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
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.