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Dubai’s stock market traded lower early on Sunday, hurt by losses at financials and property shares, while other major bourses in the Gulf were little changed. Saudi Arabia’s benchmark index rose 0.3pc, with Al Rajhi Bank gaining 0.7pc, while oil giant Saudi Aramco was up 0.3pc despite reporting a fall …
Read More »Big Oil has Spent Nearly a Million Dollars on Trump’s Reelection
The US oil industry appears to be backing Trump over Biden for reelection in 2020, having donated nearly $1 million to his campaign compared to only $265,000 for Biden’s campaign. According to the data, as of August 2020, President Trump has received $936,155 in contributions from the oil and gas …
Read More »GCC, Iraq Reaffirm Full Compliance with OPEC+ Deal
The current developments and future prospects of the global oil markets were deliberated on Friday by the oil ministers of the UAE, Saudi Arabia, Kuwait, Bahrain, Oman and Iraq. This came in a conference call where the Saudi Minister of Energy Prince Abdulaziz Bin Salman Bin Abdulaziz Al Saud, Suhail …
Read More »Oil Giants’ Production Cuts Come to 1 Million bpd as They Post Massive Writedowns
The dramatic reductions in asset valuations and decline in output show the depth of the pain in the second quarter. Fuel demand at one point was down by more than 30% worldwide, and still remains below pre-pandemic levels. Several executives said they took massive writedowns because they expect demand to …
Read More »Iran Warns about Saudi Covert Nuclear Program
Iranian Permanent Representative to the International Organizations in Vienna Kazem Gharibabadi urged International Atomic Energy Agency (IAEA) to conduct a transparent probe into Saudi Arabia’s hidden nuclear program and present a report to the members. He made the request following release of information about the country’s move to build yellow …
Read More »US Sends Oil Shipment to Saudi Arabia
The United States sent a shipment of crude to Saudi Arabia in June, data from the US Census Bureau showed yesterday, in what appears to be the first such delivery since the US ban on crude exports ended in 2015, Reuters reported. The United States shipped about 550,000 barrels, or …
Read More »World’s Oldest Airline Faces Its Biggest Crisis
KLM Royal Dutch Airlines cutting 5,000 jobs confirmed the world’s oldest airline is fighting for survival, amid Covid-19 devastating the global airline industry. In its distinguished 100- year history, KLM has seen nothing like this since Queen Wilhelmina in 1919 bestowed the word “Royal” upon the world’s 18th airline. KLM …
Read More »GE Using Supercomputer to Study Offshore Wind
The U.S. Department of Energy (DOE) has granted GE Research access to a supercomputer for research aimed at accelerating new advancements in offshore wind. GE engineers have been granted access to the Summit supercomputer at Oak Ridge National Laboratory (ORNL) in Tennessee, through DOE’s competitive ALCC (Advanced Scientific Computing Research …
Read More »After Nearly 20 Years, India’s Oil Demand Seen Slipping into the Red
Hopes that India’s oil demand will recover in the second half of the year is fading fast as some provinces implement partial lockdowns to battle the COVID-19 pandemic, prompting refiners to start planning for lower crude runs in order to prevent a problem of plenty at home. India, one of …
Read More »US Crude Oil Inventories Post Sharp Fall
US commercial crude oil inventories decreased last week in line with the market expectation, according to data released by the country’s Energy Information Administration (EIA) on Thursday. Commercial crude oil inventories in the US fell by 7.4 million barrels, or 1.4%, to 518.6 million barrels for the week ending July …
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