Bousso: New oil quotas system to spur spending with ROI-OPEC+
The changes OPEC+ makes to its oil production quotas will likely trigger a wave upstream investment among members, especially in low-cost Gulf producers. This will reduce concerns about long-term shortages of supply. The Organization of the Petroleum Exporting Countries (OPEC+) and other major oil producing…
Bousso: New oil quotas system to spur spending with ROI-OPEC+
The changes OPEC+ makes to its oil production quotas will likely trigger a wave upstream investment among its members, especially in low-cost Gulf producers. This will reduce concerns about long-term shortages of supply. OPEC+ (Organization of the Petroleum Exporting Countries) and other major oil producing…
Kuwait's latest tender invites bids on a new 0.5-GW Solar Project
Kuwait invited pre-qualified consortiums to submit bids for a new solar power project of 0.5 gigawatts, which aims to expand clean energy generation in the Gulf State. Kuwait Authority for Partnership Projects announced in its official gazette on Sunday that the second tender of the year will cover the…
Oil Prices Rise Amidst Latest US Sanctions
Oil prices rose on Tuesday on the impact of the latest U.S. sanctions on Russian oil and optimism that the U.S. government shutdown could end soon, although oversupply concerns limited gains.Brent crude futures were up $1.14, or 1.78%, to $65.2 a barrel at 11:50 a.m. ET (1650 GMT). U.S. West Texas Intermediate crude was at $61.16 a barrel…
Gulf Interconnection Authority invests $3.5 billion to become regional hub for electricity export
The GCC Power Grid, which connects six Gulf States, will invest over $3.5 billion in the next 10 year to strengthen the grid and integrate renewable resources, as well as to open up new export opportunities for neighbouring countries. This was revealed by the head of GCCIA, the grid operator, on Tuesday.
Kuwait looks to large-scale batteries storage to ease the power crisis
Kuwait is currently negotiating an important battery storage project that will have a total energy storage capacity between 4 and 6 Gigawatt-hours. This will help ease the chronic power shortages in Kuwait, said a senior official at the electricity ministry on Monday. The Gulf State, a major oil producing country and OPEC Member…
ADNOC Drilling continues to expand in the Gulf with a new acquisition
ADNOC Drilling announced on Wednesday that it will buy 80% of regional drilling and oilfield service provider MB Petroleum Services, for a total enterprise value worth $204 million (749 millions dirhams). This marks a new expansion in the Gulf. ADNOC Drilling has acquired SLB's offshore rig business in Oman, Kuwait and Oman. This is its second major regional acquisition.
Kuwait Oil Company will spend $3.9 billion by 2030 on exploration, says deputy CEO
Kuwait Oil Company (KOC), a senior executive of the company, said in an interview that it plans to spend $3.92 billion on its exploration drilling programme through 2030. Khaled Al-Mulla, the company's Deputy CEO of Exploration and Drilling, explained that the spending was part of the 9.8-billion-dinar…
Kuwait announces its third offshore discovery as it seeks a boost in output
Kuwait Oil Company announced on Monday that it had made its third offshore find with a production capacity of over 29 million cubic feet of natural gas per day. This is a major boost for the desert nation, which has been struggling to increase output. KOC released a statement that estimated the Jazza field to contain around 1 trillion cubic foot of gas…
Kuwait and China to sign top wastewater facility in mid-October
Kuwaiti state media reported that the North Kabd plant will be the largest wastewater treatment facility in Kuwait by capacity. The facility will use advanced technologies to process up 1 million cubic meters of wastewater per day. Kuwait, a country rich in oil, struggles to reuse treated water. Kuwait, an oil-rich country, struggles to reuse treated wastewater.
OPEC's oil production rose in July, led by the UAE and Saudi Arabia, according to a survey
A survey on Friday found that OPEC oil production increased in July following an OPEC+ deal to increase production. However, the rise was limited due to Iraq's additional cuts and drone attacks on Kurdish fields. According to the survey, the Organization of the Petroleum Exporting Countries (OPEC) pumped 27…
Kuwait Oil Minister: OPEC monitors market. Trump remarks about Russian oil
Kuwait's Oil Minister Tariq AlRoumi stated on Thursday that OPEC closely monitors global oil supply and demand trends as well as U.S. president Donald Trump's recent remarks about Russian oil. Al-Roumi, a reporter, said that OPEC monitors the market for supply and demand. He also keeps an eye on the U.S. president's comments.
Kuwait Petroleum's annual profit drops 5.8% due to lower crude prices
Kuwait Petroleum Corporation, a state-owned company, posted a net loss of 1.366 billion dinars (US$4.47 billion) in the fiscal year that ended on March 31. This is a decline of 5.8% compared to the previous year. In the last fiscal year, the company and its subsidiary posted a profit of 1,450 billion dinars.
Halliburton profits slump on weak drilling demand in North America and the Middle East
Halliburton announced a 33% drop in profits for the second quarter Tuesday due to weak demand in North America, Saudi Arabia, and Kuwait. The company warned of a negative impact on earnings in the second quarter due to President Donald Trump’s tariffs, and lower oilfield activities in North America.
SLB beats quarterly profit estimates on steady oilfield services demand
SLB, a leading oilfield services company, narrowly beat Wall Street's expectations for the second quarter profit on Friday as resilient demand from parts of its global business offset the drilling slowdowns in North America and Mexico. SLB was the first among the Big Three U.S. oilfield service providers to announce quarterly results.
Saudi Arabia Complying With Voluntary OPEC+ Target
Saudi Arabia's energy ministry said on Friday the kingdom had been fully compliant with its voluntary OPEC+ output target, adding that Saudi marketed crude supply in June was 9.352 million barrels per day, in line with the agreed quota.The statement follows a report this month by the International Energy Agency (IEA)…
Sources say that OPEC+ is set to increase oil production again in August.
Four delegates from OPEC+ said that the world's largest oil producer group, OPEC+ is planning to announce a production increase of 411,000 barrels a day for August in order to regain market shares. If the agreement is reached, the increase in supply by OPEC+ would be 1.78 million bpd, which is equivalent to more than 1.5% of the global demand.
As Wars Rage, Middle East's Waning Influence on World Oil Prices Exposed
The contained move in oil prices during the Israel-Iran war highlights the increasing efficiency of energy markets and fundamental changes to global crude supply, suggesting that Middle East politics will no longer be the dominant force in oil markets they once were.The jump in oil prices following Israel's…
Saudi Energy Minister on Iranian oil loss: We only react to reality
Saudi Energy Minister Prince Abdulaziz bin Salman said that Saudi Arabia will only "react to reality" when asked on Thursday if it and Russia would replace any possible loss of Iranian crude oil. Speaking at an economic conference in St Petersburg the prince added that OPEC+ was a reliable organization that was attentive when circumstances prevailed.
Russell: What is not happening in Middle East crude oil supply matters more.
It can be useful to consider what isn't happening in the Middle East when tensions are rising. On the crude oil markets, this means that we should focus on the fact there has not been a single barrel lost. All parties are interested in this situation. Crude oil prices increased again during early Asian trade on Monday.