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
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.
Kuwait, Venezuela and Algeria all agreed to monitor compliance of the OPEC agreement,which to be headed by Kuwait, according to a Reuters report. A Non-OPEC participation has been confirmed by Russia and Oman to be part of this committee as well.
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.
Exxon Mobil Corp. Chief Executive Officer Rex Tillerson is emerging as Donald Trump’s choice as secretary of state, a move that would hand top diplomatic powers to a man whose ties to Russian President Vladimir Putin go back almost two decades. A source close to Trump said the president-elect had not formally offered Tillerson the … Continue reading Trump closer to pick Exxons Tillerson.
OPEC plans to reduce its production by 1,200,000 barrels per day.