Algeria’s Sonatrach has signed an engineering, procurement and construction (EPC) contract with Tecnicas Reunidas and Samsung Engineering on a new refinery at Haoud El Hamra, in Hassi Messaoud.
Gas investments in the Middle East and North African (MENA) region are declining, according to a report from Saudi Arabia-based Arab Petroleum Investments Corp. (APICORP).
Oil price predictions always end in disaster but complacency in the market poses a number of risks, given global uncertainty.
Fitch Ratings has cut Saudi Aramco’s rating to A from A+, following its downgrade of Saudi Arabia.
Gulf Marine Services (GMS) has made progress in shoring up its future but much rests on its negotiations with lenders.
Oil was showing little sign of recovering from its unprecedented decline as investors flee a market hammered by swelling supplies and a darkening demand outlook.
Saudi Arabia’s plan to halt the oil-price rally could hurt its economy, depriving the kingdom of billions of dollars in income that it needs more than many other OPEC members.
Aberdeen-headquartered energy services firm Wood has won a contract to develop the world’s largest crude oil to chemicals (COTC) project for Saudi Aramco and SABIC.
All producers agree to extend crude output cuts by nine months to help trim a supply glut, according to Saudi Arabia’s energy minister.
Saudi Arabia told OPEC it raised output back above 10 million barrels a day in February, reversing about a third of the cuts it made the previous month.
Saudi Aramco is to be publicly listed both in Kingdom and abroad in the second half of 2018.
Oil advanced to the highest since July 2015 after Saudi Arabia signaled it’s ready to cut output more than earlier agreed and non-OPEC countries including Russia pledged to pump less next year.
Stocks just chalked up their longest rally since 2014, default risk is tumbling and the cash squeeze in the nation’s banking system is suddenly dissipating.
The average oil price that Saudi Arabia needs to balance its budget will fall this year by only half as much as forecast six months ago, according to the International Monetary Fund.
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.
As greater and greater detail emerges about the OPEC meeting in Doha this past weekend, only one fact seems to matter – there is no agreement to freeze production.
Even in a world awash with crude, buyers in the world’s biggest oil market can’t seem to escape their addiction to Middle East supplies.
Brent oil traded near $32 before a meeting between Iraq and Iran in Tehran after Saudi Arabia and Russia agreed to freeze production at near record levels amid a global glut.
A short oil price rally was brought to an abrupt halt yesterday after large producing nations failed once more to agree on output cuts, instead freezing production at record levels.
Saudi Arabia and Russia, the world’s two largest crude producers, agreed to freeze output after talks in Qatar.
Neither a recession nor a collapse in revenue has yet been enough to convince Russian President Vladimir Putin that it’s time to join with OPEC in cutting oil output to boost prices. His reasons may be pragmatic rather than political.
Ongoing diplomatic tensions between Saudi Arabia and Iran is unlikely to escalate into to direct confrontation, with Iran likely to be the one who blinks first as it seeks to get its oil supplies onto the world market, according a leading Middle East expert.
Saudi Arabia’s government has reiterated its commitment to work with OPEC members and other producers to stabilise the oil market.
British oil worker Karl Andree, who had been threatened with flogging after breaching strict alcohol laws, will be released from Saudi custody within a week and reunited with his family, Foreign Secretary Philip Hammond said today.
The grandchildren of a British man who reportedly faces 350 lashes for breaking the law in Saudi Arabia have appealed directly to David Cameron as “his only hope”. Karl Andree, who has battled cancer and suffers from asthma, was arrested in Jeddah in August last year for breaching the country’s strict anti-alcohol laws after he was caught with home-made wine. The 74 year old has served his time in jail but is still locked up as Saudi officials wait to carry out the lashings, according to his son Simon Andree.