Oil majors have complained that the terms of Iraq’s traditional oil service contracts meant they could not benefit from rising oil prices and lost out when production costs rose
A broader conflict in the Middle East could threaten oil moving through key choke points in the region
Dr David Wartenweiler, CFA, the bank’s chief investment officer, gives insights into the market outlook for the remainder of 2024
Amin Nasser said he expects global oil demand of 104.7 million bpd in 2024
The combination of bearish and bullish factors for gold may end up having the effect of keeping the price in a relatively narrow range for the rest of the year
Brent crude oil futures inched down 4 cents, or 0.1 per cent, to $76.77 a barrel
The energy firm said negotiations over the preliminary agreement are expected to be complete early in 2025
Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said OPEC+ could pause or reverse the production hikes if it decided the market is not strong enough
In H1 2024, the company achieved a 6 per cent YoY growth in revenues to SAR5.03bn
For the week, Brent was trading down more than 1 per cent while WTI fell beyond 3 per cent
The Oman News Agency stated that the tanker capsized 25 nautical miles southeast of Ras Madrakah, near Duqm
The initial estimated area of the newly discovered oil well is around 96 square kilometres
OPEC’s report points to an oil supply deficit in coming months
The agreements include gas and crude oil exploration projects in the Mediterranean, Nile Delta and Western Desert
Saudi Energy Minister Prince Abdulaziz bin Salman confirmed the discovery by state oil firm Saudi Aramco
Recent data showed that oil production and demand for major products rose to a four-month high in April, supporting prices
Inventories of both gasoline and diesel have been rising relative to the seasonal trend in the US, and consumption growth for oil remains tepid across major markets
OPEC+ members are cutting output by a total of 5.86 million bpd, or about 5.7% of global demand
The oil behemoth’s shares were priced at $7.27 (SAR27.25), near the bottom of a SAR26.7 to SAR29 range used in marketing the sale
OPEC+ is currently cutting production by about 5.7 per cent of global demand to bolster the market
OPEC+ agreed to extend crude oil supply cuts into 2025
OPEC prolongs some cuts by one year
While oil prices rose over 1 per cent on Monday in muted trade, gold hit a record high of $2,449.89 last week, but has shed more than $100 since then
Shell announced a plan to divest its majority shareholding from a local South African downstream unit after a comprehensive review of its businesses
Crude exports from the world’s largest oil exporter increased 1.5 per cent to 6.413 million barrels per day in March
Despite the volatility in the region, oil prices moved only slightly
Goldman still expects Brent crude futures to remain in a range of $75 to $90 a barrel in most scenarios
The volume of Saudi crude to be loaded for China is estimated to fall by 5.8 million barrels in June from 45 million barrels in May
Saudi Arabia raised the official selling prices (OSPs) for its crude sold to Asia, Northwest Europe and the Mediterranean in June
The FAO’s cereal index inched up to end a three-month decline, supported by stronger export prices for maize