Category: Middle East

Saudi prince sees ‘excellent’ oil market as kingdom meets demand

“We will supply any demand for Saudi oil, as we are interested in the stability of the market,” Prince Abdulaziz said.  More »

Saudi Arabia’s solution to global oil glut: Pump even more crude

The world’s biggest oil exporter now has incentive to maximize output and undermine rival producers by using its reserve capacity.  More »

CERAWeek: OPEC’s not dead, just different

OPEC no longer has the same stranglehold over oil markets it once had, but it’s wrong to declare the cartel dead, a panel of Middle East experts and analysts said Tuesday.  More »

CERAWeek: Smaller budgets shouldn’t sacrifice on oil industry innovation, Saudi Aramco says

Innovation is vital for the energy industry, even when times are tough, three industry executives told IHS Energy CERAWeek attendees Monday.  More »

More gas found in Algeria region hit by 2013 hostage-taking

An al-Qaida splinter attacked the nearby Ain Amenas gas plant in January 2013, resulting in the death of 40 plant workers, mostly foreigners.  More »

Oil prices retreat after OPEC reports 810,000-barrel boost in March

OPEC predicted output from U.S. oil fields would stall out and eventually fall later this year as producers park hundreds of drilling rigs.  More »

Al-Qaida captures oil terminal, airport in south Yemen

Officials said al-Qaida fighters clashed Thursday with members of one of Yemen’s largest infantry brigades outside Mukalla, a city the militants overran earlier this month.  More »

Saudi Arabia adds half a Bakken to global oil market in a month

Prices collapsed almost 50 percent last year as Saudi Arabia led OPEC in maintaining production in the face of a global glut.  More »

OPEC surge ahead of Iran exports could stall oil recovery

The International Energy Agency says Russia, India and others gobbled more cheap crude last month but oil-exporting states including Saudi Arabia pushed out more crude than in almost two years, a bid to remain kings in the oil market as Iranian exports loom.  More »

Kerry: still confident U.S. can conclude Iran nuclear deal

Secretary of State John Kerry said the challenge of finishing the negotiations with Iran over the next 2½ months would loom large over the G-7 meeting.  More »

Yemen liquid natural gas firm shuts down as conflict worsens

The company, whose main shareholder is French oil giant Total SA, declared a force majeure Tuesday. That means that it is unable to meet its contracted demand.  More »

Allowing Iran’s oil back onto markets could cost Russia $27 billion

A deal with world powers over Iran’s nuclear program has the potential to shift the balance of power in the Middle East as Iran competes against Saudi Arabia, a U.S. ally.  More »

Bullish bets on oil increase

e funds boosted net-long positions on West Texas Intermediate crude by 30 percent in the seven days ended April 7, the biggest jump since October 2010, U.S. Commodity Futures Trading Commission data show  More »

Iran’s supreme leader refrains from endorsing nuclear deal

In his first public comments addressing the April 2 pact was outlined in Lausanne, Switzerland, Khamenei said on Thursday he was “neither for it, nor against it,” according to a report by the official Islamic Republic News Agency.  More »

Saudi Arabia sees crude price rising as it boosts oil production

OPEC kept output targets steady at its meeting in November, focusing on maintaining market share rather than supporting prices. The group meets next in June.  More »
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