Tag Archives: Arab News

Rising OPEC and US oil supply, coupled with stalled economic and crude demand recovery, have pushed the futures market structure back to indicating a surplus, last observed during oil’s collapse in April and May amid the coronavirus pandemic. The development is a headache for OPEC, which had been hoping demand …

OPEC oil output has risen by more than 1 million barrels per day (bpd) in July as Saudi Arabia and other Gulf members ended their voluntary extra supply curbs on top of an OPEC-led deal, and other members made limited progress on compliance. The 13-member Organization of the Petroleum Exporting …

The historic OPEC+ output cuts agreement has kept vast quantities of oil in the ground. This represents an opportunity for hedging these remaining barrels in their reservoirs and selling them at specified prices in the future. Mexico may be one of the few, if not the only, producer whose budget …

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, …

Headlines are currently screaming at readers: “Oil markets starved of essential Russian and Saudi barrels.” And yet, only a few weeks ago the world was awash with Saudi and Russian oil as global demand tanked because of the coronavirus disease (COVID-19) pandemic. The US president appealed to the two biggest …

The coronavirus pandemic has disrupted maintenance at oil and gas projects and refineries from Russia’s Far East to the coast of Canada, storing up problems for an industry already reeling from slumping prices, analysts say. Lockdowns to stop the spread of COVID-19 have snarled the supply of spare parts and …

Iraq has yet to inform its regular oil buyers of cuts to its exports, suggesting it is struggling to fully implement an OPEC deal with Russia and other producers on a record supply cut, traders and industry sources said. Less than full compliance by Iraq, as well as by smaller …

Saudi Arabia will emerge as the victor of the oil price war that sent global crude markets into a spin last month, according to two experts in the energy industry. Jason Bordoff, professor and founding director of the Center for Global Energy policy at New York’s Columbia University, said: “While …

The largest oil producer in North Dakota has halted most of its production in the US state and notified some customers it would not supply crude after prices dived into negative territory this week, sources said. Continental Resources Inc, the company controlled by billionaire Harold Hamm, stopped all drilling and …

Pressure mounted on Mexico on Saturday to agree on cuts to oil output that would set the seal on the biggest production deal in the industry’s history. The OPEC+ alliance led by Saudi Arabia and Russia was said to have made some progress on Saturday as negotiations with Mexico continued, …