Market has capacity to absorb higher oil prices, says Saudi minister Falih

Friday, 20 April 2018

Saudi Energy Minister Khalid al-Falih said on Friday that the global market has the capacity to absorb higher oil prices, after crude hit the highest level in more than three years. “I have not seen any impact on demand with current prices. We have seen prices significantly higher in the past -- twice as much as where we are today,” Falih told reporters ahead of an oil producers’ meeting in Jeddah, Saudi Arabia. “Energy intensity as you know has declined significantly . ...

Oil steady, on track for biggest weekly gain since July

Friday, 13 April 2018

Oil prices steadied on Friday, heading for their largest weekly gain since July after US President Donald Trump's comments about possible military action in Syria and reports of dwindling global oil stocks. Recovering from earlier losses, Brent crude was up 28 cents at $72.30 a barrel by 1301 GMT and set for a weekly gain of almost 8 percent, or about $5. US crude for May delivery rose 28 cents to $67.35, up more than 8 percent, or about $5, for the week. “You have to put today's moves ...

IEA says ‘mission accomplished’ for OPEC as oil stocks shrink

Friday, 13 April 2018

OPEC and its allies appear to have accomplished their mission of bringing global oil stocks to desired levels, the International Energy Agency said on Friday, signaling that the markets could become too tight if supply remains restrained. The IEA, which coordinates the energy policies of industrialized nations, said global stocks in developed countries could fall to their five-year average - a metric used by OPEC to measure the success of output cuts - as early as May. ...

OPEC and non-OPEC pact exit strategies: Saudi, Russia alliance is ‘thicker than oil’

Tuesday, 10 April 2018

The recent announcement by Saudi Crown Prince Mohammed bin Salman during his recent US visit that the Kingdom is looking at a long term relationship between Saudi Arabia and Russia, extending from 10 to 20 years, has taken the markets by surprise.Everyone’s attention had been fixed on whether the current full year 2018 OPEC and non OPEC production cut agreement will be renewed in 2019, or reversed or a new short term mechanism is put in its place.The Saudi Prince’s comments seems to ...

Dr. Mohamed A. Ramady

Algeria seeks to cut energy consumption after oil earnings fall

Saturday, 7 April 2018

Algeria is offering motorists incentives to more than double the number of cars running on natural gas by 2021 in an effort to reduce consumption of costly imported fuel amid strained public finances, officials said. The North African country has been struggling with a halving since 2014 of vital oil and gas revenues, which make up 60 percent of the budget and 95 percent of exports. It has banned imports of 900 items, frozen public hiring and development projects, but ...

Bahrain’s Bapco approaches banks for multi-billion refinery expansion - sources

Thursday, 5 April 2018

State-run Bahrain Petroleum Company (Bapco) has approached banks to sound their appetite for the financing needed to back the capacity expansion of the existing Sitra oil refinery, a project expected to cost well in excess of $5 billion, sources familiar with the matter said. The company, advised by BNP Paribas and HSBC, has sent a so-called “teaser” to commercial banks for a loan likely to be over $1 billion. The rest of the project cost will be covered ...

OPEC to stick to supply curbs despite oil rally to $71 - sources

Thursday, 29 March 2018

OPEC and its allies look set to keep their deal on cutting oil supplies for the rest of 2018, five sources familiar with the issue said, although some producers are starting to worry that high prices may be giving too much stimulus to rival output. OPEC, Russia and several other non-OPEC producers have curbed output since January 2017 to erase a global glut of crude that had built up since 2014. They have extended the pact until the end of 2018, and meet on June 22 to review policy. The deal ...

Saudi Crown Prince: OPEC, Russia consider 10-20 year oil cooperation

Tuesday, 27 March 2018

OPEC is seeking a long-term deal to cooperate on oil output controls with Russia and other non-OPEC producers, said Saudi Crown Prince Mohammed bin Salman. “We are working to shift from a year-to-year agreement to a 10-20 year agreement,” the crown prince told Reuters in an interview in New York. “We have agreement on the big picture, but not yet on the detail.” Saudi Arabia recruited Russia and other producers to collaborate on oil supply curbs in 2017 after oil ...

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

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 ...

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