As the Middle East enters the hottest days of summer, Saudi Arabia is set to burn potentially record amounts of crude oil to run its power plants and keep its citizens comfortably air-conditioned. Electricity consumption always soars around July and August, when temperatures in the kingdom can rise above 122 …
Read More »Qatar has Lowest ‘2020 Central Government Deficit-to-GDP Ratio’ in GCC
Qatar has the lowest “2020 central government deficit-to-GDP ratio” in the GCC at 10%, S&P Global said and noted fiscal deficits will shrink in the region from 2021, assuming oil prices improve and oil production cuts taper in line with the ‘April 2020 |OPEC+’ agreement. As a percentage of GDP, …
Read More »Iran-China to have Long Term Coop. in Oil Sector
Iranian oil minister on Monday informed that under the framework of the 25-year comprehensive cooperation road map, Iran and China will collaborate on the oil sector in the long-run. As Bijan Namdar Zanganeh told reporters that Iran is ready to sign a similar cooperation road map with all countries. Referring …
Read More »Saudi Arabia Aims to Revamp WTO in Favor of All Members
For a country that is a founding member of OPEC as the biggest oil producer with the largest oil reserves in the world, for a country bordering seven others, for a country hosting the two holy sites where millions of Muslims perform their annual pilgrimage and, last but not least, …
Read More »Iran, Senegal Review Oil, Energy, Agriculture Cooperation
Iran’s Ambassador to Dakar Mohammad Reza Dehshiri held separate meetings with Senegalese Minister of Petroleum and Energy Mouhamadou Makhtar Cisse and Minister of Agriculture and Rural Equipment Moussa Balde. During the meeting, the two sides discussed the expansion of cooperation in the field of oil, gas, and energy. The holding …
Read More »OPEC’s Oil Revenues Fell by 18% in 2019
The Organization of Petroleum Exporting Countries (OPEC) Tuesday announced that 13 member nations lost 18 percent of their income in 2019 due to both the fall in oil prices and the loss of markets. According to OPEC’s Annual Statistical Bulletin data, the most affected countries were Iran and Venezuela, which …
Read More »OPEC+ Extends Record Oil Cuts as Saudis, Russians Reach Agreement
OPEC, Russia and allies agreed on Saturday to extend record oil production cuts until the end of July, prolonging a deal that has helped crude prices double in the past two months by withdrawing almost 10 percent of global supplies from the market. It’s a victory for Saudi Arabia and …
Read More »IMF: Mideast Loses $270B Oil Income amid Virus, Recession
The Middle East’s energy producers are expected to earn $270 billion less in oil revenue compared to last year as the region’s economic heavyweight, Saudi Arabia, sinks deeper into recession amid the coronavirus pandemic, according to the International Monetary Fund’s outlook released Monday. The international lender expects an overall economic …
Read More »OPEC and Russia May Ease Oil Production Cuts
Saudi Arabia, the world’s largest oil exporter, and other major oil-producing countries are likely to increase their output in August, as coronavirus lockdowns ease and demand begins to rise again. The Organization of the Petroleum Exporting Countries, Russia and other producers are expected to modestly ease the record production cuts …
Read More »Iran will Surge Oil Production Capacity
Iranian Oil Minister Bijan Zanganeh has announced that his country plans to increase its oil output capacity to take its share back from the market in case of the US sanctions termination. Iran is expanding its oil-production capacity in anticipation that an eventual end of sanctions would allow it to …
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