#oil

UAE announces fuel prices for October 2020

Prices will remain unchanged for the seventh consecutive month in October

Saudi Aramco discovers two oil, gas fields in north of kingdom

Aramco said it will drill more wells to evaluate how much energy the fields hold

Oil holds at five-month high as hurricane nears US Gulf Coast

Oil prices will probably continue to rise as excess inventories are used up

Abu Dhabi returns to dollar bond market with multi-tranche deal

Abu Dhabi raised $7bn in April also through a three-tranche bond offering

Kuwait’s state oil company picks adviser to merge units

KPC is reportedly planning to combine its eight business units into four to streamline operations

Saudi Aramco suspends $10bn China oil refinery venture

The oil-price crash and the virus’s impact on energy demand have changed the calculations for energy companies’ projects

ADNOC Distribution

ADNOC Distribution net profit dips 22.4% in H1 2020

Its revenue for H1 2020 stood at Dhs7.95bn, down 22.6 per cent from Dhs10.27bn year-on-year

Oil prices

Saudis seen cutting oil price for first time in four months

OPEC and allied producers have started to ease output curbs amid weakening demand

ADNOC hires Morgan Stanley veteran Klaus Froehlich as CIO

Froehlich spent 16 years working at Morgan Stanley in Europe and the Middle East

Oil falls again with virus resurgence casting doubt on demand

US gasoline futures tumbled the most in two months amid fears that lockdowns may need to be re-imposed

Oman Muscat

Moody’s downgrades Oman for a second time in 2020 as oil dips

This year, Oman trimmed its budget expenditure and announced liquidity support in an effort to provide some relief from the Covid-19 shock

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

Dubai airport

Revealed: 10 big ideas post Covid-19 in the GCC

These are some of the biggest trends set to shape the region post pandemic, according to LinkedIn

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

saudi arabia covid-19

Saudi Arabia rolls out $1bn industrial support package

Gross domestic product is expected to shrink the most in two decades this year

saudi arabia riyadh

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

sabic

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

Abu dhabi uae capital flag

UAE Central Bank projects economic recovery in second half of 2020

Non-oil growth is projected to contract by 4.1 per cent in 2020 due to the adverse implications of Covid-19

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

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

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

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

Russia sees oil market balance in June-July on OPEC+ cuts

Producers have lowered global oil supply by around 14-15 million barrels a day

Oil anchored near $33 a barrel amid rising US-China tensions

Oil has surged about 75 per cent this month as pockets of demand return

Oil rises above $30 for first time in two months on output cuts

There’s still a risk, however, that oil’s recovery could be derailed if the pandemic worsens