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 …
Read More »IEA: Rising COVID-19 Cases Add Uncertainty to Demand Outlook
Global oil demand will average 92.1 million b/d in 2020, down by 7.9 million b/d versus 2019, the US International Energy Agency (IEA) forecast in its July Oil Market Report—a slightly smaller decline than forecast in the last report. Meantime, the agency highlighted uncertainty about the forward path for global …
Read More »Oil Minister: US Fails to Hamper Iran’s Activities by Imposing Sanctions
Iranian Oil Minister Bijan Zangeneh underlined that Washington has been unable to bring the Islamic Republic’s energy and oil activities to a halt despite unilateral sanctions imposed on the country. “We have managed to overome the US sanctions and engage in our oil trade activities,” Zangeneh said. He, meantime, pointed …
Read More »Iran to Export $41b Worth of Non-Oil Goods despite Sanctions, Coronavirus
Caretaker of Ministry of Industry, Mine and Trade announced on Sunday that Iran has planned to export 41 billion dollars’ worth of non-oil goods by the end of the Iranian year on March 20, 2021. Despite the sanctions and coronavirus pandemic, Iran will experience growth in its non-oil exports, Hossein …
Read More »OPEC Cuts June Oil Exports by 1.84 Million bpd
OPEC cut oil exports in June by 1.84 million barrels per day (bpd) from May levels as it works to implement an output reduction agreement with Russia and other allies, according to estimates from Kpler, which tracks oil shipments. OPEC’s crude exports averaged 17.2 million bpd last month, Kpler said …
Read More »ENI, BP, Total make New Gas East Med Discovery Offshore Egypt
Italian energy major ENI, who is the Operator of the Block, BP and France’s Total as Contractor members have successfully drilled the first exploration well in the North El Hammad license, in the conventional Egyptian waters of the Nile Delta, on the prospect called Bashrush, ENI said on July 1. …
Read More »Investors Pressure Exxon, Chevron to Disclose Long-Term Oil Price Forecasts
America’s biggest oil companies are coming under increasing pressure from climate-conscious investors to disclose their long-term forecasts for crude prices as the Covid-19 pandemic injects fresh uncertainty into the demand outlook for fossil fuels. Exxon Mobil Corp. and Chevron Corp. don’t publish such estimates, meaning that shareholders are less able …
Read More »New Oil Storage Hub in UAE to Open by End of 2020
Brooge Energy Ltd. expects new tanks at its oil-storage terminal in the United Arab Emirates to be fully operational by the end of the year, with a single customer booked to lease all the additional capacity. The US-listed storage operator is adding eight tanks at the site in the UAE …
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