Qatar’s economic policy is built on a robust system, and a stimulus scheme of $20.6bn (QR75bn) over the coming three years is expected to “absorb the shock of what is happening worldwide,” said HE Dr Mohamed bin Saleh al-Sada, former Minister of Energy and Industry. He was speaking at an …
Read More »OPEC+ Capable to Respond to Low Oil Price Situation
Countries participating in the OPEC+ oil production limiting agreement have all the capabilities to respond if necessary to the situation with the low oil prices, Russian Energy Minister Alexander Novak told reporters. “OPEC+ countries are keeping a close eye on the situation and have all the capabilities to respond if …
Read More »Coronavirus Destroys Oil-Dependent Economy of Saudi Arabia
Saudi Arabia may have won a brief no-holds-barred oil price war with Russia, but observers say it hastened a coronavirus-led energy slump despite a subsequent historic deal to slash production. “This has changed everything,” chief economist at Abu Dhabi Commercial Bank Monica Malik told Bloomberg in an article published on …
Read More »OPEC+ Participants will Contact each other to Reconcile Positions if Necessary
Participants of OPEC+ deal will contact each other if necessary, but so far there are no decisions on holding such meetings, Kremlin spokesman Dmitry Peskov told reporters on Tuesday. “We have all mechanisms to reconcile positions with our partners in this deal, and proper contacts will be carried out if …
Read More »Russia has Reserves to Mitigate Situation on Oil Market
The Russian government will use the available resources to mitigate the negative effects of falling world oil prices on the Russian economy, Russian Presidential Spokesperson Dmitry Peskov told reporters on Tuesday. “The main thing here is that our government, our leadership has all the necessary reserves to dampen the negative …
Read More »Coronavirus Harms the Oil Market more than OPEC Disputes
The coronavirus pandemic is harming the oil market way more than the price dispute between OPEC and its allies OPEC+, RBN Energy chief executive Rusty Braziel told CNBC on Monday. RBN Energy is a Houston-based privately held energy commodities analytics company that plays a role between physical markets and financial …
Read More »Trump Wants to Add 75 MMbbl to SPR, Considers Blocking Saudi Shipments
President Donald Trump said he wants to add as much as 75 million barrels of oil to the nation’s Strategic Petroleum Reserve, taking advantage of record low prices for crude, and that he’ll consider blocking imports of crude from Saudi Arabia. Oil is at “a level that’s very interesting to …
Read More »Oil Price Crash may not Benefit India due to Falling Demand and Full Tanks
Monday’s crude oil price collapse may not have much impact on Indian refiners or on pump prices at least till June but could spoil the prospects of oil giants such as Saudi Aramco pouring billions to buy stakes in local refineries such as Reliance Industries Ltd, Bharat Petroleum Corporation or …
Read More »America Describes the Oil Collapse as Short Term
US President Donald Trump described the historic collapse in oil prices as short-term and caused by “financial pressure,” adding that his administration would consider stopping oil shipments from Saudi Arabia. Trump said at a daily press conference that his administration also plans to increase the level of crude oil stockpiles …
Read More »Iraq Eager to Cooperate with Iran to Produce Pharmaceuticals
Iraqi Health Minister Jaafar Sadiq Allawi said on Tuesday Iraq is keen on joint venture investment with Iran to produce pharmaceuticals. Allawi made the remarks in a meeting held in Baghdad with Iran’s Ambassador to Iraq Iraj Masjedi. The Iraqi minister called on the Iranian companies to participate in the …
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