Opec and its oil-producing allies shifted on Monday towards extending their daily output caps, sending oil prices racing higher before the outcome of the group’s official gathering.
Many Arabian oil exporters have begun to increase their offshore spending after nearly five years of massive cutbacks, according to a Seatrade Maritime report titled ‘Middle East Offshore Market on the Move.’
Al Dhafra Petroleum, a joint venture between the Abu Dhabi National Oil Company (Adnoc), the Korea National Oil Company (KNOC) and GS Energy, and one of Adnoc’s youngest operating companies, announced that it has begun producing crude oil
Saudi Arabia raised the local price for Octane 95 to 2.10 riyals from 2.02 riyals last quarter and Octane 91 to 1.44 riyals from 1.37 riyals per litre, state oil firm Saudi Aramco said on Saturday. The change goes into effect on Sunday (April 14), the company said in a statement,
The Abu Dhabi National Oil Company (Adnoc) announced on Sunday that it has entered into a follow-on pipeline infrastructure investment agreement with the Abu Dhabi Retirement Pensions and Benefits Fund (ADRPBF). ADRPBF will invest Dhs1.1 billion ($300 million),
Chevron will buy Anadarko Petroleum for $33 billion in a cash-and-stock, energizing its deep water exploration in the gulf and in the energy-rich southwest region of Texas called the Permian Basin. The deal announced Friday comes with US crude prices up 40% this year and vaults Chevron into a new league. While the combined company will remain far behind Exxon Mobil Corp. a
Economic activity in the UAE is set to accelerate to 2.2 per cent in 2019, up from an estimated 1.7 per cent in 2018, according to ICAEW’s latest Economic Insight report. This will be buoyed by a pick-up in non-oil activity, rising public spending at the Federal and Emirate levels, higher investment ahead of the highly anticipated Expo 2020 and continued regional economic recovery.
Riyadh is committed to “stabilise” the oil market after a US decision to end sanction exemptions for Iran’s customers, Saudi Arabia›s Energy Minister Khalid Al Falih said on Monday. The kingdom reaffirms its longstanding policy, which seeks to stabilise the markets at all times,” he said in a statement carried by the official Saudi Press Agency.
Saudi Crown Prince Mohammed Bin Salman plans to visit South Korea this week as the two countries seek to bolster economic ties, officials in Seoul said on Monday.