Iraq’s Total Oil Exports Average 2.7 Million Bpd in November

Iraqi oil exports fell to 2.709 million barrels per day in November, from 2.876 million bpd in the previous month, the oil ministry said on Tuesday. Exports from the country’s southern Basra terminals reached 2.6 million bpd in November, down from 2.77 million bpd the month before, the mini

Iraq Denies Asking OPEC for Exemption From Pact Aimed at Reducing Output

Iraq's Oil Minister Ihsan Abdul Jabbar said that Iraq didn't ask OPEC for exemption from a pact aimed at reducing output. His statements were made following Iraq’s Finance Minister Ali Abdul Amir Allawi announcing that Iraq is feeling the strain under OPEC+ deal. "We have reached the limit

Egypt energy subsidies down by 46% in 3 months

Egyptian subsidies on petroleum products decreased by about 46 per cent in the first quarter of the current financial year 2020-21, the petroleum minister announced yesterday. "Subsidies on petroleum products fell to 3.9 billion Egyptian pounds ($249.8 million) during the first quarter of the cur

OPEC+ energy ministers ponder delay to extra oil supply ahead of key meeting

Energy ministers from the OPEC+ alliance of oil producers are considering whether or not to extend historic cuts to crude output for a further period, in view of global uncertainties about demand, as COVID-19 cases surge worldwide. Policymakers from the 23 OPEC+ grouping - led by the two biggest

GCC: An Opportunity for Regional Gas Sector Integration

A recent survey has revealed an opportunity for Gulf Cooperation Council (GCC) states to move to a regionally integrated gas market, which enhances efficiency and supports strategic goals in employment, consumption and investment. Researchers in Saudi Arabia emphasized that the integration of the

OPEC+ panel said to hold informal talks on Saturday

A panel of OPEC+, a group of leading oil producing countries, will hold informal online talks on Saturday prior to meetings scheduled for next week, a letter seen by Reuters showed and sources with knowledge of the matter said. OPEC+ is debating whether to ease oil output cuts from Jan. 1, as it

Saudi Aramco’s $8 bln bond issue attracts 150 investors, says official

Saudi Arabian Oil Co.’s (Saudi Aramco) $8 billion senior, dollar-denominated bond issue attracted 150 new investors, Senior Vice President of Finance, Strategy and Development. “The successful bond completion reflects investors’ confidence in Saudi Aramco and the Kingdom’s

Oil jumps to its highest since March

Oil gained on Tuesday to $47 a barrel as a third company announced its coronavirus vaccine, its biggest gain since March. Brent crude rose 31 cents, or 0.7%, to $46.37 a barrel by 0914 GMT and hit a session high of $46.72, its highest since March 6. US West Texas Intermediate crude gained 32 cent

UAE: New Oil Discovery Estimated at 22 Billion Barrels

The Supreme Petroleum Council (SPC) announced on Sunday the discovery of substantial recoverable unconventional oil resources located onshore, estimated at 22 billion stock tank barrels (STB), and an increase in conventional oil reserves of 2 billion STB in the Emirate of Abu Dhabi. The announcem

Algerian Energy Minister: Gas Exports to Drop by 4.7%

Algeria’s gas exports this year are expected to drop by 4.7%, energy minister Abdelmadjid Attar, hit by reduced demand from Europe and competition from cheaper US supplies. The North African country, which derives 95% of its foreign revenue from oil and gas sales, is expected to export 41 b

Markets absorb increase in Libya oil production

S&P Global Platts quoted traders in the oil market stating that the global market has absorbed the growing and sudden surge of Libyan oil production, contrary to the expectations of energy agencies and experts. A trader in the oil market confirmed during a recently held conference that t

Opec+ weighs options as markets hope for extension of production cuts

Opec+ is still weighing its options to extend current production curbs until the first quarter of next year as the group awaits key producers' backing. Saudi Arabia’s energy minister Prince Abdulaziz bin Salman said the group is prepared to be flexible but noted following the joint minister

Aramco Awards Major Long-Term Agreements to Eight Companies Oil, Gas Projects

Aramco announced on Wednesday a new contracting strategy for the Company’s oil and gas brownfield and plant upgrade projects. The strategy focuses on establishing new businesses and developing partnerships based on sustainability and new technologies via Aramco's giant projects by awa

OPEC+ Sees Oil Cut Extension Curbing 2021 Rise in Oil Stocks, Document Shows

OPEC and its allies see oil inventories declining further in 2021 should producers extend supply curbs for three months or more, a confidential document seen by Reuters shows, supporting the case for a tighter policy on crude output next year. The OPEC+ producer group, for now, is due to raise ou

Oil price jumps before crunch OPEC+ supply talks

The price of crude oil jumped on Monday as hopes rose that OPEC+ would strike a deal to curtail extra supply until well into next year. Energy ministers from the alliance of exporters led by Saudi Arabia and Russia meet on Tuesday to monitor markets and output levels, amid speculation that a prod

WEEKLY ENERGY RECAP: Vaccine hopes and demand fears

Oil prices registered a second weekly gain, even as the surge in COVID-19 cases worldwide tempered market optimism.  Both benchmark prices recovered above the $40 per barrel barrier. The week ended with Brent rising to $42.78 per barrel and WTI gaining to $40.13. Earlier in the week, Brent

High OPEC+ Compliance with Oil Production Cuts in Oct

The compliance of OPEC+ with oil production cuts in October was seen at 101%, three OPEC+ sources told Reuters on Friday, maintaining a strong level of adherence to their supply-cut pact. The compliance assessment will be reviewed and confirmed by a meeting of the OPEC+ Joint Technical Committee

Iran oil exports hit 700,000 barrels per day

Iran's average oil exports have reached 700,000 barrels per day (bpd) since March, the deputy head of the country's Budget and Planning organisation announced yesterday. "The average oil sales so far this [Iranian] year have been 600,000 to 700,000 bpd," Hamid Pourmohammadi told Iran's semi-