Tag Archives: oil

Trump ‘requested’ Saudi oil support before Iran decision

Riyadh shifted position after call: sources DUBAI/WASHINGTON/LONDON, June 7, (RTRS): A day before US President Donald Trump withdrew from the Iran nuclear deal, one of his senior officials phoned Saudi Arabia to ask the world’s largest oil exporter to help keep prices stable if the decision disrupted supply. Riyadh, Tehran’s …

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Distributing oil riches

Case of history failure The oil concessions given to the giant oil companies of major European colonial powers and America was based on the investments of millions of dollars and British pounds these companies made in the exploration of oil in the 1920s and 1930s before actually acquiring profitable returns. …

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‘Long-term strategy but one worth pursuing’ – In search of more gas, Gulf states turn to shale

By Kamel Al-Harami Independent Oil Analyst It is time to look for another technology or methodology to search and explore for more natural gas in our region, especially since Saudi Arabia, Kuwait and others in the region are surrounded by rich gas producing countries like Qatar, Iran and, to a …

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OPEC production reduction scheme a success: Al-Ghais

‘Oil surplus down by 20m barrels’ KUWAIT CITY, May 29: Kuwaiti Governor in the Organization of Petroleum Exporting Countries (OPEC) Haitham Al-Ghais said the recent official figures showed that the oil surplus decreased by 20 million barrels – lower than the decline rate in the last five years, affirming there …

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Is oil price hitting $100 an advantage?

I certainly hope not after it hit $80 last week. Now oil markets are talking about a higher level, claiming that $100 is not far away. This could happen if OPEC decides to play a passive role in doing things and keeping its production cut of 1.8 million barrels in …

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Asia oil thirst tab $1 trillion a year

Crude prices rise by 20% this year, to almost $80 per barrel SINGAPORE/MUMBAI/MANILA, May 17, (RTRS): Oil prices are poised to break through $80 per barrel and Asia’s demand is at a record, pushing the cost of the region’s thirst for crude to $1 trillion this year, about twice what …

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Bahrain announces discovery of shale oil – Reserve estimated at 80 bln barrels

MANAMA, April 4, (AFP): Bahrain on Wednesday announced its newly discovered shale oil reserve was estimated to contain more than 80 billion barrels, making the once-marginal oil producer potentially a major player in the market. The amount of recoverable oil — or oil that can be extracted — is still …

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Oil to solar: Saudis push to be renewable energy powerhouse – Kingdom aims to produce up to 200 gigawatts of power by 2030

AL UYAYNA, Saudi Arabia, April 3, (AFP): Saudi engineers whip up a simulated sandstorm to test a solar panel’s durability at a research lab, the heart of the oil-rich kingdom’s multibillion dollar quest to be a renewable energy powerhouse. The world’s top exporter of crude seems an unlikely champion of …

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Indonesian city declares emergency after oil spill

JAKARTA, April 3 (Reuters) – Indonesia has declared a state of emergency around a port on Borneo island, officials said on Tuesday, after a large oil spill and fire killed four people at the weekend. Disaster mitigation officials were able to control the blaze in the port city of Balikpapan …

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Strategic alliance expands between Saudi and Russia – Kuwait needs to invest in gas sector

Yes, Saudi Arabia is not alone any more in bearing the burden and responsibility of stabilizing oil prices. It has now found a new partner to share the burden. It happened through the new Russian strategic partnership that started early 2016 during an OPEC meeting in Qatar that was aimed …

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