Commentators are turning to the past to help forecast the effect of Saudi Arabia’s decision to slash oil prices and the arrest last week of senior members of the Al-Saud family But history is being echoed in these events, not…
Category: Oil
Trump’s Jerusalem statement is due to growing US energy independence, top energy department official says
Dan Brouillette. Credit: Washington Examiner Deputy US energy secretary Dan Brouillette has said in an interview published yesterday that President Trump’s announcement that the US will recognise Jerusalem as Israel’s capital is evidence that policies designed to reduce dependence on…
New energy deal of the century
Opec secretary general Mohammed Barkindo this week stoked expectations that the Opec-non-Opec “energy deal of the century” will be renewed The 173rd meeting of Opec oil ministers opens in Vienna on 30 November but the gathering will be anything but…
The dawn of the Al-Falih era for world oil
Saudi Energy Minister Khalid al-Falih is the new king of global oil In a confident performance at the Atlantic Council Energy Forum in Abu Dhabi today, Saudi Arabia’s Energy Minister Khalid al-Falih targeted the legions of sceptics questioning the kingdom’s…
TengizChevrOil to address EIC conference
TengizChevrOil will tell the EIC Connect Oil & Gas conference and exhibition in Manchester on 22-23 November about how UK companies can get involved in itsFuture Growth Project. This is the Sour Gas Injection-Second Generation Project (SGI-SGP) expansion which will…
OPEC agrees production ceiling; quota system
OPEC announced this evening that its 14 member states would contain output at 32.5-33.0m barrels a day (b/d) and set production limits for OPEC producers. The production limit appears to represent a concession by Saudi Arabia which had previously said…
Saudi Arabia rejects production freeze, again
Oil prices gave up some of the gains recorded in early trading on Monday following a statement by Saudi Arabian Energy Minister Khalid al-Falih on Monday in which he once again rejected action to contain output. “There is no need now…
Iran rejects output cuts
Iran’s Minister of Petroleum Bijan Zanganeh Iran has repeated its assertion that it’s unwilling to accept production cuts so long as its market share remains below where it was before the embargo imposed by most importers on Iranian oil in…
Saudi Arabia dismisses output cut call
Energy Minister Al-Falih says oil market intervention is unnecessary Saudi Arabian Energy Minister Khalid Al-Falih has effectively ruled out the possibility that major oil producers will agree a production cut next month, Reuters reported on 25 August. “We don’t believe…
World Bank says oil prices will be lower, longer
The World Bank said in a report released this month that world oil prices will be lower for longer due to an imbalance between supply and demand until the end of the decade. “Taking into account the trajectory of futures oil…