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.
Russell: What is not happening in Middle East crude oil supply is more important than what is.
In times of increased tensions in the Middle East, it's more important to focus on what isn't happening than to fixate on the dramatic headlines about tit-fortat air and rocket strikes between Israel and Iran. This means that from the perspective of the crude oil market, it's important to focus on the fact that not a single barrel of crude supply has been lost.
Egypt To Buy Up To 160 LNG Cargoes Through 2026
Egypt has reached agreements with several energy firms and trading houses to buy 150 to 160 cargoes of liquefied natural gas, as it ramps up purchases to meet power demands despite strained government finances, industry sources said.The world's most populous Arab country has endured rolling blackouts over the past two years as natural gas supply fell short of demand.
How do OPEC+ oil companies unwind their production cuts?
Eight members of the OPEC+ oil producing countries have begun to unwind some of their output restrictions. They are looking to slowly add back around 2.2.million barrels per day. In an online meeting held on Saturday, the eight participants agreed to increase production by 411,000 bpd during July. Here are the details of the most recent decisions made by OPEC+.
Kuwait looks to public-private partnerships for energy projects that will help end the power crisis
The acting director general of Kuwait Authority for Partnership Projects, KAPP, said that Kuwait hopes new energy projects, involving both state and private investors, will help it tackle its power shortage. One of these contracts is due to be awarded in the next few weeks. Kuwait, a country that is a member of the Organization of Petroleum Exporting Countries…
Indonesia approves Kuwaiti explorer to develop Anambas block in Natuna Sea
Officials said that the Kuwait Foreign Petroleum Exploration Company has received approval to develop the Anambas Block in Indonesia where it hopes to acquire additional projects. KUFPEC plans to invest $1.54 billion in developing the Anambas Block to produce 55 millions standard cubic feet a day with an estimated 185 trillion cubic feet of gas sales.
ADNOC Drilling plans to refinance $1.25 billion worth of debt
ADNOC Drilling, a division of the state oil company in the United Arab Emirates, wants to refinance its debt due later this year, totaling $1.25 billion. Its chief financial officer announced that on Friday. Youssef Salm, the company's CFO, said that it will refinance term loans worth $500 million as well as a revolving loan facility of $750 million due in October 2025.
OPEC and Saudi Arabia spare oil production capacity
A U.S. official stated on Tuesday that U.S. president Donald Trump would restore his "maximum-pressure" campaign against Iran and bring its oil exports down to zero. This would increase oil prices, and force others to pump even more. Saudi Arabia, the United Arab Emirates and Iraq, along with other members of the Organization of the Petroleum Exporting Countries (OPEC)…
In 2025, the global diesel price will be supported by refinery closures
Analysts and traders said that the global diesel market would likely see a price boost in 2025 due to the closing of around 1% of the refining capacity. This will offset the current weakness of the market and the structural downward pressure caused by the shift towards cleaner fuels. Markets end 2024 in a shaky state, despite the peak season demand.
What OPEC+ oil production cuts are currently in effect?
OPEC+ made further changes at its meeting on Dec. 5, delaying a planned production increase further into the next year, as it faced a weaker outlook for oil demand. Due to weak demand and increased production outside of the group, the oil producer group pushed the start of rising oil output back by three months. The full unwinding will now take place until the end 2026.
Explorator KUFPEC looks for more oil and gas in Indonesia's Natuna Sea
Kuwait Foreign Petroleum Exploration Company's (KUFPEC's) country representative stated on Monday that the company is looking for more oil and natural gas in Indonesia's Natuna Sea. Indonesian President Prabowo Subito wants to increase his country's production. Prabowo who was elected in October aims to reduce dependence on imported fuel.