Abu Dhabi National Oil Company (ADNOC) announced the award of a contract worth $1.53 billion (AED 5.62 billion) to ADNOC Drilling. The award supports the expansion of ADNOC’s offshore operations and its objective to responsibly increase production capacity and meet the growing global demand for reliable, lower carbon intensity oil and gas. ADNOC Offshore awarded […]
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OPEC+ agreed steep oil production cuts on Wednesday, curbing supply in an already tight market, causing one of its biggest clashes with the West as the U.S. administration called the surprise decision shortsighted. OPEC’s de-facto leader Saudi Arabia said the cut of 2 million barrels per day (bpd) of output – equal to 2% […]
Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of QatarEnergy, said that three new partners will be entering the North Field South (NFS) project in addition to the partner recently announced, adding that they will be announced in due course. To remind, Qatar Petroleum in September signed an agreement […]
(Bloomberg) — The world’s biggest oil company reiterated its warning that producers’ spare capacity is running low and said there wouldn’t be any left once China ends its Covid Zero strategy. “The world should be worried,” Saudi Aramco’s Chief Executive Officer Amin Nasser said at a conference in London. “This is where we are […]
(Bloomberg) — Arabian Drilling Co., a Saudi Arabian oilfield-services company partly owned by Schlumberger NV, took only hours to garner enough investor orders to fully cover an initial public offering that could raise as much as 2.67 billion riyals ($710 million). Books are covered across the price range, according to a message sent to investors […]
Continued high gas prices in Europe in the aftermath of Russia’s invasion of Ukraine in February have prompted several major European oil and gas companies to expedite the development of gas projects in the Middle East, with Italian major Eni’s latest announcement regarding the UAE being the latest example. According to comments from the company, […]
Oil prices have declined by around $30 a barrel since the recent peak in early June before the Fed and other central banks started aggressive interest rate hikes to fight runaway inflation. The tightening monetary policy is expected to slow economic growth, while several financial market indicators suggest that the markets expect recessions, which could […]
Crude prices fell on Tuesday morning, ahead of the weekly crude inventory reports, as August inflation data came in hotter than expected. Despite the drop-off in European spot prices, the cost of natural gas remains prohibitively high, paving the way for global gas-to-oil switching in the power generation industry. – Refiners and energy-intensive industries are […]
OPEC raised its oil production once again in August, with the cartel having increased its output every month since May. Libya and Saudi Arabia provided the largest production increases, with Nigeria, Angola, and Iraq all underproducing. Despite the continued output increases, OPEC has failed to hit its output targets in any of those months. OPEC […]
Freight rates on the primary ocean trade channels are sinking during a time typically identified as the peak season in the industry after cargo owners reportedly shipped their holiday goods early and inflation dented consumer demands. The cost incurred to ship a 40-foot container to the West Coast in the US from China is […]