US defense companies begin setting up industries in Saudi Arabia

Friday, 23 March 2018

Since the announcement of Saudi Vision 2030, international companies, particularly American ones, have started planning to invest in Saudi Arabia. The number of US companies in the Kingdom has increased to more than 370 companies, with investments exceeding $53 billion, equating to 200 billion riyals, by last February. When the previous edition of the Armed Forces Exhibition for Diversity of Requirements and Capabilities (AFED) was held in Riyadh, 70 international companies signed up along with ...

Putin re-elected: What is in it for the Gulf region?

Sunday, 18 March 2018

As expected, President Putin has cruised to a fourth term in the March 18 elections.Once again a leader with far reaching ambitions and penchance for strong man rule has joined China’s President Xi and Germany’s Angela Merkel to continue providing political certainty for these global economic and political powers, with President Trump looking on enviously as he wishes for a life time US style presidency to cement his own brand of vision.Vladimir Putin relied on a deep well of support ...

Dr. Mohamed A. Ramady

Iran and Russia sign deal to develop two oilfields - Iranian state TV

Wednesday, 14 March 2018

Iran and Russia signed a deal on Wednesday to develop two oilfields in Iran, according to Iranian state TV. The National Iranian Oil Company signed a deal with Russia’s Zarubezhneft to develop the fields, according to SHANA, the news site of the Iranian oil ministry. "This is a very important point. This is the first time that we are signing a deal to develop oilfields with a prominent Russian company," Iranian oil minister Bijan Zanganeh said at the signing ceremony. He added ...

Iraq testing operations in Kirkuk to enhance domestic crude supply

Wednesday, 14 March 2018

Iraq’s state-run North Oil Company (NOC) has begun testing operations at its Avana and Bai Hassan oilfields in Kirkuk to increase crude supply for domestic refineries, Iraqi officials said on Wednesday.“We have started testing operations at Avana and Bai Hassan oilfields to prepare initial pumping of more than 50,000 barrels per day,” one NOC official said. Operations at the Avana and Bai Hassan fields have been halted since October, when Iraqi forces took them back after they ...

Iraq plans to reduce oil products imports by 25 percent

Monday, 12 March 2018

Iraq's oil ministry on Monday said the nation would reduce its petroleum products imports by 25 percent as crude oil refineries are being rehabilitated following fighting with ISIS militants. Iraq is also producing more oil products by processing natural gas liquids, Oil Minister Jabar al-Luaibi said in a statement, without indicating a specific timeframe for the import cuts. The ministry has announced in the past few months an increase in the capacity of the Kirkuk oil refinery as well as plans ...

Russia-America rivalry spreads to the oil market

Saturday, 10 March 2018

A report by the International Energy Agency (IEA) has revealed an increase in US oil production raising questions about the share of OPEC and non-OPEC countries in the global oil market after they decreased their production. The 24 OPEC and non-OPEC countries, headed by the biggest producers Saudi Arabia and Russia, had decided to cut down production by 1.8 million barrels per day until the end of 2018 due to a surplus in oil supply.US shale oil disrupts priceAccording to the IEA, the rapid rise ...

Randa Takieddine

Oil, a curse or a blessing?

Monday, 5 March 2018

There are two important dates in Saudi Arabia: the day when King Abdulaziz bin Abdulrahman established the kingdom and the date when the American company Standard Oil discovered oil on in the newly-established kingdom. It’s been 80 years since the day that changed the future of Saudi Arabia following five years of failure. Their attempts to find resources finally yielded results when they discovered well no.7 which released a huge fountain of black oil in the sky. If King Abdulaziz had not ...

Abdulrahman al-Rashed

Oil steady after hitting 3-week top; Saudis to keep output below cap

Monday, 26 February 2018

Oil steadied around its highest prices in three weeks on Monday, supported by comments from Saudi Arabia that it would continue to curb shipments in line with the OPEC-led effort to cut global supplies. Brent crude was last down 8 cents on the day at $67.23 a barrel at 1005 GMT, after having risen almost 4 percent last week in its largest weekly gain since late October. US West Texas Intermediate crude for April delivery eased 5 cents to $63.50 a barrel after rising 3 ...

Oil from sunken Iran tanker reached Japan shores

Friday, 23 February 2018

Oil that reached islands in southern Japan earlier this month is highly likely to have come from the sunken Iranian tanker Sanchi, the Japan Coast Guard said on Thursday.Samples of oily matter that washed up on Feb. 8 on the shores of the Okinoerabu and Yoron islands in the Amami chain were found to be linked to the Sanchi’s sinking, the Coast Guard said. The Sanchi sank on Jan. 14 after colliding with a freighter on Jan. 6 in the world’s worst oil tanker disaster in ...

Significance of Saudi-Russian oil cooperation

Thursday, 22 February 2018

Saudi Arabia and Russia have not enjoyed confidence with each other over the production of oil for several years now. OPEC records show that Russia never committed itself to cutting oil production along with its partners in the organization. It was only when oil prices eventually fell to $30 and $40 per barrel that Russia realized that real cooperation with Saudi Arabia, OPEC’s largest producer, is the only way for maintaining financial returns for a large oil-rich country. A new ...

Randa Takieddine

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