Opinion Oil & Gas Iran, Israel and the one simple question for oil markets Geopolitical pressures are building on global energy markets April 15, 2024
Oil & Gas Opec stands by predictions for oil demand growth Opec predicts robust fuel use this summer and has stuck to last month’s forecast of relatively strong growth in oil demand in 2024 and 2025. The oil producers’ organisation predicted in its monthly report that global demand will rise by 2.25 million barrels per day (bpd) in 2024 and by 1.85 million bpd in 2025. […] April 12, 2024
Oil & Gas Oil price to hit $100 if Opec+ cuts continue says Vitol chief Crude prices are likely to reach $100 per barrel in 2024 if Opec+ maintains its output cuts, a global commodity trader has said. The supply-constrained market has already reached an average price of $83 per barrel this year, S&P Global Commodity Insights reported, quoting Vitol CEO Russell Hardy’s speech on Tuesday at a summit in […] April 10, 2024
Economy Saudi-listed companies’ total profits tumble by 17% The total profits of Saudi-listed companies fell 17 percent year on year to SAR126.8 billion ($33.8 billion) in the fourth quarter of 2023, research has found. The drop has been attributed to the country’s economic contraction as oil production cuts continue. But sectors such as banks, insurance, transport and pharmaceuticals showed improvement in Q4, reflecting […] April 2, 2024
Opinion Oil & Gas The IEA and Opec: 50 years of prickly co-existence The two organisations were managing to get along until climate change entered the equation April 1, 2024
Oil & Gas Oil prices rise again ahead of Opec+ talks on Wednesday Crude oil prices consolidated on Monday, following a run of increases in the first quarter, fuelled by signs of recovery in China, tighter supplies by the Opec+ producers and geopolitical tensions. Brent was trading slightly higher at $87.28 a barrel in the morning, while West Texas Intermediate rose to $83.45. Brent has gained about 15 […] April 1, 2024
Oil & Gas Oil industry needs trillions in investment, says Opec chief The global oil and gas industry needs trillions of dollars in investment to sustain stable supply and meet growing energy demand, the secretary general of Opec has warned. Haitham Al Ghais said this week that the upstream sector needed more than $11 trillion, the downstream sector would need just under $2 trillion, and the midstream […] March 27, 2024
Economy Saudi exports fall 10% on oil output cuts Saudi Arabia’s exports fell by more than 10 percent in January compared to the previous year due to a reduction in oil exports. The Saudi economy has taken a hit from Opec+ oil output cuts over the past year, although non-oil exports rose slightly by 0.8 percent. Riyadh promoted the cuts in an effort to […] March 27, 2024
Oil & Gas IEA predicts oil supply will turn to deficit in 2024 Global crude markets supplies will shift from surplus into deficit in 2024, the International Energy Agency (IEA) has predicted, implying higher hydrocarbon prices. The Paris-based watchdog raised its forecast for this year’s oil demand on Thursday on an improved outlook for the US economy and increased bunker fuel use, as attacks by the Houthis on […] March 15, 2024
Oil & Gas Oil prices edge up following crude outlook reports Oil prices rose early on Wednesday, supported by Opec’s encouraging outlook for crude demand and a report by the US Energy Information Administration (EIA) forecasting tighter world oil supplies. Brent prices traded up 1 percent, close to $83 per barrel, while West Texas Intermediate was up the same at just over $78 per barrel. Saudi […] March 13, 2024
Opinion Economy Progress report on Vision 2030: so far, so good Saudi Arabia’s economic health is still reliant on global oil markets, but this dependency is reducing March 12, 2024
Analysis Economy Volatility of crude markets masks Saudi non-oil momentum Volatility in global oil markets, which led to Saudi Arabia’s GDP shrinking last year, is masking the strength of the kingdom’s non-oil economy, analysts have said. Its non-oil revenue is forecast to rise by more than 5 percent in each of the next two years, according to Jadwa Investment. The 2023 contraction was driven by […] March 5, 2024
Oil & Gas Opec extends voluntary cuts to support oil market stability Opec+ producers led by Saudi Arabia and Russia have stretched their additional voluntary crude supply cuts for another three months, as the oil bloc strives to support the stability and balance of sluggish markets. Oil prices traded flat Monday morning after a slight spike following the Opec announcement. Brent crude traded around $83.50 per barrel. […] March 4, 2024
Opinion Oil & Gas It’s official: Opec is a source of price stability in oil markets A report published by the Fed highlights oil producers' role in preventing crude spikes February 26, 2024
Renewable Energy Iraq plans push on solar and green hydrogen projects Iraq is planning to build solar plants and its first green hydrogen project as part of a strategy to tackle power shortages and reduce its carbon footprint. The country’s cabinet has approved a proposal to install 12 gigawatts (GW) of solar power by 2030, said a National Investment Commission representative, Rahim Al Jaafari. Projects capable […] February 22, 2024
Analysis Oil & Gas Saudi Arabia hits brakes as others push oil output capacity Saudi Arabia may have shelved plans to raise oil output capacity but the UAE, Kuwait and Iraq believe global crude demand will grow and are gearing up for expansion, according to industry observers. Although Opec is implementing production cuts to stabilise the market over the near term, its core members are focused on longer-term commitments, […] February 20, 2024
Oil & Gas IEA at odds with Opec over oil demand growth Global oil market balances tightened in January but crude demand growth is losing momentum, the International Energy Agency said. The industrialised world’s energy watchdog cut its 2024 expansion forecast on Thursday to 1.2 million barrels per day (bpd) in 2024, compared with 2.3 million bpd last year. The IEA noted in its monthly report a […] February 16, 2024
Oil & Gas Some countries missing oil cut targets, says Opec Crude production by Opec fell by 350,000 barrels per day (bpd) in January, as members of the wider Opec+ group started implementing voluntary output cuts, the oil bloc said in its monthly report published this week. Some countries did not adhere to the pledged amounts, complicating Opec’s efforts to stabilise global oil prices. Kuwait and […] February 14, 2024
Opinion Oil & Gas Why the Saudis have to keep oil prices higher for longer The kingdom's vast Vision 2030 plan makes it imperative that it keeps oil prices high February 13, 2024
Opinion Energy Hey Joe, your LNG plan could be downright dangerous Joe Biden's 'pause' on LNG exports seems to be about the election, not energy policy February 5, 2024
Oil & Gas Business as usual at next Opec+ meeting say experts Opec+ is unlikely to make any drastic policy changes when it holds its ministerial panel on Thursday, according to industry experts. It is thought the organisation, which consists of the Saudi-led Opec bloc and the Russian-led non-Opec group with 10 participants, will probably focus on verifying members’ compliance with agreed output levels and their commitment […] January 30, 2024
Opinion Markets Jack be nimble, if you want to make money in the Tadawul Investors should increase their exposure to Saudi non-oil sectors such as retail and food January 30, 2024