OPEC

An usher holds up a sign outside the Bri

BP has reported a $5.8 billion loss in the second quarter, mostly from the costly settlement over the 2010 Gulf of Mexico oil spill. [The NY Times] The Senate Energy and Natural Resources Committee began its debate over the broad bipartisan energy bill, with potential conflicts already emerging. [The Hill] The UAE will raise gasoline prices… Keep reading →

Iraq's Minister of Oil and President of

OPEC have pledged to stay the course following a meeting at their headquarters in Vienna on Firday — maintaining with a targeted production level of 30 million barrels per day. “The news was, frankly, just as broadly expected — thanks to the reasonably successful fruits of what has been widely described as a strategy to hold on to market share. “There’s… Keep reading →

Iraq's Minister of Oil and President of

The Organization of Petroleum Exporting Countries (OPEC) has decided to maintain its production levels for at least another six months, Saudi Arabia’s Oil Minister Ali al-Naimi told reporters Friday. The cartel maintained its collective output production level at 30 million barrels per day, which could continue to weigh on oil prices this year, as oversupply… Keep reading →

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Russian oil output neared record figures during May, despite speculation before an OPEC meeting this week that major producers may cooperate to curb a global supply surplus. “Production of oil and natural-gas condensate climbed 1.6 percent from a year earlier to 10.708 million barrels a day, close to January’s post-Soviet record of 10.713 million barrels… Keep reading →

Bloom Energy Touts Breakthrough In Affordable Energy Technology

Bloom Energy will launch itself into the biogas market this summer with IKEA confirming two of its retail stores in the San Francisco area will start producing electricity from Bloom’s manufactured fuel-cell system. “For IKEA, Bloom’s fuel cells will help offset carbon dioxide emissions and contribute to the global home-furnishings chain’s 2020 goal of being… Keep reading →

A plenary session at the Business & Climate Summit in Paris this week. (Image via Business & Climate Summit flickr stream)

Saudi oil minister Ali al-Naimi actually didn’t contradict himself in an appearance on a panel at the Business & Climate Summit in Paris on Thursday. But it might have seemed like it, given some of the headlines that popped up on the Web. “Saudi Oil Minister Says World Can’t Abandon Fossil Fuels,” the Wall Street Journal… Keep reading →

Life In Riyadh

Given Tehran and Hezbollah’s long history of targeting Saudi interests, their recent implicit threats to the kingdom should be taken seriously. On April 27, the head of Iran’s Islamic Revolutionary Guard Corps (IRGC), Maj. Gen. Mohammad Ali Jafari, lashed out at Saudi Arabia and its recent military intervention in Yemen, accusing the “treacherous Saudis” of… Keep reading →

A close-up on a screen shows the last si

Oil prices will remain below the psychologically important $100-a-barrel mark until at least 2025, according to a draft report by the Organization of the Petroleum Exporting Countries (OPEC), seen byThe Wall Street Journal. In its most optimistic scenario, OPEC, which represents 12 oil-producing countries, forecast that oil will sell for around $76 per barrel in… Keep reading →

Kuwait Promises To Increase Oil Production In Case  Of War

The latest restructuring in the Saudi hydrocarbon sector could mean new policies for the world’s largest oil exporter. On May 1, two days after making radical changes in the kingdom’s royal succession order and senior government posts, Riyadh announced that governance of the state-owned oil company Saudi Aramco has been restructured. As with the previous… Keep reading →

Life In Riyadh

As Prince Muhammad bin Salman’s proactive approach to regional affairs becomes clearer, the novice defense minister could lead the kingdom to overreach in Yemen. Earlier today, Saudi Arabia announced that it has ended its airstrikes in Yemen because the heavy weapons and ballistic missiles threatening the kingdom have been destroyed. The fighting had appeared to… Keep reading →

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