bpd) for a year without additional investments, Amin Nasser, the chief executive of the Saudi state oil giant said at the Energy Intelligence Forum in London on Monday. Concerns have emerged among analysts in recent weeks that the reversal of the OPEC+ cuts
(Oil Price)– Russia and Iran this week discussed boosting their cooperation in nuclear energy, including in building small nuclear reactors (SMRs) in the Islamic Republic, Iranian media report. Mohammad Eslami, director of the Atomic Energy Organization of Iran (AEOI), discussed nuclear energy cooperation in Tehran with Nikolai Spassky, Deputy CEO for International Relations at Rosatom, Russia’s state-owned nuclear energy company.
(World Oil)– ExxonMobil signed agreements that lay the groundwork for it to explore Iraq’s giant Majnoon oil field, ending the company’s near two-year hiatus in the country. The Texas oil major has signed heads of agreements with Basra Oil Co. and SOMO, Iraq’s oil marketing company, the nation’s Prime Minister Mohammed Shia Al-Sudani said Wednesday. Goal include developing the Majoon
(Oil Price)– Over the past decade, the Gulf Cooperation Council (GCC), comprising Saudi Arabia, Qatar, the UAE, Bahrain, Kuwait, and Oman, has advanced bold strategies to reshape its economies by reducing reliance on oil while developing new sectors like renewable energy, tourism, financial services, and digital innovation. Charting a course toward long-term economic resilience, these nations have launched sweeping infrastructure
(Oil Price)– The International Energy Agency (IEA) has revealed that electricity consumption in the Middle East and North Africa (MENA) has tripled since 2000, making the region one with the fastest-growing power demand on the planet. According to the IEA, the explosive growth was mainly driven by expanding populations and rising incomes, with air conditioning accounting for nearly half of peak
(Oil Price) – Chevron and state-owned Israel Natural Gas Lines Ltd have signed an agreement to build a natural gas pipeline from Israel’s giant Leviathan gas field to Egypt, Leviathan project participant NewMed Energy has said. Chevron’s unit Chevron Mediterranean Limited, the operator of the Leviathan Project, agreed with Israel Natural Gas Lines to provide transmission services for the flow of natural
(Oil Price) – Abu Dhabi’s oil and gas giant ADNOC has drilled some horizontal wells and tested oil to the surface at a shale play in the United Arab Emirates operated by EOG Resources, the chief executive of the U.S. shale giant said at a conference. In May, EOG Resources was awarded a new oil exploration concession for Unconventional Onshore Block 3 (UCO3) by Abu
