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Fatih Birol, Executive director of the International Energy Agency, arrives for a meeting with international investors in IA at the Elysee Palace as part of the Artificial Intelligence (AI) Action Summit in Paris, France, February 10, 2025. REUTERS/Gonzalo Fuentes

IEA’s hard line on oil glut clashes with Opec forecast

The International Energy Agency (IEA) has said US tariffs will contribute to a decline in global oil demand growth this year, once again contrasting with Opec’s more optimistic forecast. In a monthly report published on Thursday the IEA forecast that oil demand would grow by 1 million barrels per day (bpd) in 2025, down 70,000 […]

Joseph McMonigle Video length: 06:27

CERAWeek day 2: ‘Cautious optimism’ among the oilmen

On day two of CERAWeek in Houston, AGBI spoke to Joseph McGonigle, founder of the Global Center for Energy Analysis and former head of the International Energy Forum, about the second Trump administration. Watch the video to find out why McGonigle, who worked at the US Department of Energy under President George W Bush, sees […]

'Over the next few months you will see significant investment by XRG in the US,' said Adnoc CEO Sultan Al Jaber

Adnoc to ramp up investments in US gas sector

The international investment arm of UAE state oil company Adnoc will soon make a significant investment in US natural gas, Adnoc CEO Sultan Al Jaber said on Tuesday. The UAE is a member of the Opec+ producer group and one of the world’s top oil producers. Adnoc’s wholly-owned international investment arm XRG has about $80 billion in assets and […]

C0748_Pictures of Fadhili Gas Plant_08-20-2023_MOS

Aramco focuses spending on gas and Jafurah fields

Saudi Aramco, the world’s largest oil company by value, has said it is focusing its spending on developing natural gas over oil reserves because of higher returns. The Saudi kingdom, the world’s second-largest oil producer after the US, is developing its gas reserves to supply its petrochemical and fertiliser industries and to power its electricity-generating […]

A worker checks an oil pipeline at Nahr Bin Umar oil field in Iraq

Oil set for biggest weekly drop since October  

Oil prices were little changed on Friday but were set for their biggest weekly decline since October as the uncertainty around US tariff policy creates concerns about demand growth when major producers are set to increase output. Brent futures rose 13 cents, or 0.19 percent, to $69.59 a barrel by 02:17 GMT. US West Texas Intermediate (WTI) crude futures rose 8 cents, […]

Opec+ hesitant on oil output rise amid US sanctions

Opec+ is debating whether to raise oil output in April as planned or freeze it, as its members struggle to read the global supply picture because of fresh US sanctions on Venezuela, Iran and Russia, eight Opec+ sources said. Opec+ usually confirms its supply policy one month in advance to have time to allocate crude […]

Brazil Opec

Brazil joins Opec+ oil producers’ group

Brazil, the largest oil producer in South America, has officially joined the Opec+ group of more than 20 countries that attempts to manage global oil output. The participation formalises an initial announcement in November 2023, a statement by Opec said. Brazil’s membership will be limited to the Opec+ Charter of Cooperation, a permanent forum between […]

An oil production facility in the Texas Permian Basin. US oil is set to take a greater market share from Opec+ members

Opec+ market share to fall as US ramps up oil output

Opec+ members’ market share is likely to shrink this year and in 2026 as non-Opec supply led by the US accelerates, according to energy experts. The Opec+ group’s market share was 53 percent when it was set up in 2016. That figure is likely to drop to 46 percent in 2025 and 2026, even as […]

Gauchos on a cattle farm in Paraguay. Banco Continental lends to SMEs in the country's agricultural sector

Opec Fund and Dubai bank partner on Paraguay loan

The Commercial Bank of Dubai has partnered with the Opec Fund for International Development to provide a $50 million syndicated loan to Banco Continental to support lending to small and medium-sized enterprises in Paraguay. The Opec Fund will contribute $25 million from its own resources and Commercial Bank of Dubai will provide a $25 million […]

Mohammed Al-Sudani, the Iraqi prime minister, says he is under no pressure to end Iran's supply of gas

Iraq to stop taking Iranian gas by 2028

Iraq will phase out gas imports from neighboring Iran within three years because of persistent supply disruptions. It will instead increasingly rely on more domestic production to fuel its power stations, and electricity from other neighbours including Saudi Arabia and Jordan. Mohammed Al-Sudani, the Iraqi prime minister, said Iraq’s decision to end Iranian imports in […]

The top destinations for Oman's oil exports are China, India and South Korea

Opec oil cuts push Oman’s revenue down $1.7bn

Oman’s adherence to Opec+ voluntary oil production cuts resulted in revenue from the sector falling by an average of $4.6 million a day last year. The country’s average daily crude oil production fell 5.4 percent in 2024 to 992,600 barrels per day (bpd), figures from the National Center of Statistical Information show. The average price […]

Demand from China and India is rising as US sanctions disrupt oil supplies from Russia

Aramco raises prices as demand from Asia grows

Saudi Aramco, the world’s leading oil exporter, has sharply increased crude prices for March shipments to buyers in Asia. Demand from China and India is rising as US sanctions disrupt Russian supply. Aramco raised the official selling price for flagship Arab Light crude by $2.40 to $3.90 per barrel above the Oman/Dubai benchmark average, Saudi […]

Almasadam Satkaliyev, Kazakhstan's energy minister, told a briefing that Opec+ will meet to discuss a response to Trump's plans

Opec+ to take joint stance on Trump oil policy

The Opec+ group of leading oil producers is set to discuss President Donald Trump’s efforts to raise US oil production and take a joint stance on the matter, Kazakhstan said on Wednesday. Trump last week laid out a sweeping plan to help maximise oil and gas production, including by declaring a national energy emergency to speed up permitting […]

Visitors to Kuwait Towers look out over the city. Kuwait is Opec’s fifth-largest oil producer

Kuwait ‘ready to go ahead with merger of state oil companies’

Kuwait’s plan to merge some of its eight state-owned oil companies is ready to go ahead, according to reports in the country. Kuwait Petroleum Corporation (KPC), which manages the country’s hydrocarbon industry, is set to oversee the mergers. The plan was approved by the cabinet two years ago as part of a strategy to cut […]

Under prime minister Mohammed Al-Sudani Iraq's domestic debt has grown through a combination of oil output cuts and increased public spending

Iraq’s fiscal policy under fire over record domestic debt

Iraq risks draining local liquidity and stifling economic growth with its policy to rely heavily on domestic borrowing to fund its widening budget deficit, experts say. The Opec producer’s domestic debt has now hit an all-time high of around 83 trillion dinars ($64 billion) as a result of heavy borrowing to shore up the shortfall […]

US President Donald Trump makes a special address remotely during the 55th annual World Economic Forum (WEF) meeting in Davos on January 23

Oil slips after Trump calls on Opec to lower prices

Oil prices were down on Friday after US President Donald Trump drew a direct link between persistently high inflation and global oil prices during video remarks before the World Economic Forum in Davos, Switzerland.  Trump said he intends to address the problem by boosting domestic production and by asking “Saudi Arabia and Opec to bring […]

Oil refinery worker. Saudi Arabia and other Opec members could be forced to boost output to offset a short-term loss in income, says one expert

Trump’s oil policy ‘problematic’ for Gulf producers, economists warn

Gulf oil producers should be worried about President Donald Trump‘s energy policy, economists have warned, as it could widen their budget deficits. Oil prices have already dipped in response to Trump’s pledge on Monday to boost US hydrocarbon production and they could plunge far below the breakeven prices adopted by Gulf governments in their annual […]

Mohammed Shia Al-Sudani, Iraq’s prime minister, has revealed plans for major oil, gas and petrochemical projects

Iraq makes huge oil discovery but faces Opec restrictions

Iraq has announced the discovery of a massive oil field expected to significantly increase the country’s hydrocarbon reserves, but Baghdad will face a number of challenges in its attempt to exploit the new resource. The field, located in the central part of the country, contains more than 2 billion barrels of medium and light crude […]