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Mohamed Arkab, Algerian energy minister, said 'an investment portfolio of around $7 billion has been earmarked for the execution of several major industrial projects'

Algeria sets $7bn investment target for refinery projects

Algeria has reportedly launched new petrochemical and refining projects worth $7 billion, part of its drive to diversify its state revenue sources and tackle a persistent budget deficit. Mohamed Arkab, the Algerian energy minister, revealed the projects during a parliament policy session on Thursday, local press reported on Friday. The projects in north and east […]

Iranian President Masoud Pezeshkian (centre) visits the Iran Oil Exhibition in Tehran in May

Strong Chinese demand keeps Iranian oil flowing

Iran’s refining facilities and oil storage did not sustain any damage from Israel’s strikes on Friday, according to the National Iranian Oil Refining and Distribution Company. Israel targeted its nuclear facilities, ballistic missile factories and military commanders at the start of what it warned would be a prolonged operation to prevent Tehran from building a […]

Saudi Aramco's Ras Tanura oil refinery and terminal. Aramco will ship about 47m barrels to China in July, 1m barrels less than June's allotted volume

Aramco crude supply to China to dip in July

Saudi Arabia’s crude oil supply to China is set to dip slightly in July, trade sources said on Tuesday. However, supply will remain strong for a third straight month as the kingdom regains its market share supplying the world’s top crude importer. State oil company Saudi Aramco will ship about 47 million barrels to China […]

Opec's May oil output fell short of its planned increase. This was due to Iraq's deeper cuts and smaller hikes from Saudi Arabia and the UAE

Opec oil output misses May target, survey finds

Opec oil output rose in May by less than the volume planned, a Reuters survey has found, as Iraq made further cuts to compensate for earlier pumping above target and Saudi Arabia and the United Arab Emirates made smaller hikes than allowed. Opec pumped 26.75 million barrels per day (bpd) last month, up 150,000 bpd […]

An oil tanker is loaded at Saudi Aramco's Ras Tanura oil refinery

Saudi Arabia lowers July oil prices for Asia

Saudi Arabia, the world’s biggest oil exporter, on Wednesday lowered its July prices for Asian buyers after Opec+ hiked output for a fourth month. However, the price cut was smaller than expected. Saudi Aramco, the country’s state oil company, cut the official selling price for the flagship Arab light crude it sells to Asia for […]

Iraqi oil minister Hayan Abdul Ghani (right) visiting an oil installation in Basra. Opec+ has accused the country of over-producing

Opec+ decided on July output hike to punish over-producers

The world’s largest group of oil producers, Opec+, voted through another production increase of 411,000 barrels per day (bpd) for July in an attempt to wrestle back market share and punish over-producers. Having spent years curbing production – more than five million bpd or 5 percent of world demand – eight Opec+ countries agreed a modest output […]

US president Donald Trump reveals his tariffs at the White House in April. A US trade court has ruled that Trump overstepped his authority

Oil climbs 1% as US court blocks Trump’s tariffs

Oil prices rose on Thursday after a US court blocked most of President Donald Trump’s tariffs from taking effect. Markets are also watching out for potential new US sanctions curbing Russian crude flows and an Opec+ decision on hiking output in July. Brent crude futures climbed 78 cents, or 1.2 percent, to $65.68 a barrel. US West […]

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Saudi Arabia may cut Asia crude prices to 6-month lows

Saudi Arabia may cut its crude prices for Asian buyers in July to the lowest in six months, refiners said, tracking losses in benchmark prices driven by rising supply from Opec+. The July official selling price (OSP) for flagship Arab Light crude may drop by 40 to 50 cents to between 90 cents and $1 […]

UAE energy minister Suhail Mohamed Al Mazrouei. Power demand in Abu Dhabi alone is forecast to more than triple by 2030

UAE warns Opec over AI-driven power demand

The UAE is preparing for a sharp spike in domestic energy consumption as a wave of data centre construction drives up demand for power.  Energy minister Suhail Mohamed Al Mazrouei has warned Opec and its oil-producing allies of potential pressure on future global supplies. His warning is at odds with other industry bodies, such as […]

A member of the OPEC+ group, Iraq faces challenges with underproduction and quota violations. New strategies, including investing in Asian refineries, aim to maximize oil revenues

Iraq’s ‘1.5 million barrels per day’ oil gap

Iraq, often identified as a major quota violator in the Opec+ group, is pumping nearly 1.5 million barrels per day (bpd) below its production capacity, an oil official has said. The country has a sustainable output capacity of about 5.5 million bpd but actual crude production is close to 4 million bpd, according to Nizar […]

Russian deputy prime minister Alexander Novak said that G7 and EU plans to lower the price cap for Russian oil were unacceptable

Russia says no talks yet of Opec+ output hikes from July

Russian deputy prime minister Alexander Novak said on Monday that the Opec+ group of leading oil producers has not yet discussed increasing output by another 411,000 barrels per day (bpd) ahead of its meeting, RIA news agency reported. The Organization of the Petroleum Exporting Countries and its allies, led by Russia, will hold an online […]

Qatar's energy minister cautions that persistently low crude prices jeopardise global energy security and the power needs of emerging technologies

Qatar warns low oil price may hurt AI power needs

Crude prices falling below $60 a barrel would have a detrimental effect on global oil sector investment, and on fast-growing, energy intensive industries such as data centres and artificial intelligence, Qatar’s energy minister has said. “If oil prices decline below $60, there is definitely going to be a decline in investments,” Saad Al-Kaabi said at an […]

Operators at a Saudi Aramco facility. Impacted by lower oil revenues, Aramco's first quarter profits suffered a significant drop

Aramco profits down – and worse is to come, say analysts

Saudi Aramco announced a drop in net income for the first three months of the year on Sunday, due to rising oil prices and higher operating costs. With state and state-affiliated institutions dependent on the national oil company dividends to fund numerous Vision 2030 infrastructure projects, the downturn throws Aramco’s investment plans into doubt. Oil […]

Saudi Aramco CEO Amin H. Nasser at the China Development Forum in Beijing in March. The company will release its Q1 results on Sunday

Aramco to post lower profit and may slash dividend

National oil company Saudi Aramco is forecast to post lower first-quarter profit and may cut its 2025 dividend further as oil prices dip below its self-funding breakeven point, analysts have said. The world’s biggest oil company by production is likely to maintain its guidance for capital expenditure, however. Aramco is expected to post at least […]

Goldman Sachs believes that the high spare capacity and high recession possibility skew the risks to oil prices to the downside

Goldman Sachs expects oil at $60 after Opec+ decision

Goldman Sachs reduced its oil price forecast following decisions by the Organization of the Petroleum Exporting Countries and its allies, Opec+, to accelerate oil output increases, the bank said in a note on Sunday. Goldman now expects Brent crude to average $60 per barrel for the rest of 2025 and $56 per barrel in 2026, […]

An oil worker in Kazakhstan, which has been exceeding its Opec+ quotas

Opec+ triples additional June barrels to deter quota-breaking

Saudi Arabia and seven members of Opec+ will triple the volume of barrels they add to the market in June, as part of the kingdom’s new strategy to squeeze quota-busting members and boost market share, experts said. Saudi Arabia and seven other countries implementing voluntary cuts decided in an online May 3 meeting to add […]

A drilling rig at the Zhetybay field in Kazakhstan. It defied Opec+ this month when its energy minister said he will prioritise national interests over those of Opec+

Opec+ accelerates oil output hikes despite weak demand

Opec+ has agreed to accelerate oil production hikes for a second consecutive month, raising output in June by 411,000 barrels per day (bpd), the group said on Saturday. This is despite falling prices and expectations of weaker demand. Following an online meeting lasting just over an hour, the producer group announced the supply increase, saying […]

Saudi Aramco's Shaybah oil field in the Empty Quarter. Riyadh has been angered by Kazakhstan and Iraq producing above their Opec+ targets

Saudi Arabia signals it can live with lower oil prices

Saudi Arabian officials are briefing allies and industry experts to say the kingdom is unwilling to prop up the oil market with further supply cuts and can handle a prolonged period of low prices, sources said. This possible shift in Saudi policy could suggest a move toward producing more and expanding its market share. This […]

An LNG tanker docked in Dubai. The region has a 21% share of global natural gas reserves

Rising gas exports to boost Gulf economies, says IMF

Increased natural gas production in Saudi Arabia, Qatar, the UAE and Oman will boost their economic growth in the medium term, the International Monetary Fund has predicted. Qatar, the world’s third-largest exporter of liquefied natural gas, is due to nearly double its annual output to 142 million tonnes by 2030.  Saudi Aramco said in March […]