Saudi 2017 budget projects 46% rise in oil revenues

Saudi Arabia expects to earn 46% more from oil revenues in 2017 compared to this year, with expectations of rising global demand combining with the OPEC-led global production cut to push prices higher. In its annual budget unveiled Thursday, the kingdom said its oil revenues were projected to hit Riyals 480 billion ($128 billion) next … Continue reading Saudi 2017 budget projects 46% rise in oil revenues

GCC markets to see positive performances in 2017

The gulf stock markets are expected to achieve more gains in the new year, on the back of the commitment of OPEC members and other major producers to the oil output reduction plan, according to financial analysts. The positive sentiment will also supported by the expected positive financial results achieved in 2016, which will soon … Continue reading GCC markets to see positive performances in 2017

Global oil surplus will disappear in 2017

Demand for oil is expected to outstrip supply in the next six months as long as the Organisation of Petroleum Exporting Countries, OPEC and countries outside the cartel can implement a deal signed penultimate weekend to lower output, the International Energy Agency, IEA, one of the world’s leading energy forecasters, has said. OPEC had agreed to cut … Continue reading Global oil surplus will disappear in 2017

Kuwait – Getting ready to start up the Neutral Zone.

Kuwait is committed to cutting output by 131,000 b/d in January in line with its commitments under OPEC's output reduction deal, oil minister Essam al-Marzouq said Thursday. That was despite Kuwait's state-owned oil company making preparations to restart around 500,000 b/d of production from the Partitioned Neutral Zone (PNZ) shared with Saudi Arabia, which has … Continue reading Kuwait – Getting ready to start up the Neutral Zone.