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.

Orange to build 34 MW of solar projects in Jordan.

The Catalyst MENA Clean Energy Fund is beginning to put its money where its mouth is, with the equity financing of 34 MW of solar projects for telecommunications company Orange. Catalyst, which is supported by the European Investment Bank (EIB), is an important tool to attract investment in renewable energy projects, and kicks proceedings off … Continue reading Orange to build 34 MW of solar projects in Jordan.

Solar Energy in California Just Makes Sense.

  In November 2013, the U.S. Department of Energy announced that one of the world’s largest and most technologically advanced solar photovoltaic power plants became commercially operational. The 250-megawatt California Valley Solar Ranch features the ability to shift positions of panels wirelessly to track weather and optimize solar input to collect as much of the … Continue reading Solar Energy in California Just Makes Sense.