The price of some Middle Eastern oil has climbed after buyers snapped up cheap cargoes as calm returned to Asia’s physical market. The spot differential for cargoes of Abu Dhabi’s Murban crude scheduled to be loaded in June increased more than $1 a barrel in less than a week, according …
Read More »Middle East Oil and Gas Set for Digital Transformation
The Middle East is the historic heartland of the global oil and gas industry. The region holds almost half of the world’s proven hydrocarbon reserves and, in 2020, it produced nearly one-third of the world’s oil. But the world’s energy sector is changing fundamentally and the region’s position at the …
Read More »Middle East Oil Producers are Winning the Race for Market Share in Asia
The largest oil exporters in the Middle East, key members of OPEC, are reaping the benefits of the rally in crude oil prices. At the same time, they are recouping market share in the most important oil market, Asia. For the first time this year, the Middle East’s share of …
Read More »Pakistan Invests in Middle East Oil in $305 Million UAE Deal
The United Arab Emirates awarded an oil concession to companies from Pakistan for the first time. A group led by state-owned Pakistan Petroleum Ltd. will invest about $305 million to find crude and natural gas in the UAE’s Persian Gulf waters, according to Abu Dhabi National Oil Co. Adnoc is …
Read More »India Cuts Middle East Oil Imports as It Seeks to Diversify Energy Sources
India, the world’s third-biggest oil importer, has significantly reduced its imports from the Middle East as part of a drive to diversify crude sources. The share of Middle Eastern crude in India’s oil imports fell to a 25-month low in May, tanker data provided by trade sources showed, as refiners …
Read More »The UAE To Become The Next Middle East Energy Giant
Saudi Arabia is synonymous with oil, the EU is obsessed with renewable energy, and the U.S. is the world’s leading natural gas producer, but there are few countries pursuing all three of these energy sources with as much vigor as the UAE. While much of the West, encouraged by the …
Read More »Middle East has Set to Become a Hydrogen Hub
The biggest oil-exporting region in the world, the Middle East, has set its sights on becoming a major clean energy exporter of green hydrogen. The largest oil producers in the Arab Gulf have jumped on the hydrogen bandwagon — especially its so-called green variety produced from water electrolysis using electricity …
Read More »BP Prepares to Boost Middle East Oil Production
BP has said it will invest heavily in Middle Eastern oil and natural-gas fields going into 2021. Despite pledging its transition to renewable energy, the company has highlighted its interest in Middle East oil and gas. At present, BP currently operates the world’s third largest oil field in Iraq, Rumalia, …
Read More »Middle East Producers may Raise Jan OSPs, but OPEC+ Decision Key
Middle East producers led by Saudi Arabia are widely expected to raise their official selling prices for January loading crude in December, although the outcome of the OPEC and non-OPEC meetings in coming days could affect the size and even the direction of any price change. Saudi Aramco is expected …
Read More »Middle East to Become Major LNG Supplier as Global Fossil Fuel Demand Wanes
The Middle East is expected to become one of the world’s main suppliers of liquefied natural gas (LNG) as climate policies see a rapid decline in demand for oil and coal, leading to a shrink in fossil fuel consumption for the first time in modern history, BP said in its …
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