Oil & Gas Oil demand growth to halve in wake of Trump tariffs Global growth in demand for oil this year may be as much as 40 percent less than forecast before last week’s announcement by Donald Trump of a near tripling in effective tariff rates on US imports to their highest in a century, S&P and other oil analysts have said. On average, demand for oil was […] April 9, 2025
Oil & Gas Aramco and Sinopec move ahead with petrochemical expansion Saudi Aramco says it has signed an agreement to move forward with expanding a petrochemical complex on the west coast of Saudi Arabia. The oil major, which trades on the Saudi stock exchange, has signed a venture framework agreement with China Petroleum & Chemical Corporation (Sinopec) and Yanbu Aramco Sinopec Refining Company (Yasref) to carry out engineering […] April 9, 2025
Oil & Gas Iraq offers gas site concessions amid power generation issues Iraq is offering 15 natural gas concession sites to international investors as part of a post-conflict drive to develop its hydrocarbon resources and increase production capacity, the state-owned Iraq news agency reported. Opec’s second largest oil producer is prioritising the development of its gas deposits to stop the long-standing practice of burning them off, or […] April 9, 2025
Energy Gulf partners will have many questions for US energy secretary US energy secretary Chris Wright arrives in the Gulf today at an especially turbulent time in the global economy and as oil prices plunge to more than four-year lows. Wright’s two-week visit to Saudi Arabia – the world’s second-largest oil producer – the UAE and Qatar may be in preparation for Donald Trump’s own trip […] April 9, 2025
Oil & Gas Aramco finalises 20-year LNG supply from the US Saudi Aramco has signed a 20-year liquefied natural gas (LNG) purchase agreement with Houston-headquartered producer NextDecade. The Saudi energy major will purchase 1.2 million tonnes per annum (mtpa) of LNG on a free-on-board basis from NextDecade’s Rio Grande facility at the Port of Brownsville, Texas, the US company said in a statement. The Rio Grande facility […] April 9, 2025
Oil & Gas Oil at four-year low as US hits China with 104% tariff Oil prices dropped to their lowest in more than four years in early trade on Wednesday fuelled by an escalating tariff war between the US and China, the world’s two biggest economies, and a rising supply outlook. Brent futures lost $2.13, or 3.39 percent, to $60.69 a barrel as of 01:08 GMT. US West Texas Intermediate […] April 9, 2025
Oil & Gas Italy’s Eni plans $26bn energy push in North Africa Italian energy group Eni will invest around €24 billion ($26.24 billion) in Algeria, Libya and Egypt over the next four years to help boost energy production, CEO Claudio Descalzi said on Tuesday. The investments would coincide with the Rome government’s efforts to relaunch its economic and political ties with Africa as part of its so-called Mattei […] April 9, 2025
Oil & Gas Kuwait to reverse decline of world’s second largest oilfield Kuwait has launched a project to reverse a decline in production at its giant Burgan oilfield nearly 80 years after it was brought on stream, according to the local Alseyassah newspaper. Almost the same size as the island of Bahrain, the 780 square km Burgan contains around 70 billion barrels of extractable crude oil, equivalent […] April 8, 2025
Oil & Gas Oil prices rise 1% after heavy US tariff-driven selloff Oil prices rose more than 1 percent on Tuesday, rebounding after a hefty selloff in recent sessions led by concerns that US tariffs might depress demand and lead to a global recession. Brent futures were up 81 cents, or 1.26 percent, at $65.02 per barrel, while US West Texas Intermediate crude futures rose 92 cents, or […] April 8, 2025
Oil & Gas US energy secretary heads to Gulf to secure oil flows US energy secretary Chris Wright is to begin a nearly two-week tour of three Middle East countries, including Saudi Arabia, marking his first visit as a US official to the de facto leader of the Opec oil producer group, a source familiar with the matter told Reuters. The trip, which will also include visits to […] April 8, 2025
Oil & Gas Libya to offer 22 oil exploration blocks Libya is to offer 22 oil exploration blocks in its first bidding round in more than 17 years, the state-owned National Oil Corporation (NOC) has said. The round includes 11 onshore and 11 offshore blocks, The Libya Observer newspaper reported. The decision was confirmed during the 11th meeting of the Supreme Council of Energy and Water Affairs held last week, which is […] April 7, 2025
Economy Aramco losses mirror wider Saudi stock plunge The Saudi stock market opened at more than 2 percent lower on Monday to a 17-month low, following its biggest single one-day drop since the 2008 financial crisis. The Tadawul All Share Index (Tasi) tumbled by about 1,025 points or 8.6 percent following US President Donald Trump’s announcement last week of a minimum 10 percent […] April 7, 2025
Oil & Gas UAE and India to develop energy hub in Sri Lanka The UAE and India agreed to develop an energy hub in Sri Lanka, India’s foreign ministry said on Saturday, as New Delhi’s competition with China grows in the Indian Ocean island nation. The three nations signed the agreement during Indian Prime Minister Narendra Modi’s visit to Sri Lanka, the first by a global leader since […] April 7, 2025
Oil & Gas Aramco cuts Asia oil prices to four-month low Saudi Arabia, the world’s top oil exporter, has slashed crude oil prices for Asian buyers in May to their lowest in four months. This follows a recent shock decision by the Opec+ oil group to speed up oil output hikes. State oil company Saudi Aramco cut the May official selling price (OSP) for flagship Arab […] April 7, 2025
Oil & Gas Oil prices continue to fall as recession fears deepen Oil prices slid more than 3 percent on Monday, deepening last week’s losses, as escalating trade tensions between the United States and China stoked fears of a recession that would reduce demand for crude. Brent futures declined $2.28, or 3.5 percent, to $63.30 a barrel at 00:49 GMT, while US West Texas Intermediate (WTI) crude […] April 7, 2025
Oil & Gas Oil prices plummet as trade war raises fears of recession Oil prices continued to drop on Monday as fears of a global trade war intensified and major producers issued bearish signals. Saudi Arabia cut its crude prices to Asia and Opec+ advanced plans to increase output. Brent crude futures fell $2.28, or 3.5 percent, to $63.30 a barrel on Monday. US West Texas Intermediate (WTI) […] April 7, 2025
Oil & Gas Oil hit as Opec+ agrees to increase production Eight Opec+ countries unexpectedly agreed on Thursday to advance their plan to phase out oil output cuts by increasing output by 411,000 barrels per day (bpd) in May. The decision prompted oil prices to extend earlier sharp losses. Oil, which was already down over 4 percent on US president Donald Trump’s announcement of tariffs on […] April 4, 2025
Oil & Gas Output at Iraq’s largest gas field up 75% since 2017 Production from Khor Mor, Iraq’s largest non-associated gas field, has reached 500 million barrels of oil equivalent, according to a joint statement issued by Abu Dhabi-listed Dana Gas and Sharjah-based Crescent Petroleum. The two companies, each owning a 35 percent stake in Pearl Petroleum consortium, the operator of the gas field in the Kurdistan Region […] April 3, 2025
Oil & Gas Aramco to use Japanese drone startup to inspect facilities Saudi Aramco has entered into an agreement with Japanese startup Terra Drone to inspect its oil and gas facilities using drones, robotics and artificial intelligence (AI). The memorandum of understanding will advance drone technologies to enhance safety and operational efficiency in the energy sector, Terra Drone said in a statement. In 2023, Terra Drone received […] April 3, 2025
Energy Kuwait enforces power cuts as demand outstrips capacity Kuwait temporarily cut electricity in some industrial and agricultural areas on Wednesday as demand for power surged due to hot weather, outstripping generating capacity that had been restricted by maintenance at power plants. Kuwait, a member of the Organization of the Petroleum Exporting Countries (Opec), last summer resorted to programmed load-shedding for the first time […] April 3, 2025
Oil & Gas Profits at Oman-listed OQBI surged in 2024 Oman’s state-controlled OQ Base Industries (OQBI) has reported that net profits for 2024 increased by 38 percent to $81 million, up from $25 million a year earlier. OQBI, which produces methanol, ammonia and liquefied petroleum gas (LPG), is the downstream arm of state-owned OQ. It started trading on the Muscat Security Market (MSM) on December […] April 2, 2025
Oil & Gas Opec+ meeting this week to discuss oil output increase Opec+ ministers from eight nations that are gradually raising oil output will meet online on Thursday and are likely to approve a further hike in production from May, sources from the producer group told Reuters. Eight members of Opec+, a group that includes the Organization of the Petroleum Exporting Countries and allies led by Russia, […] April 2, 2025
