From The Houston Chronicle Saudi Arabian Oil Co. has the experience and infrastructure it needs to keep crude flowing should supply through the Strait of Hormuz be disrupted, according to the chief executive officer of the state-run producer. “We are increasing our readiness,” Amin Nasser said in an interview in Seoul on Tuesday. “We can supply through the Red Sea
By Tyler Losier, Energy Reporter, Oil & Gas 360 Downed drone leads to comments from White House As of mid-afternoon Thursday, WTI crude oil prices are trading at almost $57 after President Trump tweeted that Iran made a “very big mistake” by shooting down a U.S. spy drone over the Strait of Hormuz. According to CNBC, U.S. officials are reporting
By Tyler Losier, Energy Reporter, Oil & Gas 360 Two vessels seriously damaged after seemingly intentional strike Two tankers were attacked Thursday near the Strait of Hormuz in the Gulf of Oman, leading to a spike in oil prices as markets opened today. U.S. officials are blaming Iran for the incidents; however the country has vehemently denied any involvement. Source:
[EDITOR’S NOTE: this is the final installment of the OAG360 story in which Helen El Mallakh, director of the International Research Center for Energy and Economic Development (ICEED), discusses the changing political scene and the shifting geopolitical sands that are challenging the balance of oil producers in the Middle East. El Mallakh was keynote speaker at the Energy Finance Discussion
“The Middle East shapes energy politics, energy crises, and it has a huge impact on geopolitics” – Helen El Mallakh Ahead of the upcoming 174th OPEC meeting in Vienna, Austria, (scheduled for Friday, June 22, and immediately followed by the fourth OPEC/non-OPEC ministerial meeting Saturday), Helen El Mallakh, director of the International Research Center for Energy and Economic Development (ICEED)
National Oilwell Varco (ticker: NOV) reported a first quarter 2018 net loss of $68 million, or $(0.18) per share. Revenues for the first quarter were $1.8 billion, a decrease of 9% compared to the fourth quarter of 2017 and an increase of 3% from the first quarter of 2017. Operating loss for the first quarter of 2018 was $1 million,
Superior Drilling Products, Inc. (ticker: SDPI) had a net loss of $786 thousand in Q4 2017, or $(0.03) per share. For 2017, the company had a net loss of $279 thousand, or $(0.01) per share. Superior reduced debt by $3.9 million, or 23%, down to $12.8 million – compared to 2016’s debt of $16.7 million. Superior Chairman and CEO Troy
CB&I (ticker: CBI) won a contract for more than $95 million from the Aramco-Shell JV – Saudi Aramco Shell Refinery (SASREF). The scope of work includes the engineering, procurement and construction management for SASREF’s modernization and expansion of its existing refinery in Al-Jubail city, Saudi Arabia. “The relationship between CB&I and SASREF extends back for more than a decade, and
ISIS is losing territory and revenue, down 60%, 80% Three years after Islamic State leader Abu Bakr al-Baghdadi declared the ‘Caliphate’, the terrorist group known for its extreme brutality has lost more than 60 percent of its territory and 80 percent of its revenue, according to new analysis released today by IHS Markit. Governance project has failed The Islamic State’s caliphate
U.S. missile strike on Syria has some wondering about the return of a risk premium Crude futures jumped as much as 2% after the U.S. military attacked the Shayrat air base near Homs with Tomahawk missiles in response to Syria’s alleged use of chemical weapons during an air attack Tuesday on a rebel-held area. The attack was the most significant
Middle East Oil will account for Most of the World’s Demand Growth IEA Believes An updated analysis from the International Energy Agency (IEA) has determined that the current oil price environment has boosted the share of oil produced in the Middle East. At 31 million barrels per day, the region now accounts for 35% of global oil supplies, the highest
After Paris: U.S. and Russian air strikes target ISIS’s $50 million monthly oil revenues As the battle against ISIS continues, allied forces are increasingly targeting oil assets and the convoys of trucks being used to smuggle oil from ISIS-controlled oilfields. The idea is to cut off the major source of funding for the Islamic State’s barbaric terrorist activities. It is
