Economy Oman reports $2bn budget surplus despite drop in oil revenues Oman’s general budget registered a surplus of OMR791 million ($2.05 billion) by the end of the third quarter of 2023, compared to a surplus of OMR1.123 billion a year earlier. The government’s public revenues reached OMR8.89 billion during the nine-month period, down 16 percent, compared to OMR10.57 billion a year ago, state-run Oman News Agency […] November 10, 2023
Analysis Energy War puts Israel’s big plans for gas exploration in jeopardy Oil markets may have shrugged off Israel’s war with Hamas, but a month into the Gaza conflict the intense violence is affecting Israel’s plans to become a regional hub for exporting natural gas, according to analysts. Last week the government awarded 12 new exploration and development licences to six operators. One group comprises Italian energy […] November 9, 2023
Oil & Gas Growing ‘dark fleet’ carries sanctioned oil to China More than 600 ships, often old tankers which are unsafe and whose ownership is obscure, are transporting Iranian and Venezuelan crude around the world. The numbers of vessels and cargoes are growing, industry experts told AGBI. The ships turn off their transponders – a vessel’s automatic identification system or AIS – to go ‘dark’. They […] November 9, 2023
Analysis Sustainability What Big Oil says about climate change The role to be played by Big Oil in global efforts to tackle climate change will be central to the debate at the Cop28 summit that begins in Dubai in three weeks. Ending the world’s dependence on oil in its current form is seen as vital if the worst effects of rising temperatures are to […] November 9, 2023
Energy Air Products profit beats estimates on Jazan project Industrial gas manufacturer Air Products and Chemicals beat fourth-quarter profit estimates on Tuesday, boosted by growth in its Jazan project in Saudi Arabia and higher LNG equipment sales. The Jazan project is a joint venture between the company and Acwa Holding to serve Saudi Aramco’s Jazan Refinery. The facility processes 400,000 barrels of crude oil […] November 8, 2023
Oil & Gas Saudi Aramco net profit down 23% after output cuts Saudi Aramco’s third quarter profit dropped by 23 percent year-on-year, after falls in both prices and volumes sold, the company said in a results announcement on November 7. The drop in volumes reflects Opec output cuts that the kingdom has championed. “The decrease principally reflects the impact of lower crude oil prices and volumes sold,” […] November 7, 2023
Energy Kuwait Petroleum to borrow $45bn to meet fund shortfall State oil giant Kuwait Petroleum Corporation (KPC) sees a near 14.1 billion Kuwaiti dinar ($45.7 billion) shortfall in the funds it has available to meet its five-year spending plan, and will need to borrow and sell assets to help plug the gap, a document seen by Reuters showed. Retaining its annual dividends instead of transferring […] November 7, 2023
Opinion Sustainability Loss, damage and Cop28’s multi-trillion-dollar challenge There is a body of opinion in the Middle East that the loss and damage concept is not fit for purpose November 6, 2023
Energy Saudi Arabia extends oil cuts to end of year Saudi Arabia said on Sunday it will continue its additional voluntary oil output cuts to the end of the year as part of an Opec+ policy of acting to stabilise and balance the markets. The production cuts, which began in April, come as prices cool after hitting a 2023 high in September of nearly $98 […] November 6, 2023
Energy Arabian Drilling profit slips 34% on higher finance costs Arabian Drilling Company said its third-quarter 2023 net profit declined 34.27 percent to SAR140 million ($37.32 million) from SAR213 million in Q3 2022 due to higher finance costs. The Saudi-listed oilfield services company’s revenue grew 31.05 percent annually to SAR920 million, primarily due to the start-up of three additional offshore rigs on five-year contracts. Net profit […] November 6, 2023
Energy QatarEnergy, Sinopec strike 27-year LNG supply deal QatarEnergy, the world’s largest liquefied natural gas (LNG) supplier, has signed agreements with China Petrochemical Corporation (Sinopec) for the expansion of the North Field South (NFS) project and a long-term LNG supply deal. The companies signed a new 27-year LNG supply and purchase agreement to deliver three million tonnes per annum (mtpa) of LNG from […] November 5, 2023
Oil & Gas Israeli gas exports to Egypt resume in small volumes Israeli natural gas exports to Egypt have resumed after a disruption last weekend but in small volumes, an official in Egypt’s petroleum ministry said on Thursday, without specifying the current flow. Three people with knowledge of the matter also told Reuters on Tuesday the flow had resumed, with two saying it had only been reduced, […] November 3, 2023
Oil & Gas Opec output cuts may extend to end of next year Opec+ may need to prolong output cuts until the end of 2024 to support crude prices, according to energy experts. A weakening global economy and rising supply from non-Opec countries means oil prices are under pressure. Dong Wang, a Middle East oil markets analyst at S&P Global Commodity Insights, told a conference in Dubai on […] November 3, 2023
Oil & Gas Sabic slumps to loss as petrochem prices slide Petrochemicals producer Saudi Basic Industries Corporation (Sabic) swung to a net loss in the third quarter, hit by a slump in product prices, a loss from offloading a subsidiary and a hefty impairment on its European operations. Sabic, 70 percent owned by Saudi Aramco, made a net loss of SAR 2.88 billion in the three […] November 2, 2023
Opinion Energy Geopolitical risk will shape next twist in crude oil prices Warning lights are on but the oil market's focus is softening demand November 1, 2023
Oil & Gas Saudi fuel retailer to buy Shell assets in Pakistan Shell Petroleum Company, the parent company of Shell Pakistan, has signed a deal with Wafi Energy, a fuel retailer in Saudi Arabia, to sell its operations in Pakistan. Shell Petroleum said the sale is expected to complete by the fourth quarter of 2024, subject to regulatory approvals, Reuters reported. In June, Shell Petroleum said it […] November 1, 2023
Energy Kuwait’s fuel oil exports drop 30% in October Kuwait’s October fuel oil exports tumbled more than 30 percent after hitting a record high in September as some supply was diverted to domestic power generation, according to trade sources, analysts and ship-tracking data. Exports fell to 490,000 metric tonnes (104,000 barrels per day) in October, after hitting a record high of 720,000 tonnes in […] November 1, 2023
Video length: 05:38 VIDEO Banking and Finance Standard Chartered chief aims for ‘100 years’ in Egypt As Standard Chartered plans its expansion into Egypt, the company’s regional CEO warns that the region “is not immune” to global economic turmoil. “If there is going to be a steep recession in the US and Europe, then the impact will be felt here,” said Sunil Kaushal, CEO of Standard Chartered Africa and Middle East, […] October 31, 2023
Oil & Gas Saudi GDP shrinks following oil output cuts Real GDP growth in Saudi Arabia contracted by 4.5 percent in the third quarter, as ongoing Opec+ oil output cuts affect the broader economy. Government data released this week showed oil activities decreased by 17.3 percent in the third quarter from a year earlier. However the General Authority for Statistics said there was an expansion […] October 31, 2023
Energy World Bank warns of record oil prices if war escalates Oil prices could hit record highs of $150 a barrel if the war between Israel and Hamas escalates into a wider conflict, according to an economic risk assessment from the World Bank. In its latest Commodity Markets Outlook, the World Bank cautioned that the cost of crude could enter “uncharted waters”. It outlined three risk […] October 31, 2023
Oil & Gas Indian gas importer seeks no additional Qatar LNG India’s top gas importer Petronet LNG is not seeking additional volumes when it renews its long-term liquefied natural gas (LNG) deal with Qatar, its head of finance VK Mishra said on Monday on an analyst call. Petronet has a 7.5-million metric tonne per annum (mtpa) long-term LNG import deal with Qatar and its promoters Indian […] October 31, 2023
Energy Oman’s crude oil output falls 3.3% to 224m barrels Oman’s total crude oil production fell by 3.3 percent to 223.55 million barrels as of September 2023. However, total condensate production rose 8.1 percent to 63.48 million barrels, the state-run Oman News Agency reported, citing data issued by the National Centre for Statistics and Information (NCSI). Average oil production hit 1.05 million barrels daily at […] October 30, 2023
