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 »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 »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 »US Total Energy Exports Exceeded Imports in 2019
Energy exports from the US reached an all-time high of 23.6 quadrillion Btu in 2019, marking the first time in 67 years that annual US gross energy exports exceeded US gross energy imports, according to the US Energy Information Administration’s (EIA) Monthly Energy Review. Gross US energy imports were 22.8 …
Read More »US: China Should Stop ‘Bullying Behavior’ in South China Sea
The United States called on China on April 18 to stop “bullying behavior” in the South China Sea and said it was concerned by reports of Beijing’s “provocative actions” aimed at offshore oil and gas developments in the disputed waters. Three regional security sources told Reuters on April 17 that …
Read More »U.S. Oil Falls more than 10% to Lows not Seen since 1999
Crude oil futures fell on Monday, with U.S. futures touching levels not seen since 1999, extending weakness on the back of sliding demand and concerns that U.S. storage facilities will soon fill to the brim amid the coronavirus pandemic. The oil market has been under pressure due to a spate …
Read More »Saudis Deny Claim That Crude Export to US Rose Last Month
Saudi Arabian oil official on Saturday refuted the conclusion of an analytics firm that the country’s oil exports to the US dramatically increased in the last month. TankerTrackers.com said on Thursday that Saudi Arabian oil exports to the US more than doubled from February to March as oil prices crashed. …
Read More »Saudi Arabia’s Client-State Relationship with the US should Concern the Whole World
When Saudi Arabia approached members of the Organization of Petroleum Exporting Countries (OPEC) and its affiliates recently to cut oil production in an attempt to cushion the impact of the falling oil prices as a result of Covid-19, Russia rejected the proposal. The subsequent spat between Moscow and Riyadh saw …
Read More »China’s Oil Refiners Buying Ultra Cheap Crude
Emerging from the coronavirus lockdown, China’s oil refiners are buying ultra-cheap spot cargoes from Alaska, Canada, and Brazil, taking advantage of the deep discounts at which many crude grades are being offered to China with non-existent demand elsewhere. The discounts of spot cargoes of Canada’s Cold Lake blend, Alaska North …
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