(Oil Price) – Saudi Arabia has boosted its crude oil exports from Egypt’s Mediterranean port of Sidi Kerir by about 33% in the month since the Houthis threatened Saudi oil shipments in the southern Red Sea and the Bab el-Mandeb Strait, tanker-tracking data compiled by Bloomberg showed on Friday. Saudi state oil giant Aramco, the world’s single largest crude oil exporter, has
(World Oil) – Saudi Arabia reported to OPEC that it increased crude oil production by just over 1 million barrels a day (MMbpd) last month, a reflection of the recovery among Persian Gulf producers during a brief ceasefire in the Iran war. The kingdom told the group it pumped 8.2 MMbpd of crude in July, up from 7.1 MMbpd in the
(Oil Price) – When Iran shut down the Strait of Hormuz, Saudi Arabia quickly redirected its oil flows to the Red Sea. Now, that route has become dangerous because of the Houthi blockade, so Saudi is rerouting to Egypt—and two LNG tankers in the Egyptian port of Damietta just got struck by drones. OPEC’s number-one is running out of options to
(Oil Price) – Saudi Arabia, which at the start of the Iran war redirected virtually all crude exports through its East-West pipeline to Yanbu on the Red Sea, has seen crude exports from Yanbu crumble by 41% to about 2.39 million barrels per day (bpd) by June, from a peak of 4.07 million bpd in March, Wood Mackenzie vessel tracking
(BOE Report) – The number of tankers crossing the Strait of Hormuz fell to just one on Thursday, the lowest level since May 7, according to shiptracking data, amid ongoing shipping risks in the Middle East and as oil prices surged back to $100 a barrel. Only one tanker crossed the Strait of Hormuz on July 23, compared with three
(Investing) – DUBAI – The Trump administration backs a nuclear energy pact with Riyadh allowing Saudi Arabia to enrich uranium and process spent atomic fuel, two sources have said, a move that may worry regional states concerned about weapons proliferation. Here are some of the main issues at play: WHAT HAS HAPPENED SO FAR? Washington and Riyadh have for years been discussing
(Oil Price) – While the United States has been the world’s biggest consumer of oil for decades, it became the largest oil producer, too, back in 2018, and has retained that crown ever since. The shale revolution and the growth in the Permian oil production have allowed the U.S. not only to retain the top spot ahead of Russia and Saudi
(BOE Report) – Saudi Aramco has slashed its crude oil prices for Asia for August-loading cargoes, in a move that appeared to signal intent to regain market share and recover volumes after the Iran war. But even the record cut in the August official selling price (OSP) may not be enough as crude from rival Middle East producers, as well as
(Investing) – Oil prices were stable around pre-Iran war levels on Monday as Saudi Arabia slashed its official selling prices and after OPEC+ agreed to further increase its output targets from August, while exports from key producers via the Strait of Hormuz are recovering. Brent crude futures fell 4 cents, or 0.06%, to $72.08 a barrel at 1322 GMT after settling 0.45%
(Oil Price) – Saudi Arabia is expected to slash the official selling prices of its crude loading for Asia in August, as Middle East’s crude benchmarks crashed amid the tentative reopening of the Strait of Hormuz and the oil supply increase from the region. Saudi oil giant Aramco, the world’s single-biggest crude oil exporter, is expected to slash the OSP of
(Oil & Gas 360) By Greg Barnett, MBA – For most of the modern petroleum era, the global oil market operated around a relatively straightforward belief system. If prices rose high enough, new supply would arrive. If prices collapsed low enough, drilling activity would slow, demand would recover, and the market would rebalance. Generations of executives, investors, traders, and researchers
(Investing) – OPEC crude production dropped by 830,000 barrels per day in April to 20.04 million bpd, marking the lowest output in more than 20 years. April’s production level represents the lowest OPEC output since at least 2000, excluding membership changes, and falls below the levels seen during the COVID-19 pandemic in 2020 when demand collapsed. The decline came as the
