International

Iraq has reportedly “put on hold” it oil contract with China’s Zhenhua Oil. The multi-billion-dollar agreement would have seen Zhenhua pre-pay Iraq’s State Oil Marketing Organization (SOMO) for a regular supply of crude oil. Oil prices have risen significantly since the deal was struck.

Key questions for the OPEC+ meeting will be whether Saudi Arabia rolls back its voluntary cut of 1 million bbl/d and whether there is room for an additional increase in supply from the whole oil producer group. Saudi Arabia and Russia have differences over a potential deal among OPEC+ oil …

Iraq has decided against signing an oil-supply deal with a Chinese state company that would’ve seen the cash-strapped Arab nation get about $2 billion upfront, according to its oil minister. Baghdad opted not to go ahead with the contract after oil prices rose in recent months, Ihsan Abdul Jabbar said …

A masterplan for Pakistan’s largest oil city, including a $10 billion Aramco oil refinery project, is underway and expected to be ready before the end of the year, Pakistani officials said this week. The proposed mega oil city will be developed on 88,000 acres of land in the Gwadar district …

Saudi Arabia and Russia are once again heading into an OPEC+ meeting on opposite sides of a crucial debate about the oil market. Riyadh is publicly urging fellow members to be “extremely cautious,” despite prices rebounding to a one-year high. In private, the kingdom has signaled it would prefer that …

Iraq’s crude oil exports jumped in the first half of February even after OPEC’s second-biggest producer pledged to cut production this month. The group and partners including Russia are restraining supply with the coronavirus pandemic still raging. The alliance, known as OPEC+, is seeking to ensure a 66% rally in …

Iraq’s crude oil exports jumped in the first half of February even after OPEC’s second-biggest producer pledged to cut production this month. The group and partners including Russia are restraining supply with the coronavirus pandemic still raging. The alliance, known as OPEC+, is seeking to ensure a 66% rally in …

Saudi Arabia and Russia would like to continue their coordination to support oil market stability, the leaders of the two most influential members of the OPEC+ production pact said during a telephone conversation this week. Russia’s President Vladimir Putin and Saudi Arabia’s Crown Prince Mohammed bin Salman exchanged views on …

A Lebanese newspaper revealed that the government is preparing to sign an agreement with Iraq, according to which Lebanon will receive 500 thousand tons of oil crude for a year, in exchange for medical equipment, medicines, and consulting services. Al-Akhbar newspaper, quoting private sources, stated that the Lebanese government is …

Saudi Arabia’s Crown Prince Mohammed bin Salman and Russian President Vladimir Putin discussed the OPEC+ agreements in a phone call on Monday, the Kremlin said. They said they would continue close coordination between Russia and Saudi Arabia “in the interests of maintaining stability in the world energy market,” the statement …