The low oil prices have started to change the global energy market. Rosneft exists high cost Venezuelan market. The quickly changing dimensions of the energy industry sets the alarms off for bankers and investors to watch out on their credit provided to shale and deepwater producers as the risk jumps to new levels.
Amid the recent decline in global demand on oil due to the corona virus pandemic, oil prices have broke the 30$ mark and are continuing to decrease, OPEC and GCC Countries will have to fight their way through a tough fiscal budget this years with up to 12% of their GDP is deficit in some … Continue reading Corona virus deepens GCC wounds.
The two countries have signed a MOU to restart the joint operations at the neutral zone. The Agreement was signed in Kuwait City by HRH Prince Abdulaziz Bin Salman Al-Saud and Sheikh Ahmed Nasser Al-Mohammed Al-Sabah in December 2019. The official countdown has started for the restart in Khafji Joint Operations.
Oil prices moved up to start the week as light holiday trading and relatively low volatility have provided a rare period of calm in the oil markets. The looming OPEC cuts are adding a bit of optimism to oil, with WTI moving above $53 per barrel and Brent topping $55 per barrel. The oil production … Continue reading Oil Rally Gains Momentum Ahead Of OPEC Cuts
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
KUWAIT CITY: OPEC member Kuwait has earmarked 34.5 billion dinars ($115 billion) to spend on oil projects over the next five years, despite the slump in oil prices, a senior executive said Sunday. "We have earmarked 34.5 billion dinars for spending on oil projects over the next five years," Wafa al-Zaabi, head of planning at … Continue reading Kuwait to spend $115 billion on oil projects
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
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 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.