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 →
OPEC
OPEC Agrees to Maintain Production Limit: Saudi Oil Minister
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We will never sell or share your information without your consent. See our privacy policy.Energy News Roundup: Kremlin Hopeful Ahead Of OPEC Meeting, Utilities Slump & Global Apollo Set To Launch
By Conor O'SullivanRussian 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 →
Energy News Roundup: Bloom’s Fuel-Cell Blueprint For Ikea, Energy Holdings Group Avoid Liquidation & Saudi’s Domestic Surge
By Conor O'SullivanBloom 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 →
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 →
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 →
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 →
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 →
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 →
Polarized Arab Reactions To The Iran Nuclear Framework
By David PollockThe Assad regime and Hezbollah back Iran’s view of the announced parameters, but most other Arab officials and commentators are openly skeptical. Most analysts have focused on Israeli and American, rather than Arab, reactions to the Iran nuclear framework agreement announced last week. Yet there were significant and highly divergent reactions across the Arab region… Keep reading →
Senate Oil Export Hearing Panelists Debate National Security And Limited Refinery Capacity
By Enerknol ResearchInsight for Industry – U.S. Crude Oil Export Restrictions Cause Refining Mismatch and Light Oil Price Discount The dramatic increase in domestic oil production over the past decade – facilitated by drilling technology improvements – has rekindled the crude oil export debate. Allowing crude oil exports would provide an additional market for light crude derived… Keep reading →