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

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.

Kuwaits Amir appoints Essam al-Marzouq as the new oil minister.

Kuwait’s Amir appointed Essam Abdulmohsen Al-Marzouq as the country’s new oil minister on Saturday, state news agency KUNA reported. Marzouq has previously served as head of the country’s stock exchange and as a board member of state-run Kuwait Petroleum Corp (KPC). Anas al-Saleh, the former acting oil minister, retained his other role as Finance Minister. … Continue reading Kuwaits Amir appoints Essam al-Marzouq as the new oil minister.

Russia and Saudi Arabia to lead global oil cut deal.

Saudi Arabia signaled it’s ready to cut oil production more than expected, a surprise announcement made minutes after Russia and several non-other OPEC countries pledged to curb output next year. Taken together, the Organization of Petroleum Exporting Countries’s first deal with its rivals since 2001 and the Saudi comments represent a forceful effort by producers … Continue reading Russia and Saudi Arabia to lead global oil cut deal.