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
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
