Saudi Arabia has said it will reduce how much oil it sends to the global economy by one million barrels per day (bpd), as the OPEC+ alliance of major oil-producing countries faces flagging oil prices and a looming supply glut. The kingdom said on Sunday that it would make these[…]
INTERNATIONAL Saudi Arabia signed new multi-billion dollar deals with South Korea last week, in the kingdom’s latest bid to boost ties with one of its main oil consumers and the fourth largest economy in Asia. In his visit to Seoul on 16 November, Saudi Crown Prince and Prime Minister Mohammed bin Salman[…]
INTERNATIONAL LIVE updates as at 1pm 11:13 GMT- Western-supplied arms and mercenaries are priority targets: Moscow The secretary of Russia’s Security Council, Nikolai Patrushev, says that Western-supplied arms and foreign mercenaries were priority targets for Russia’s forces fighting in Ukraine, the RIA Novosti news agency reported. “Lethal weapons supplied to[…]
INTERNATIONAL An agreement between Israel, the Palestine Authority (PA) and Egypt to revive gas exploration at fields off the coast of Gaza may be close, Palestinian sources have said. The deal would see an Egyptian company facilitate natural gas production in the offshore fields using Israeli infrastructure, a Palestinian source familiar with the talks who[…]
INTERNATIONAL Crude prices were down Monday despite a move by the Saudi and Russian-led Opec+ oil cartel to slash output by two million barrels a day, underscoring the competing economic factors at play as producers look to support prices amid signs of a slowing global economy. Brent crude, the global[…]
Libya’s state oil company said it may suspend exports from the Gulf of Sirte, which contains many of the OPEC member’s main ports, in the next three days amid a worsening political crisis, Bloomberg reports. According to the report, the National Oil Corp said it could declare force majeure, a clause in[…]
Forces from the regional Kurdish government have taken control of some oil wells in northern Kirkuk, Iraq’s state-run North Oil Company said in a statement on Saturday, but the Kurdish government denied this, Reuters reports. It said the forces arrived with a technical team from the Kurdish region and took over some[…]
Libyan Minister of Oil in the Government of National Unity, Mohamed Aoun, said the country is losing $60 million per day from the closure of oil fields and ports, Anadolu reported. Aoun met with the UN-backed Prime Minister Abdel Hamid Dbeibeh yesterday, in the presence of the heads of the General Intelligence[…]
The United Arab Emirates has pushed back against a plan by the OPEC oil cartel and allied producing countries to extend the global pact to cut oil production beyond April 2022, a rare statement revealing the country’s frustration with the group. The Emirati Ministry of Energy called the proposal to[…]
Saudi Arabia’s Crown Prince Mohammed bin Salman announced plans on Tuesday to launch a second national airline as part of a broader strategy to turn the kingdom into a global logistics hub as it seeks to diversify from oil. The creation of another flag carrier would catapult Saudi Arabia into[…]
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