#OPEC

Oil slides from five-month high on cloudy demand outlook

OPEC+ also warned at a meeting on Wednesday that the pace of the demand rebound was slower than expected

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

Saudis meet some oil buyers’ requests ahead of OPEC+ panel

Producers as well as their allies have slashed exports as OPEC+ embarked on its biggest-ever joint oil production cuts amid reduced demand

OPEC readies next move in bid to avoid oil-market taper tantrum

While oil prices have recovered to $43 a barrel in London, from a two-decade low of $15.98 in late April, sentiment in the market remains fragile

ADNOC hires Morgan Stanley veteran Klaus Froehlich as CIO

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

OPEC cuts output to lowest since 1991 as virus slams oil demand

The Organization of Petroleum Exporting Countries cut production by 1.93 million barrels a day to 22.69 million a day last month

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

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

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

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

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

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

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

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

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

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

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

OPEC chief optimistic that the worst of oil crisis is over

OPEC+ will look at all options when it meets again in June, Mohammad Barkindo said

IEA head sees oil use below pre-virus levels for at least a year

Crude demand of about 100 million barrels a day prior to the pandemic plummeted by about 30 per cent last month

Saudi Arabia could borrow record $58bn as oil slump bites

The government is looking at additional spending cuts and may issue as much as an additional SAR100bn of debt on top of SAR120bn riyals already announced

Oil price war ends with historic OPEC+ deal to cut output

The accord caps a tumultuous month when Brent crude plunged to its lowest in nearly two decades, falling toward $20 a barrel