The 1980s: a rough decade for cars, rock music and oil The 1980s were a mixed up decade. Killer British-driven rock music and groundbreaking R&B artists were giving ground to wimpy, fake artists like Milli Vanilli. The era of glasspack, dual carb, Hurst-shifted Detroit muscle cars had thrown in the towel to embarrassing vehicles like Chrysler’s K-car. The U.S. had
OPEC production expected to stabilize A recent analyst note from KLR Group indicated that oil and gas markets could balance in 2017 as OPEC production begins to stabilize and U.S. production rolls off. Saudi Arabia’s oil production is expected to stay at about 10.4 MMBOPD, while Iran gradually ramps up production and Iraq’s output moderates. The crash in oil prices
Russia and Saudi Arabia may be more flexible on supply – Iraqi minister Both U.S. benchmark WTI and international benchmark Brent crude oils rose above the $32 mark today as new hope for a supply deal emerged. Iraqi Oil Minister Adel Abdel Mahdi said he saw “some flexibility” from Saudi Arabia and Russia for a deal to reduce output amid
Sanctions lifted on Iran Iran has officially carried out all measures required to start the Joint Comprehensive Plan of Action (JCPOA) and begin the implementation of sanctions relief, according to a statement from the International Atomic Energy Agency (IAEA). Saturday, called Implementation Day under the JCPOA, marked the beginning of the end of sanctions against Iran regarding its nuclear program.
The cost of insuring Saudi debt more than doubled in the last 12 months Investors looking for security on Saudi Arabia’s debt are looking at rates similar to what they would pay for Portugal, which carries a junk credit-rating, seven levels below Saudi Arabia’s Aa3 investment grade at Moody’s Investors Service. The cost of insuring the kingdom’s debt more than
Last week, a Saudi crown prince dropped a bombshell in an under-the-radar interview that was published in The Economist. He said that the kingdom was looking into spinning off Aramco, or some portion of it, to raise cash. Comments regarding a potential initial public offering (IPO) from the world’s largest oil company were received with shock and laughter from the
Would this result in the most valuable company in the world? ExxonMobil’s perch atop the oil and gas industry’s food chain may be on notice. Stricken by the effects of the commodity downturn which it caused, oil-dependent Saudi Arabia appears to be open to almost any source of income to soften the sting of the kingdom’s 2015 record deficit of
An expert on relations between the two countries weighs in on this week’s clash in an exclusive Oil & Gas 360® interview Relations continued to worsen this week between Iran and Saudi Arabia in the Middle East, with Iran claiming that Saudi Arabia intentionally struck its embassy in Yemen with an airstrike late Wednesday night. Yemen has served as a
Survey forecasts price of Arab Light OSP to Asia increasing $0.25-$0.60 per barrel Saudi Arabia plans to increase the price of its crude oil to Asia next month. The increase of OPEC’s largest producer’s official selling price (OSP) of its benchmark Arab Light to Asia comes in response to robust demand for its crude in Asian markets and to higher
Diplomatic ties cut in the Middle East Oil prices were up Monday morning as tension between nations in the Middle East continue to rise. Saudi Arabia’s execution of Shia Muslim cleric Nemer al-Nemer on Saturday ignited rage in Tehran, where the Saudi Arabian embassy was attacked. Saudi Arabia, along with Bahrain, Sudan and the U.A.E., have downgraded political ties with
An end of the year reflection on oil prices, global demand and OPEC by Greg Barnett It’s Thursday morning, December 31, 2015. I’m not going to sugar coat it – it’s been a tough year. There have been family deaths, cancer scares, a heart attack, a huge Category 4 tornado that was too close for comfort, and a new granddaughter,
Kingdom Hikes Petrol Prices to Offset Record 15% Budget Deficit Saudi Arabia knew there would be repercussions for its market-share-over-price strategy. The effects were apparent in its 2016 budget, released on December 28, 2015. In the first full year of sub-$50 oil prices in roughly a decade, Saudi posted a record deficit of approximately $98 billion (367 billion riyals) in
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