(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
(World Oil)– The U.S. sealed a trade deal with Pakistan as their officials wrapped up talks in Washington, agreeing to develop oil reserves. The pact involves a reduction of the so-called reciprocal tariffs, especially on Pakistani exports, according to a statement by Pakistan’s finance ministry on Thursday. No details on tariffs were shared by either side. U.S. President Donald Trump
(BOE Report) – U.S. Gulf Coast refiners are snapping up higher volumes of Middle Eastern and South American crudes to offset the loss of Venezuelan and Mexican barrels, according to ship tracking data, a workaround solution that might be short-lived if the U.S. allows some sanctioned Venezuelan crude to return to the market. The shake-up in trade flows reflects a
(BOE Report)– Oil markets have remained remarkably resilient so far this year, despite concerns over U.S. President Donald Trump’s trade policies and rising OPEC+ production quotas. But that strength will now be tested, as Saudi output is starting to surge just as demand appears to be slowing. Benchmark oil prices are currently near $70 a barrel, down from a 2025
(Oil Price) – After two years of playing the role of OPEC+ model citizen, Saudi Arabia has decided it’s time to loosen the tie—at least according to the IEA. According to the International Energy Agency, the Kingdom overshot its June production quota by a whopping 700,000 barrels per day, pumping 9.8 million bpd—the highest in two years. OPEC’s official production figures
(BOE Report)– Oil markets are absorbing OPEC+ production increases without building inventories, which means they are thirsty for more oil, United Arab Emirates’ Energy Minister Suhail al-Mazrouei said on Wednesday. OPEC+, which pumps about half of the world’s oil, has been curtailing production for several years to support the market. But it has reversed course this year to regain
(Oil Price)– Saudi Arabia’s crude exports soared by 412,000 barrels per day (bpd) in April from March, the latest data by the Joint Organizations Data Initiative (JODI) showed on Tuesday. Saudi Arabia, the world’s top crude exporter, saw its exports in April at an average of 6.17 million bpd, according to the JODI data which compiles self-reported figures from the individual
(BOE Report)– The United States imposed sanctions on Thursday against a business network that smuggles Iranian oil disguised as Iraqi oil, as well as sanctions targeting a Hezbollah-controlled financial institution, the Treasury Department said. The network of companies run by Iraqi businessman Salim Ahmed Said has been buying and shipping billions of dollars worth of Iranian oil disguised as, or
