Oil & Gas China’s Unipec sale of Oman crude caps prices China’s Unipec, the trading arm of top Asian refiner Sinopec, has emerged as a major seller of August-loading Oman crude this month, a move that has helped to cap benchmark prices despite Saudi Arabia’s plans to cut output next month. Unipec, according to trade sources and data collated by Reuters, has sold eight million barrels […] June 13, 2023
Oil & Gas Aramco to supply full oil volumes to 5 Asian refiners Saudi Aramco has told at least five customers in north Asia they will receive full nominated volumes of crude oil in July, several sources with knowledge of the matter said on Monday, after it pledged to cut production next month. Saudi Arabia, the world’s top oil exporter, vowed to reduce its production to nine million […] June 12, 2023
Oil & Gas Saudi says Opec+ working against market ‘uncertainties’ Saudi Arabia’s energy minister Prince Abdulaziz bin Salman said that the latest Opec+ agreement involved comprehensive reform while the alliance was working against “uncertainties and sentiment” in the market. “That is why we had this agreement,” he said at the Arab-China business conference in Riyadh, when asked what was necessary to achieve market stability. He […] June 12, 2023
Analysis Energy Bahrain reboots oil and gas to reduce debt and CO2 Bahrain is taking steps to address economic challenges by relaunching its oil and gas holding company as Bapco Energies, with a focus on greater efficiencies and a low-carbon future. The island kingdom’s sovereign rating is one of only two sub-investment grade ratings in the Gulf – with challenges ranging from ageing domestic oil fields to […] June 12, 2023
Oil & Gas Adnoc L&S bags $975m EPC contract for ‘artificial island’ The newly-listed Abu Dhabi National Oil Company (Adnoc) logistics subsidiary has secured a $975 million contract to build an artificial island. The contract – the first major award for Adnoc Logistics and Services (Adnoc L&S) after being listed on the Abu Dhabi Securities Exchange (ADX) on June 1 – was awarded by Adnoc Offshore. The award is […] June 8, 2023
Oil & Gas Aramco raises crude price for Asia to 6-month high Saudi Arabia, the world’s top oil exporter, raised the prices of its flagship crude Arab Light to Asian buyers in July to a six-month high, following its pledge on Sunday to make a deep cut to its production next month. The official selling price (OSP) for July-loading Arab Light to Asia was increased by 45 […] June 6, 2023
Oil & Gas Oil prices rise as Saudi reduces daily supply Oil prices increased by $1 a barrel on Monday off the back of Saudi Arabia’s decision to cut a further one million barrels per day of production in July. The world’s biggest oil exporter revealed the cut, despite the rest of the Organization of the Petroleum Exporting Countries and their allies, including Russia – together […] June 5, 2023
Opinion Oil & Gas Saudi breaks Opec logjam with further oil cuts Prince Abdulaziz's announcement reduces the kingdom's output to its lowest level in years June 5, 2023
Oil & Gas White House focused on oil prices after Opec+ move A White House official said on Sunday that the Biden administration is focused on oil prices and “not barrels” after Saudi Arabia planned to make a deep cut to its crude output. “We are focused on prices for American consumers, not barrels, and prices have come down significantly since last year,” said the official, who […] June 5, 2023
Oil & Gas Opec+ meet begins and may agree further output cuts Opec and its allies began two days of meetings on Saturday that may culminate in further production cuts of as much as 1 million barrels per day, Opec+ sources told Reuters, as the group faces flagging oil prices and a looming supply glut. Opec+, which groups the Organization of the Petroleum Exporting Countries and allies […] June 4, 2023
OPINION Energy Crisis looms for the Iranian natural gas sector While the world’s attention has been focused on the sanctioned Iranian oil industry, another vital part of the country’s energy infrastructure is deteriorating – its natural gas sector. Iran’s domestic economy and its consumers depend far more on gas than they do on oil. But if urgent financial, technical and commercial support is not provided […] June 2, 2023
Oil & Gas Ties with Saudi Arabia are ‘constructive’, says Kremlin The Kremlin has said relations with Saudi Arabia were constructive and based on mutual understanding and respect ahead of an Opec+ meeting. Asked about relations with Saudi Arabia ahead of the meeting, Kremlin spokesman Dmitry Peskov said they were “constructive, based on mutual understanding, mutual respect, mutual trust, and very work-like”. Opec+, which groups the […] June 2, 2023
Oil & Gas Opec+ unlikely to deepen oil supply cuts at June 4 meeting Opec and its allies are unlikely to deepen supply cuts at their ministerial meeting on Sunday despite a fall in oil prices toward $70 per barrel, four sources from the alliance told Reuters. Opec+, which groups the Organisation of the Petroleum Exporting Countries and allies led by Russia, pumps around 40 percent of the world’s […] June 2, 2023
Logistics Adnoc Logistics & Services shares surge on debut Shares in Adnoc Logistics & Services rose 44.8 percent above their listing price on Thursday as the company made its debut on the Abu Dhabi Securities Exchange (ADX). The initial public offering (IPO) for 19 percent of the business drew the highest demand globally for any listing so far in 2023, raising $769 million. Shares […] June 1, 2023
Oil & Gas Opec Gulf producers make the largest cuts in May Opec oil output fell in May after Saudi Arabia and other members of the broader Opec+ alliance made voluntary output cuts to support the market, a Reuters survey found on Wednesday, although increases elsewhere in the group limited the decline. The Organization of the Petroleum Exporting Countries has pumped 28.01 million barrels per day (bpd) […] June 1, 2023
Oil & Gas Analysts’ view on possible Opec+ output cuts The Organization of the Petroleum Exporting Countries with Russia and other allies, or Opec+, meet on June 4 to discuss whether additional oil production cuts should be implemented. The group in early April surprised markets with output cuts of around 1.16 million barrels per day, fueling a rise in prices. But going into the meeting […] June 1, 2023
Oil & Gas Why is Opec+ cutting oil output? Opec and its allies, including Russia, meet in Vienna on June 4 to decide on their output policy. The group, known as Opec+, agreed on April 2 to increase crude oil production cuts to 3.66 million barrels per day (bpd) or 3.7 percent of global demand, after several members pledged unilateral cuts. The surprise announcement […] May 31, 2023
Energy Aramco dividends outstrip rival blue-chips Saudi Aramco’s payouts of dividends surpass those of other leading global companies, and the world’s top oil producer provides sizeable returns for its shareholders in monetary terms. Aramco listed on Riyadh’s bourse in December 2019 following a $29.4 billion initial public offering that sold around 1.7 percent of the government-owned company’s stock. Since then, it […] May 31, 2023
Energy Opec ‘would welcome’ Iran once sanctions lifted Iran has the capacity to add “significant production volumes within a short period of time” and would be welcomed back to Opec when sanctions are lifted, its secretary general said on Monday. Iran is a member of Opec – the Organization of the Petroleum Exporting Countries – but its oil exports are subject to US […] May 30, 2023
Energy Saudi Arabia to invest billions in Iraq, officials say Saudi Arabia will develop an Iraq gas field and invest $3 billion across various industries in the country, Iraqi officials said on Thursday, in a further sign of improving ties between the neighbours. Riyadh has endured a fraught relationship with Baghdad over the past two decades as Iraq fell under the increasing influence of Saudi’s […] May 26, 2023
Energy Billions needed to replace crude oil tanker fleet Hundreds of billions of dollars of investment is needed to replace ageing crude oil tankers and avert supply bottlenecks, according to the chairman of the Indian Oil Corporation. Shrikant Madhav Vaidya said this week that an estimated annual $640 billion investment is needed to maintain current supplies and meet projected growing demand. According to the […] May 25, 2023
Energy Indian oil refiner balances Gulf and Russian suppliers The Indian Oil Corporation remains committed to term contracts with the Middle East, but increased Russian imports have impacted spot purchases from the region. “Spot purchases have gone down because somewhere there has to be a dip to accommodate the Russian oil,” said the company’s chairman Shrikant Madhav Vaidya at the 30th annual Middle East […] May 22, 2023
