Despite Turkish reservations, Qatar, ExxonMobil plan oil drilling off Cyprus

Sunday, 18 February 2018

Following Qatar’s signing of a deal with US petroleum company ExxonMobil in 2017 to explore oil and gas off the coast of Cyprus, a Turkish energy expert said that Turkish President Erdogan should warn Qatar of going ahead with the deal as Turkey is known for blocking oil exploration on their territory, according to Ahval News newspaper. Turkish Coast Guard vessels had prevented the Italian energy company, Eni, from drilling near Cyprus, which caused tensions to rise between both countries. ...

Oil producers to draft long-term alliance deal by end-2018, says UAE minister

Thursday, 15 February 2018

Oil producers led by Saudi Arabia and Russia aim to draft an agreement on a long-term alliance by the end of this year, United Arab Emirates energy minister Suhail al-Mazroui told the local National newspaper on Thursday. The newspaper also quoted him as saying OPEC was urging its members to build oil capacity buffers to temper any wild upswings in price due to the weak US dollar this year. OPEC and non-OPEC producers are restraining production to prop up prices under a ...

King Salman discusses Syrian situation in a call with Putin

Wednesday, 14 February 2018

The Kremlin said on Wednesday that Saudi king Salman and Russian president Putin discussed the situation in Syria over a phone call. King Salman and Russian President Vladimir Putin discussed as well the means to further expand fruitful cooperation in global oil markets, the Kremlin said. The statement did not offer any details on what that expanded coordination could entail. Russia and Saudi Arabia are major players in a global pact on cutting oil output. The two leaders also discussed ...

Rising US supply knocks oil prices for a third day

Wednesday, 14 February 2018

Oil fell for a third day on Wednesday, under pressure from concern about rising US production and how much it would hurt efforts by OPEC and its partners to control global supplies. Brent crude futures fell 26 cents to $62.46 a barrel by 1028 GMT. The price has lost 11 percent since hitting a high above $71 in January. It has now wiped out all the 2018 gains. US West Texas Intermediate crude futures fell 40 cents to $58.79 a barrel. The American Petroleum Institute (API) said on Tuesday that ...

King Salman, Russian energy minister discuss rebalancing oil markets

Wednesday, 14 February 2018

King Salman bin Abdulaziz Al Saud discussed on Wednesday with Russian Energy Minister Alexander Novak ways of re-balancing oil markets by producing countries to reduce the surplus from world oil stocks. The meeting took place at Al-Yamamah Palace in Riyadh. According to Saudi Press Agency, during the meeting, they also reviewed relations between the Kingdom and Russia and ways of enhancing and developing bilateral cooperation in the fields of energy. Also present at the meeting was Prince ...

Gas and oil diplomacy in Eastern Mediterranean prelude to regional war

Saturday, 10 February 2018

The Middle East has undergone major vicissitudes following the “Arab Spring” demonstrations. The Mideast is one of the most important regions in the world and the stability of which is mandatory to peace and stability in the world. Since 2011, the Middle East has entered a state of uncertainty with many conflicts in Syria, Iraq, Yemen, Libya and other states that are apt to witness internal wars. Nowadays, tension is on the rise between Turkey and Egypt on energy resources in the ...

Shehab Al-Makahleh

160-mln-year-old Saudi mountain serves as oil reservoir, tourist destination

Friday, 9 February 2018

A series of mountains located 35 kilometers away from Riyadh is the latest geological site reeling in visitors in the kingdom. The Tuwaiq mountains have become popularly known as ‘the edge of the world’ for how similar they are to the US’s Grand Canyon in Arizona, also famously called the same nickname. Tourism in Tuwaiq Several group tours for residents and foreigners go on regular visits to the vast rocky edge, as well as nature lovers and those intrigued by strange rock ...

California to block crude oil from Trump offshore drilling plan

Thursday, 8 February 2018

California will block the transportation through its state of petroleum from new offshore oil rigs, officials told Reuters on Wednesday, a move meant to hobble the Trump administration’s effort to vastly expand drilling in US federal waters. California’s plan to deny pipeline permits for transporting oil from new leases off the Pacific Coast is the most forceful step yet by coastal states trying to halt the biggest proposed expansion in decades of federal oil and gas leasing. ...

Oil steadies, with lower inventories offset by higher US output

Wednesday, 7 February 2018

Oil prices were broadly steady on Wednesday, as the boost from a report showing a drop in US crude inventories last week was offset by evidence of soaring US output. Brent crude futures were down 2 cents at $66.84 a barrel by 1135 GMT, while US West Texas Intermediate (WTI) crude futures eased 18 cents to $63.21 a barrel. Global equities recovered modestly after their largest one-day fall in nearly two years on Monday, when volatility surged and investors ditched stocks ...

Oil hits $71 for first time since 2014 on tighter supply, weak dollar

Thursday, 25 January 2018

Oil hit $71 a barrel on Thursday for the first time since 2014, supported by OPEC-led supply curbs, a record-breaking run of declines in US crude inventories and a weaker US dollar. The Organization of the Petroleum Exporting Countries and allies including Russia began to curb supplies in 2017. An involuntary drop in Venezuela’s output in recent months has deepened the impact of the curbs. Brent crude, the international oil benchmark, hit $71.20 a barrel - the ...

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