Algeria trade deficit drops to $856 million in first four months-data

Monday, 21 May 2018

Algeria’s trade deficit fell to $856 million in the first four months after $3.87 billion in the same period last year, customs data released showed on Monday. The sharp decline is mainly due to a rise in energy earnings as oil prices have risen. Oil and gas exports were up 18.6 percent to $14.36 billion in the four first months of 2018 versus $12.11 billion in the same period last year, the customs data showed. OPEC member Algeria relies heavily on oil and gas, which account for 60 ...

New fuel options gain pace in the global energy market

Monday, 21 May 2018

For the first time since engines replaced sails in the early 19th century, the operational status quo of global shipping is being rewritten. The International Maritime Organization's (IMO) ruling to reduce the sulphur cap for bunker fuel from 3.5% to 0.5% by 2020, not 2025, means an overhaul of the industry facilitating 90% of the world’s trade, including energy commodities - and quickly. 2020 is a very short two years away for energy stakeholders to adapt to one of the biggest disruptions ...

John Roper

WATCH: Oil-like substance flows out of a Saudi farmer’s well

Sunday, 20 May 2018

A Saudi farmer was surprised to see dark, oil-like water and a foul odor springing from his farm’s well in the village of Tabah near Salma, east of Hail. A video of his finding has been widely shared on social media, drawing many to question the source of the oil-like substance. The owner of the farm, Hamad Al-Mukhaa, said in a tweet that he had cleaned the well and was surprised that the usually clean water had turned black with a foul smell. He pointed out that Tabah village is located ...

Energy giant Total pulls out of gas development project in Iran

Thursday, 17 May 2018

In a massive blow to Iran’s economy, French oil giant Total confirmed that it has not accepted any gas exploration commitments in the southern Pars field. Total issued a statement on Wednesday on the future of its oil projects in Iran stating that the decision came after President Donald Trump’s announcement to withdraw from the JCPOA. Total, together with the other partner Petrochina, executed the contract related to the South Pars 11 (SP11) project, in full compliance with UN ...

Oil near multi-year highs as Iran sanctions tighten supply outlook

Friday, 11 May 2018

Oil prices steadied near 3-1/2 year highs on Friday as the prospect of new US sanctions on Iran tightened the outlook for Middle East supply at a time when global crude production is only just keeping pace with rising demand. The United States plans to reintroduce sanctions against Iran, which pumps about 4 percent of the world’s oil, after abandoning a deal reached in late 2015 that limited Tehran’s nuclear ambitions in exchange for the removal of US and European ...

Iraq lifts oil production at Eni’s Zubair field to 475,000 bpd

Wednesday, 9 May 2018

Iraq lifted oil production at Eni’s Zubair field in the south by 50,000 barrels per day (bpd) to 475,000 bpd, an Iraqi oil official said on Wednesday. Production rose after the completion of new oil processing facility, Muhannad Abbas, the capacity expansion project director, told Reuters on the sidelines of a ceremony to launch the new installations attended by Oil Minister Jabar al-Luaibi. Zubair’s production capacity will rise gradually to 625,000 bpd, as three additional ...

Saudi Energy Minister: Country committed to oil market stability

Wednesday, 9 May 2018

Saudi Arabia has said it will take all necessary measures to prevent supply shortages following the US withdrawal from the Iran nuclear deal. “The Kingdom will work with major oil producers within and outside OPEC, and with major consumers as well to limit the impact of any shortages in supplies,” an official spokesman of the Ministry of Energy, Industry and Mineral Resources said in a statement late Tuesday. “Saudi Arabia remains committed to supporting the stability of oil ...

Report: Egypt’s non-oil business activity grows for 2nd time in 31 months

Thursday, 3 May 2018

Egypt’s non-oil private sector activity expanded in April for only the second time in 31 months, with output holding steady new export orders growing more, ending four months of deterioration, a survey showed on Thursday. The Emirates NBD Egypt Purchasing Manager’s Index (PMI) for the private sector excluding the oil industry rose to 50.1 in April from 49.2 in March, putting it just above the 50 mark that separates growth from contraction. The PMI “broached the 50.0 level for ...

IMF: Mideast not growing fast enough to reduce unemployment

Wednesday, 2 May 2018

The International Monetary Fund said Wednesday that nearly a quarter of the Middle East's youth are unemployed, warning that unless deeper reforms are made, millions of young people entering the labor market each year may not find jobs.The IMF says current levels of growth across the region will not generate a sufficient number of jobs to reduce unemployment, which was one of the main grievances behind the 2011 Arab Spring uprisings.Economic growth for oil-exporting countries in the region ...

Trump’s OPEC tweet and the changing oil narrative

Saturday, 28 April 2018

President Trump tweeted his complaint during the meeting of the OPEC and non-OPEC Joint Ministerial Monitoring Committee in Jeddah on April 20th that “OPEC is at it again” with oil prices that are “artificially Very High!” and that ended with a stern “will not be accepted!”.However, Trump’s tweet bashing barely lasted the day before most oil prices resumed their upward climb. But Trump unpredictability is only the latest chapter in a fast changing, ...

Dr. Mohamed A. Ramady

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