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PIF's Fahad AlSaif. The fund is 'becoming more domestically oriented', analysts say

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.  […]

Saudi growth forecast

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 […]

According to the US International Trade Administration, Kuwait holds about 7 percent of global oil reserves and has a current production capacity of about 3 million bpd

‘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 […]

A wheel manufacturing workshop in Qingzhou, Shandong province. China is the world's largest importer of crude oil

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 […]

Opec Secretary General Haitham Al Ghais says peak oil 'is not on the horizon'

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 […]

Opec has kept its oil demand growth forecast at 2.2 million bpd

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 […]

Iraq oil pipeline The Iraq-Turkey pipeline has been an essential source of revenue for the semi-autonomous Kurdistan region

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. […]

Saudi Arabia's minister of economy and planning Faisal Alibrahim

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 […]

While crude may recover to $85 per barrel, Saudi Arabia needs it to be at $96 per barrel to cover budgeted spending, according to the IMF

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 […]

Drilling at Adnoc's Upper Zakum Concession. The UAE's annual production quota will reach 3.5 million bpd next year from 2.9 million bpd

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 […]

Two men sit beneath a tribute to President Ebrahim Raisi in Tehran; Iran has said it will increase exports but analysts speculate that the announcement my be politically motivated

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 – […]

Opec oil demand US crowded highway

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 […]

The presidents of China and Russia, Xi Jinping and Vladimir Putin, held talks in Beijing last week

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 […]

Oil workers in Venezuela, a founder member of Opec. The IEA predicts slower demand growth

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 […]

An energy company representative submits his company's bid during the latest licensing rounds at the Iraqi Oil Ministry's headquarters in Baghdad

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 […]

Opec predicts global crude demand will rise by around 2 million barrels a day in both 2024 and 2025

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 […]

Clothing, Hardhat, Helmet A worker makes notes at a Saudi Arabian steel factory; the industrial production index fell from 114 points in March 2023 to 104 in March 2024

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 […]