#OPEC

UAE sees gradual oil demand recovery in 2021 – minister

Rollout of coronavirus vaccines and improvement in ties between the US and China are likely to improve demand for oil

OPEC+ will react faster, be more hands-on with oil market, Saudi, Russian officials say

Saudi Energy Minister met in Riyadh on Saturday with Russian Deputy Prime Minister

UAE taps Occidental to boost oil capacity as OPEC cuts rankle

The Supreme Petroleum Council last month approved a $122bn budget to help ADNOC boost production capacity by a fourth to 5 million barrels a day by 2030

Saudis raise crude price to Asia as vaccines buoy oil market

Aramco also increased pricing for light crude grades to the Mediterranean region

Oil market receives boost as OPEC+ agree to gradual output hike

Members have decided to add 500,000bpd of production to the market next month, then hold monthly meetings to decide on subsequent moves

Oil extends drop as OPEC+ struggles for consensus on output plan

Oil has just capped its biggest monthly increase since May on optimism energy demand will rebound as Covid-19 vaccines are rolled out in the coming weeks

UAE announces fuel prices for December 2020

Prices have remain unaltered for the ninth straight month

Oil extends gains on signs OPEC+ edging toward keeping cuts

The producer group is considering keeping additional supply off the market for three to six months

Saudi Prince and Putin urge OPEC+ compliance as oil prices sag

While oil prices have more than doubled since OPEC+ began curbing supplies, Brent crude is still down 36 per cent this year

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