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Saudi Arabia says Iranian weapons were used to attack oil facilities

Saudi Arabia says Iranian weapons were used to attack oil facilities

Saudi Arabia said preliminary findings show Iranian weapons were used in the attack on one of its key oil installations. Saudi Arabia’s deputy permanent representative to the UN, Dr. Khaled Manzlawiy. The drone attack that took place in the early hours on last Saturday. It stopped short of directly blaming the Islamic Republic for the...

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OPEC output rises for first time since start of 2019 cuts

OPEC output rises for first time since start of 2019 cuts

The first increase since the group and its allies started a new round of output cutbacks. Saudi Arabia was successful in getting the Organization of the Petroleum Exporting Countries (OPEC). The OPEC+ alliance is poised to extend production cuts into 2020. It start of the year to shore up a weak global market. Oil prices...

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Iran oil tanker released by Gibraltar, setting up race with the U.S

Iran oil tanker released by Gibraltar, setting up race with the U.S

Iran is racing to return an oil supertanker to international waters. The captain of an Iranian tanker seized in Gibraltar, provoking a diplomatic crisis between Tehran and London. The ship, the Grace 1, had been held in Gibraltar after British forces detained it last month. Iran on Sunday called Britain’s seizure of an Iranian oil...

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Oman talks to Iran, other parties to restore stability to Strait of Hormuz

Oman talks to Iran, other parties to restore stability to Strait of Hormuz

Omani officials are in talks with ‘all parties’ to restore stability to the Strait of Hormuz. Oman has described Israel as a “state” in the Middle East. Oman will open an embassy in the occupied West Bank city of Ramallah. Two oil tankers have been evacuated in the Gulf of Oman. The foreign minister of...

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Iran oil stacking up in Chinese ports adds to market uncertainty

Iran oil stacking up in Chinese ports adds to market uncertainty

Tankers are offloading millions of barrels of Iranian oil into storage tanks at Chinese ports. The Oil Ministry is at the forefront of fighting the US sanctions. It’s creating a hoard of crude sitting on the doorstep of the world’s biggest buyer. The National Iranian Gas Company and its affiliates are capable of playing a...

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OPEC sees new oil surplus in 2020 as U.S. shale surges again

OPEC sees new oil surplus in 2020 as U.S. shale surges again

OPEC agreed to keep oil production restrained until early next year. Saudi Arabia and Russia have instead signed up for eternity. OPEC will extend production cuts into 2020. Oil surged to a five-week high after Saudi Arabia and Russia signaled their support. OPEC+ will agree to extend production cuts for at least another six months...

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Oil supply to swamp demand, squeeze OPEC in 2020, IEA says

Oil supply to swamp demand, squeeze OPEC in 2020, IEA says

Global oil supplies will increase far more than demand next year. Crude is still up from about $40 a barrel a year ago and a 12-year low near $27. Opec agreed in November to cut output by about 1.2 million barrels a day. Even if its actions force an increase in prices, America’s frackers will...

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OPEC warns that trade tensions are hurting global oil demand

OPEC warns that trade tensions are hurting global oil demand

OPEC said that international trade tensions are hurting demand for oil. Members of the Organization of the Petroleum Exporting Countries are close to reaching an agreement on extending production cuts. On coming week the International Energy Agency will publish its first forecast of oil market balances in 2020. Iran has no plans to leave the...

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Saudi Arabia has restarted oil pipelines after Iran-backed rebel attack

Saudi Arabia has restarted oil pipelines after Iran-backed rebel attack

Saudi Arabia restarted its main cross-country oil pipeline after a drone attack by Iran-backed rebel. Saudi Arabia’s government approved the scheme on Tuesday. Saudi Arabia and the UAE will provide $70 million in financial support to Yemeni teachers. Prince Ahmad has many charitable and humanitarian interests in Saudi Arabia and other countries. Saudia Airlines has...

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