Saudi Arabia, the world’s biggest oil exporter, plans “significant growth” in output in 2016 and further international expansion, the head of the country’s state-run producer said, even as global oversupply contributed to a drop in crude prices from a year ago.
Iraq’s oil exports approached a record high in April, adding barrels to a worldwide supply glut, even as protests against public corruption threatened to paralyze the OPEC member nation’s government.
News that the Saudi government will sell off a 5% stake in its oil champion, Saudi Aramco, is arguably the biggest hydrocarbons policy shift since the 1970s, turning a page on the post-1973 nationalisation of the region's oil producers.
Motorists in the oil rich United Arab Emirates face the second petrol price hike at the pumps for the second month running.
British oil giant BP would be “very welcome back” in Libya, Philip Hammond has told MPs.
Iranian delegates were told not to attend a meeting in Doha of the OPEC member countries unless it was to agree to production output changes, according to a top energy analyst.
Kuwait’s three oil refineries were operating at reduced rates on Monday on the second day of an open-ended labor strike.
The boss at Saltire Energy said yesterday the Aberdeenshire oil service firm had handled low crude prices “extremely well” despite a double-digit drop in profits. The Portlethen-based oil drilling equipment rental business ended its last financial year with pre-tax profits of £15.28million, down 13.6% on 2013/14, according to accounts lodged at Companies House. Turnover at Saltire, which is controlled by award-winning entrepreneur Mike Loggie, fell 11.9% to £31.98million for the year ended June 30, 2015.
New product launches and demand from the Middle East have combined to help oil and gas consultancy Kelton Engineering lift its profits by nearly 90%. The Aberdeen-headquartered engineering consultancy said UK trading had held reasonably firm in the year ended September 30, 2015, a period which saw Brent crude prices fall from just under $100 a barrel to about $50. But bosses at Kelton expect the industry downturn to have a greater impact on income during the current financial year.
Country leaders, government officials and ministers in some of the world's key energy markets are among those identified in the Panama Papers leak, which reveals the secrets of how the super rich use offshore accounts to channel billions of dollars.
Saudi Arabia is getting ready for the twilight of the oil age by creating the world’s largest sovereign wealth fund for the kingdom’s most prized assets.
Saudi Arabia plans to sell a stake “of less than 5 percent” in the parent of its state-owned oil company, the kingdom’s deputy crown prince said, revealing details of a listing that could make it the world’s biggest publicly traded firm.
Saudi Aramco has started producing natural gas at the offshore Hasbah field.
Even as it pumps near-record quantities of oil, Saudi Arabia is getting ready for a time when the world will no longer need its biggest export.
Gulf Keystone Petroleum Ltd. fell to a seven-year low in London trading after saying its future depends on obtaining new funds and restructuring the balance sheet as bond repayments loom.
Jupiter Energy has said production at its Akkar East wells will continue to be shut in until the oil price imprvoves.
The rise of moderates in Iran’s elections has increased the odds of the nation joining an oil-producer coalition to freeze output and bolster global crude prices, the Institute for International Finance said.
The International Energy Agency (IEA) said oil prices may have bottomed as output in the US and other non-OPEC producers begins to fall and an increase in supply from Iran has been less dramatic.
Iran’s return to global oil markets after sanctions were lifted isn’t living up to the country’s grand ambitions, or at least not yet.
Iran’s return to global oil markets after sanctions were lifted isn’t living up to the country’s grand ambitions, or at least not yet. Six weeks after the historic nuclear deal that allowed Iran to resume oil sales around the world, the OPEC member is shipping barely a third of the extra 500,000 barrels a day it had vowed to unleash within weeks of sanctions being lifted. The country faces hurdles at every step, whether reviving output from aging oil wells or overcoming lingering banking constraints that have forced it to sell crude in barter arrangements, according to BNP Paribas SA.
Iran said it expects to raise its oil exports this month to around 1.65million barrels per day on the back of higher crude shipments to Europe.
If you thought declining home prices and rents would damp Dubai developers’ appetite for new projects, think again.
Workers are looking to fix a leak at a site where an oil well was being dug in northern Kuwait.
Abu Dhabi, the Persian Gulf emirate that holds about 6 percent of global crude reserves, replaced the head of its state oil company with an executive who spent the last 10 years investing in energy as prices languish near a 12- year low.
None of the 13 members of OPEC want the oil price to continue at its current level for longer than is necessary. For some OPEC members, the situation is becoming critical. Even Saudi Arabia, whose lifting costs are well below the current price, is running a budget deficit and taking action to reduce the rate at which it is using up its foreign currency reserves.