Banking & Finance PIF appoints investment chief as it shifts focus to local projects Saudi Arabia’s Public Investment Fund has appointed a head of investments as it seeks to manage funding challenges for the giga-projects at the centre of the country’s economic transformation programme. Fahad AlSaif will be responsible for “guiding the development of PIF’s overarching investment strategy” and helping the fund’s leadership in its decisions, a statement said. […] July 24, 2024
Economy IMF lowers Saudi growth forecast over oil output cuts The International Monetary Fund has lowered its forecast for economic growth in Saudi Arabia by almost an entire percentage point, as cuts in oil production continue to weigh heavily on the kingdom’s economy. In its World Economic Outlook Update, the IMF reduced its forecast for Saudi GDP growth to 1.7 percent for this year, down […] July 17, 2024
Oil & Gas ‘Huge’ oil discovery could change the game for Kuwait Kuwait has announced a significant discovery of light oil and associated natural gas in its offshore Al-Nokhatha field. The state-owned Kuwait Oil Company (KOC) – a subsidiary of Kuwait Petroleum Corporation (KPC) – reported on Sunday that the field, located east of the Kuwaiti island of Failaka, holds approximately 2.1 billion barrels of light oil […] July 15, 2024
Oil & Gas Upturn for manufacturing tipped to lift oil prices Rising manufacturing activity worldwide is likely to support higher oil prices in the second half of the year, a supply chain indicator suggests. However, analysts have warned that spare capacity among Opec+ and other oil producers is likely to ease upside pressure on crude prices. The GEP Global Supply Chain Volatility Index hit 0.21 in […] June 21, 2024
Oil & Gas Upstream oil and gas ‘needs more annual investment’ Annual capital expenditure for exploration and production in the upstream sector of the oil industry needs to increase by 22 percent by 2030 because of growing demand and cost inflation, experts say. A cumulative $4.3 trillion needs to be invested between 2025 and 2030, according to a report by the International Energy Forum (IEF) and […] June 14, 2024
Oil & Gas Opec and IEA poles apart on oil supply predictions Opec and the Paris-based International Energy Agency (IEA) have this week both issued reports with vastly differing predictions for the outlook for global crude production in the coming years. However, the opposing organisations agree on one thing: that China will be the determining factor in production and prices this year. In its latest annual medium-term […] June 12, 2024
Oil & Gas Deal for Iraq oil via Turkish pipeline coming ‘soon’ A deal is expected soon for Iraq to resume oil exports via a pipeline to the Turkish port of Ceyhan on the Mediterranean coast. The Iraqi oil ministry, Kurdistan’s Ministry of Natural Resources and international oil companies met on Sunday in Baghdad to discuss resuming production and exports, said Iraq’s oil minister, Hayan Abdul Ghani. […] June 10, 2024
Economy Saudi Arabia GDP contracts but non-oil growth rises Saudi Arabia’s economy contracted by 1.7 percent year on year in the first quarter of 2024 due to ongoing oil production cuts, but non-oil growth was up 3.4 percent in the same period, according to adjusted figures released this week. Last week Opec+ agreed to extend its existing crude output cuts into 2025 in a […] June 10, 2024
Oil & Gas Crude market expected to recover after steep dive Leading analysts are anticipating a recovery in the crude market after prices tumbled following a decision by Opec+ to unwind voluntary output cuts, deepening a downward trend over the last two months. Two reports published this week forecast Brent’s return to levels around $85-$86 per barrel in the coming weeks and for the rest of […] June 7, 2024
Opinion Oil & Gas Opec+ meetings spring just enough surprises for the oil markets The phasing out of voluntary cuts begins this year – how will the speculators react? June 3, 2024
Oil & Gas Opec+ extends output cut into 2025 but ups UAE quota Opec+ has agreed to extend its existing crude output cuts into 2025 in a bid to shore up crude prices which are under pressure from surging North American supply. Opec said in a statement on Sunday that it was extending voluntary cuts of 1.65 million barrels per day (bpd) for all members, announced in April […] June 3, 2024
Analysis Oil & Gas Iran needles the West with its growing oil production goals Iran has said it intends to raise its oil output to 4 million barrels per day from about 3.5 million bpd currently. Industry experts are sceptical about Tehran’s ambitions and say the announcement may be motivated by forthcoming elections. Javad Owji, the Iranian minister of petroleum, said on Thursday that 23 oil industry projects – […] June 3, 2024
Opinion Oil & Gas Opec+ and the US are fighting a silent price war Opec+ is battling two giant challenges – the US ability to fill supply gaps and renewables growth May 29, 2024
Oil & Gas Opec optimistic about oil demand through to 2025 Opec continues to expect strong oil demand growth this year and next as the world economy remains resilient, the group’s chief said. “For 2024, oil demand growth is at 2.2 million barrels per day, with total global demand anticipated to average 104.5 million bpd,” Haitham Al Ghais, the secretary general of Opec, the Organisation of […] May 28, 2024
Opinion Oil & Gas Opec+ – if it ain’t broke, don’t fix it The rejigged meeting is likely to maintain the status quo in global crude markets May 27, 2024
Opinion Oil & Gas As Iran mourns, questions about its oil remain The next president will have to deal with economic woes and rumblings from Washington May 22, 2024
Analysis Oil & Gas Oil keeps Russia and China close, but analysts warn it won’t last Russia was China’s biggest oil supplier once again in April, according to official figures, staying ahead of Saudi Arabia thanks to its cheaper crude. However, crude flows from Riyadh to Beijing are expected to increase as the kingdom strengthens its presence in the Chinese energy sector, analysts have told AGBI. Russia’s crude oil exports to […] May 21, 2024
Oil & Gas IEA and Opec move further apart on global oil demand The division between the International Energy Agency and oil producers’ group Opec has deepened as the Paris-based energy watchdog once again curtailed its oil demand outlook for 2024, amid softer macro sentiment. In its monthly report, the IEA forecast on Wednesday that world fuel demand will grow by 1.1 million barrels per day (bpd) this […] May 16, 2024
Oil & Gas Chinese companies snap up Iraqi oil and gas blocks Iraq has awarded Chinese companies a large share of oil and gas exploration concessions as it attempts to boost its hydrocarbon reserves and attract investment. Opec’s second largest oil producer hopes to add 1 million barrels per day (bpd) of oil and nearly 3.5 billion cubic feet of gas per day. Out of 22 prequalified […] May 15, 2024
Oil & Gas Opec maintains stance on oil demand predictions Opec has kept its global oil demand prediction unchanged for this year as the global economy showed resilience, surpassing initial projections in some instances. The oil producers block said in its monthly report on Tuesday that it believed global crude demand would increase by 2.2 million barrels per day (bpd) in 2024 and by 1.8 […] May 14, 2024
Industry Industrial output falls in Saudi Arabia after oil cuts Saudi Arabia’s industrial output index has fallen almost 9 percent over the past year, largely due to a policy of oil production cuts the government began in mid-2022. The industrial production index fell from around 114 points in March 2023 to 104 in March 2024, as mining and quarrying fell by 14 percent and manufacturing […] May 10, 2024
Opinion Oil & Gas Biden administration blunders again with Opec collusion allegations Scott Sheffield, who helped save the oil industry in 2020, has been banned from the board of Exxon May 6, 2024