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
Oil & Gas Saudi Aramco CEO expects oil markets to tighten Saudi Aramco expects tighter oil markets due to growing crude demand and shrinking stockpiles, its CEO Amin Nasser has said. Nasser believes that the disruptions in the Red Sea will not affect global markets in the short term. However, an extension of the crisis would result in a shortage of tankers due to longer travel […] January 18, 2024
Economy Saudi inflation eases to 1.5% – but tipped to rise this year Saudi Arabia’s year-on-year inflation rate eased to 1.5 percent in December 2023, from 1.7 percent the previous month, but prices are expected to rise more quickly this year as the country emerges from a slowdown. Housing costs were the main driver of increases in the consumer price index (CPI), according to the General Authority for […] January 16, 2024
Opinion Oil & Gas Houthi strikes have little impact in a world awash with oil Oil prices are sticking at $75-80 despite rising security risks January 15, 2024
Industry Saudi Arabia invests $400bn in factories as oil industry slows Total investment in Saudi Arabia’s industrial sector has risen by nearly 10 percent in a year, to reach SAR1.5 trillion ($400 billion). The official figures, released by the Saudi Press Agency, show growth of 1.5 percent in the third quarter of 2023 and growth of 9.3 percent for the year to Q3. The non-oil economy […] January 11, 2024
Oil & Gas Riyadh’s price cut fails to halt drop in oil markets Saudi Arabia’s decision to cut its February oil price is a response to rising supply and competitive pressures in the market, industry analysts have told AGBI. The country, the world’s biggest crude oil exporter, is reducing the official selling price to Asia of its flagship Arab Light crude to the lowest level in 27 months. […] January 9, 2024
Opinion Oil & Gas Economics, not geopolitics, will define oil prices in 2024 War in Ukraine and Gaza and missile attacks in the Red Sea are unlikely to have an effect January 3, 2024
Analysis Oil & Gas Opec set for tricky new year: US booms and demand slows Opec+ has struggled to maintain high oil prices this year and 2023 is ending with Brent trading 10 percent lower year on year and below the crucial $80 break-even mark of GCC countries. 2024 looks likely to be another challenging year for the oil alliance, analysts have told AGBI. Oil demand rose by more than […] December 29, 2023
Oil & Gas Angola’s Opec exit points to growing divisions on quotas Angola’s decision to leave the Organisation of the Petroleum Exporting Countries (Opec) over a production quotas dispute will have a limited impact on oil supply but highlights cracks in the organisation’s long-term unity, industry analysts have said. Diamantino Pedro Azevedo, Angolan mineral resources minister, said the African country’s role in the organisation was not deemed […] December 22, 2023
Opinion Oil & Gas Oil’s inverse correlation to the dollar could return If Saudi Arabia unilaterally raises oil production, all bets are off December 7, 2023
Analysis Trade UAE-Russia trade grows as Putin arrives in Gulf President Vladimir Putin will be hoping to build on Russia’s $9 billion of trade with the UAE as he visits the Gulf this week. Putin arrived in Abu Dhabi on Wednesday and is also expected to travel to Saudi Arabia for talks with Crown Prince Mohammed bin Salman. Trade between Russia and the UAE increased […] December 6, 2023
Oil & Gas Russia says Opec+ ‘ready’ to hike oil output cuts in 2024 Opec+ members may increase oil production cuts in the first quarter of 2024 to remove “profiteering and restrict volatility”, according to Russian deputy prime minister Alexander Novak. The decision by Opec+ to lower oil production by 2.2 million barrels per day (bpd) in the first quarter of 2024 will help the world to navigate through […] December 6, 2023
Energy Vladimir Putin to visit UAE and Saudi Arabia this week Russian President Vladimir Putin will visit the UAE and Saudi Arabia this week, Russian news outlet Shot reported on Monday, citing Putin’s aide Yury Ushakov. The reported visit comes after the Opec+ group of oil producers, which includes all three countries, agreed last Thursday to voluntary output cuts totalling about 2.2 million barrels a day […] December 5, 2023
Opinion Oil & Gas Opec+ cuts leave oil markets dazed and confused The strange case of Brent crude price falling after a headline 2.2m reduction December 4, 2023
Oil & Gas Market confusion over Opec+ cuts hits oil prices Oil prices fell further on Friday after tumbling sharply when Opec+ announced more production cuts amid suspicions that quotas will not be adhered to. Brent, the main international benchmark, traded at $80.66, down from $84.37 on Thursday, while West Texas intermediate was flat at $75.94. Saudi Arabia, Russia and other members of Opec+ announced on […] December 1, 2023
Oil & Gas Opec+ agrees to cut 2m bpd at delayed meeting Early reports indicated on Thursday that Opec+ members, led by Saudi Arabia, have agreed at their delayed meeting to cut oil output by nearly 2 million barrels per day, above supply curbs agreed in June. Crude prices rose nearly 1 percent in anticipation of the decision; Brent traded at $82.51. Saudi Arabia, Russia and other […] November 30, 2023
EXCLUSIVE Sustainability Opec Fund piles up financing for wheat, wind and water The Opec Fund for International Development is on track to meet its pledges to increase grants and loans to climate-related projects, its Middle East and North Africa head has told AGBI. Musab Alomar, the fund’s director of public sector operations for Mena, said climate financing made up 33 percent of all Opec Fund approvals in […] November 30, 2023
Oil & Gas Oil markets stand by ahead of Opec+ meeting Oil prices rebounded slightly on Wednesday but uncertainty reigned ahead of Thursday’s Opec+ meeting where the question of temporary cuts is likely to dominate. Brent traded at $82.34 at 15.11 GST, while WTI climbed 1 percent to $77.36, supported by a supply disruption caused in the Black Sea, a weakening dollar, and reduced geopolitical risk […] November 29, 2023
Oil & Gas Opec says IEA has ‘vilified’ oil and gas producers Opec has hit out at the International Energy Agency, saying the IEA has “unjustly vilified” the oil and gas industry by accusing it of being behind the climate crisis. The organisation of leading oil producers responded on Monday to the IEA’s latest report about the industry’s transition to net zero. Its statement highlighted the divergence […] November 28, 2023
Oil & Gas Tensions over quotas and cuts delay Opec+ meeting Opec+ has postponed its ministerial meeting from this weekend to November 30 amid tension over members’ production levels and plans for further output cuts, industry experts said. Oil prices extended losses by more than 1 percent on Thursday. Brent traded at $80.93 a barrel at 9.38 GST after a steep 4 percent decline on Wednesday. […] November 23, 2023
Opinion Oil & Gas US oil has got its groove back – now Opec has to react The resurgence of the US shale industry complicates the calculations for Opec producers meeting this month November 20, 2023
Oil & Gas Opec+ agonises over quotas but more cuts loom Opec+ members are likely to extend their voluntary output cuts through to next year at their meeting in Vienna on November 26, even if this means the oil group risks losing market share to keep prices high, analysts and economic experts said. Brent prices held above $82 a barrel on Monday, after four weeks of […] November 20, 2023
