Oil holds near $42 while investors weigh demand against virus

Brent futures for August settlement gained 3 cents to $42.22 a barrel on the ICE Futures Europe exchange as of 12.03pm in Singapore

Maaden phosphate unit signs $4.1bn finance deal

Maaden Waad Al Shamal Phosphate Co. will refinance $2.3bn owed to a syndicate of commercial banks and financial institutions

Saudi oil minister sees ‘encouraging signs’ of demand recovery

Prince Abdulaziz said the next two weeks will be “critical” for OPEC+ to demonstrate all countries are adhering to agreed production cuts

OPEC says virus to keep fuel demand under pressure this year

The slow resumption of flights will constrain jet-fuel consumption, and high unemployment will restrict gasoline use

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Oil giant Saudi Aramco completes $70bn takeover of SABIC

Aramco will push back the bulk of installments until after 2022 and delay the final one by three years until 2028

Oman steps up plan to build Middle East’s biggest oil-tank farm

Oman Tank Terminal Co. (OTTCO) has almost finished constructing eight tanks to store crude for a new refinery near the town of Duqm on the Arabian Sea

Covid-19 impact on the regional energy sector: Is it set for a rebound?

In light of historic oil price routs and oversupply triggered by the novel coronavirus, how imminent and optimal is recovery for regional energy markets? Gulf Business speaks to Rita Allan, senior Construction and Projects associate at Pinsent Masons Middle East, to find out more

Saudi oil exports to US plunge to lowest level in 35 years

The kingdom has exported just one cargo to the US so far in June, equivalent to about 133,000 barrels a day

Second wave virus concerns loom large over crude oil market

While oil has rebounded rapidly since April as OPEC+ production cuts kicked in and US output fell, the rally fizzled last week

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Saudis cut July oil supply to some Asian buyers by up to 40%

The cuts were widespread across the region from South Asia and Southeast Asia to some parts of North Asia

Oil falls for a third day with second-wave virus risks in focus

Futures in New York fell below $35 a barrel after losing 8.3 per cent last week

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Aramco begins taking SABIC stake in $69bn of block trades

Aramco will pay $24.8bn this week as a first installment in the deal

Oil dives the most in six weeks, exposing fragile recovery

The market is grappling with record high US oil inventories and an uneven demand rebound

Kuwait will not hire expats in the oil sector – minister

No expatriates will be hired for positions in Kuwait Petroleum Corporation (KPC) and its subsidiaries for the year 2020-21

Oil retreats toward $38 on signs US crude stockpiles expanded

Futures dropped 1.9 per cent in New York, erasing almost all of the gains from the previous session

Abu Dhabi City United Arab Emirates

Abu Dhabi follows Saudis in raising crude prices amid OPEC+ cuts

Murban for March sold at a $1.88 premium over the regional benchmark before plunging to discounts. For July, it will sell at a $1 premium

Saudi Arabia to end extra voluntary oil cuts after June

Brent crude, the international benchmark, fell 2.5 per cent to $41.23 a barrel at 4.29pm in London, erasing earlier gains

Revealed: Top 10 companies in the Middle East in 2020

In this year’s Forbes list of the Middle East’s Top 100 Companies 2020, Saudi Arabia led the pack with 33 entries

Saudis make biggest oil price hike in 20 years after OPEC+ cuts

Brent crude, down 36 per cent this year, has clawed back some of its losses and ended trading on Friday at more than $40 a barrel

OPEC+ extends oil cuts in win for Saudi-Russian alliance

All the member nations signed off on a new deal for a production cut of 9.6 million barrels a day next month

Covid-19 impact on the GCC’s energy sector: Switching on or off?

The energy sector continues to be the biggest pillar powering the growth of GCC economies. But as it reels with the impact of the historic oil price drop and the Covid-19 pandemic, is the outlook for the future brighter?

IMF warns investors: You’re not ready for climate change

Global temperatures have risen 1.1 degrees Celsius since pre-industrial times and at current levels of greenhouse gas emissions, are set to rise by 3 degrees Celsius by the end of the century

Brent oil rises past $40 as OPEC+ cut extension looks likely

While crude has now doubled from its low in mid-April, the path back to pre-virus levels of oil demand still looks uncertain

ADNOC Distribution launches 5 new on-the-go stations in Abu Dhabi in May

In 2020, a total of 10 ‘ADNOC On the go’ stations have been opened across Abu Dhabi and Al Ain

Abu Dhabi said to near pipeline stake sale to GIP-backed group

A deal could value the pipelines at more than $15bn, including debt

Covid-19 impact on the power sector – what does the future hold?

In the wake of the pandemic, public and private power companies in the MENA region need to adjust their strategies

Clean energy now accounts for 9% of Dubai’s total output

The total installed capacity is 11,700MW of electricity

OPEC+ set to discuss short extension of oil production cuts

Production cuts are meant to be eased to about 7.7 million barrels a day in July

UAE fuel prices for June announced

This is the second month in a row that prices have remained unchanged

Oil extends slide below $32 on signs US stockpiles swelled

Oil is still up almost 70 per cent this month as supply curbs trim a global glut and pockets of demand emerged after the easing of lockdown restrictions