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OPEC output falls as Gulf nations step up delivery of oil cuts

OPEC output falls as Gulf nations step up delivery of oil cuts

OPEC’s output declined last month as several Persian Gulf producers. OPEC+ will adjust its output target and redistribute production cuts. The implementation of cutbacks aimed at balancing global oil markets. Oil production in the US has continued to expand. The energy ministers of Saudi Arabia and Russia called on all producers. It have been hearing...

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Aramco, Lebanon, Persian Gulf oil: A guide to Middle East risks in 2020

Aramco, Lebanon, Persian Gulf oil: A guide to Middle East risks in 2020

If 2019 was the year when a clutch of Middle East markets burst into the mainstream, then 2020 will test whether the foreign money keeps flooding in. Saudi Aramco welcomes the new agreement signed between the Kingdom of Saudi Arabia and the State of Kuwait. The year opened with five Gulf Arab economies joining JPMorgan...

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OPEC+ agrees to redistribute oil cuts under Saudi pressure

OPEC+ agrees to redistribute oil cuts under Saudi pressure

OPEC+ will adjust its output target and redistribute production cuts between its members under pressure from Saudi Arabia. China’s record imports of crude oil in November underscore both the challenges and risks facing OPEC. Brent rises 3% in wk;WTI up 7% in biggest weekly gain since June. It has long carried an outsized share of...

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Saudis pledge to cut production, but only if other OPEC members stop cheating

Saudis pledge to cut production, but only if other OPEC members stop cheating

Saudi Arabia appeared to be on track to forge a new quid pro quo with fellow OPEC+ members. The lessons learned by the General Sports Authority from hosting the 2018 series. Webber dove the new all-electric Porsche Taycan from Dubai to Riyadh. A few hours before the Organization of Petroleum Exporting Countries’ meeting in Vienna....

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OPEC+ clamping down on members exceeding production quotas

OPEC+ clamping down on members exceeding production quotas

OPEC+ is poised for a debate about lax implementation of oil-production cuts in Vienna this week. Oil jumped above $61 a barrel on last Monday, supported by hints that OPEC. The dollar and global stock markets fell on last Monday after U.S. President Donald Trump’s speech. Russia asking to discuss a rule change that would...

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Aramco IPO retail offering fully covered with one day to go

Aramco IPO retail offering fully covered with one day to go

The retail tranche of Saudi Aramco’s initial public offering is fully covered with one day to go after 3.7 million investors applied. Saudi Aramco recently honored a number of local manufacturers distinguished for offering high-quality products. Saudi Aramco is participating in the 2019 Abu Dhabi International Petroleum Exhibition & Conference (ADIPEC). Company issued a prospectus...

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OPEC+ will have to cut output in December, according to market data

OPEC+ will have to cut output in December, according to market data

The OPEC+ group of oil producers will need to make deeper output cuts when they meet in December. OPEC said on last Tuesday that oil inventories had continued to rise despite a global deal. The International Energy Agency (IEA) urged Opec countries to swiftly deliver on promised production. The price of a barrel of brent...

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Qatar invests $550 million in Permian midstream operator

Qatar invests $550 million in Permian midstream operator

Oryx Midstream Services, the largest privately-held midstream crude operator in the Permian basin. Qatar and Somalia denied a news report that suggested Doha. A Qatari national was released from prison in Saudi Arabia. Qatar has inaugurated a new naval base in the country’s northeast. Two military training aircraft have collided in mid-air without causing any...

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Iran seizes UK tanker as tensions soar

Iran seizes UK tanker as tensions soar

Iran’s Revolutionary Guard Corps seized a British oil tanker in the Strait of Hormuz amid soaring tensions. The rial was 118,000 against the dollar on last saturday. A recording has emerged of Iranian coastguards telling a British Royal Navy. Ali Larijani, has announced that the detaining of the British oil tanker Stena Impero on July...

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Sparrows Group secures approved supplier status from Saudi Aramco

Sparrows Group secures approved supplier status from Saudi Aramco

Sparrows Group, has bolstered its position in Saudi Arabia after securing vendor approval status. Sparrows Group has been awarded their first contract for the provision of rigging loft maintenance services. Sparrows Group has appointed Deladi Petroleum Services Sdn Bhd. Sparrows Group has selected Thai service and supply company J. S. Technical Services Co., Ltd. Sparrows...

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