HAVANA: Cubans are no strangers to queuing for everything from bread to toothpaste, often standing for hours under a blazing sun with no access to a toilet or drinking water, and always with the fear of leaving empty-handed. It is a daily ordeal Cubans have endured for about 60 years of communist rule, now worsened by … Read more
Just like the whole world, Pakistan’s economy also showed signs of recovery from the Covid-19 pandemic in 2021 but rising twin deficits and inflationary pressures eroded the gains and made the life of a common man miserable. Unlike 2020, in which lukewarm economic activity was witnessed, the year 2021 remained better for the economy. The … Read more
LONDON: Royal Dutch Shell said on Friday that it will win a boost from soaring gas prices in the fourth quarter despite supply problems, but cautioned that Omicron weighs on oil demand. Shell expects “significantly higher” gas revenues in the three months to December thanks to the “high liquid natural gas spot price environment” as it … Read more
RIYADH: The Saudi economy recovered in 2021 after a tough year of pandemic restrictions as vaccination campaigns rolled out in the kingdom and across the world driving its key oil exports, Arab News reported. MENA’s largest economy bounced back from last year, when the kingdom’s gross domestic product contracted by 4.1 per cent, according to the International … Read more
Oil prices rose after a larger-than-expected drawdown in US inventories, shaking off worries about the likely hit to economic activity from the spread of the Omicron coronavirus variant. Brent crude futures ended the day up $1.31, or 1.8 per cent, to $75.29 a barrel. US West Texas Intermediate (WTI) crude futures settled at $72.76 a … Read more
LONDON: Oil prices rose on Friday and headed for their biggest weekly advance since late August, as the investors became less concerned over the potential effect of the Omicron Covid-19 variant on economic growth and demand for fuel. Brent crude rose one per cent to $75.16 a barrel at about 3:15pm Riyadh time, while WTI, … Read more
NEW YORK: Oil prices edged lower in choppy trade on Wednesday, taking a breather after gains earlier this week, as investors assessed the impact of the Omicron coronavirus variant on the global economy, Reuters reported. The market had a muted reaction to US weekly inventory figures, which showed a smaller-than-anticipated decline in crude stocks and another bump … Read more
ROME: The owners of the Borouge polyolefin plant in the UAE have signed a $3.5 billion contract to extend the site, which will make it the biggest plastics plant of its kind in the world, Arab News reported. Italian oil and gas engineer Maire Tecnimont has been awarded the contract to work on the Borouge 4 facility, … Read more
RIYADH: Saudi Aramco has announced its entry into the kingdom’s domestic lubricants market with the launch of a new line of products, Arab News reported. The oil giant timed the Orizon® launch to coincide with the inaugural Saudi Arabian Formula 1 Grand Prix in Jeddah. The product line has been introduced in more than 20 cities, including … Read more
LONDON: Oil rose for the second day on Friday after Opec+ said it would meet again to review output if the Omicron Covid-19 variant impacts demand, Arab News reported. Prices were still headed for the sixth week of declines on concern a steady increase in supply from the Organization for Petroleum Exporting Countries and its allies including … Read more
US and Brent Crude oil dropped $2/barrel after sources claimed Opec+ has decided to stick to its planned January output rise of 400,000/day, Reuters reported. At a meeting held via videoconference on Thursday, the Organization of the Petroleum Exporting Countries and its allies, known as Opec+, resisted US requests for speedier increases in oil output to support … Read more
LONDON: Opec+ sees the oil surplus worsening to 2 million barrels/day in January, 3.4 million bpd in February and 3.8 million bpd in March next year, an internal report seen by Reuters showed. “Generally, the impact of Omicron seems to be jet-fuel related for now, particularly in Africa and Europe,” the report said. [embedpost slug=”/opec-meets-under-pressure-from-biden-and-omicron/”]
DHAHRAN: Aramco’s CEO is optimistic about oil demand growth next year, despite fears over the new Covid-19 variant omicron, Arab News reported. The oil demand will be over 100 million barrels/day in 2022, reaching the pre-Covid-19 levels, Amin Nasser told Arab News during a media briefing at the company’s headquarters. On the Covid-19’s new strain, he said: “The markets … Read more
RIYADH: The Organization of the Petroleum Exporting Countries and its allies, a grouping known as Opec+, is moving two technical meetings to later this week after oil’s rout last Friday, Bloomberg reported. The move seeks to allow its committees more time to evaluate the impact of a new strain of the coronavirus. A joint technical committee meeting … Read more
RIYADH: Oil demand will return to 2019 levels by the end of 2022, despite some delays in projects due to repercussions from the pandemic, Baker Hughes CEO Lorenzo Simonelli told Al-Arabiya. National oil companies in the Middle East have been preparing for the increased demand, while international oil companies, especially those in North America, have been … Read more
Oil prices dropped more than 5 per cent on Friday, falling to the lowest level in two months, as traders, already concerned about potential oversupply in the first quarter of 2022, added the emergence of a new Covid-19 variant to their list of worries, Reuters reported. Brent crude, the international benchmark, slid 5.8 per cent to $77.44 … Read more
RIYADH: Saudi Arabia, which reported last month a surplus in its first quarterly budget surplus since the first quarter of 2019, is applying restraints on spending even, as oil prices are trading near multiyear high, Arab News reported. The Saudi Ministry of Finance has started to apply the spending cap regardless of the oil price and revenues, … Read more
KARACHI: The Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC), one of the world’s most influential energy sector event, took place from November 15 to 18, 2021 in Abu Dhabi National Exhibition Centre (ADNEC), United Arab Emirates, under the patronage of the president of the United Arab Emirates, a statement said. Pakistan’s leading national oil … Read more
LONDON: Despite warning from analysts, US President Joe Biden finally announced the release of crude oil from the country’s strategic stockpile, a unilateral move first mooted by his Energy Secretary Jennifer Granholm in October, as he seeks to curb inflationary pressure in the US economy, Arab News reported. Gasoline prices nationwide are averaging about $3.40 a gallon, … Read more
DUBAI: India, China, and Russia need to fully commit to reducing emissions for a global energy transition to happen quickly, US special envoy for Climate Change John Kerry said at a conference in Dubai, Arab News reported. Speaking at the Global Manufacturing and Industrial Summit, Kerry said there is “incredible movement” from global players, as well as … Read more
TOKYO: Japan is considering releasing oil from its reserves for the first time to curb surging oil prices, Kyodo news agency reported, as Prime Minister Fumio Kishida signaled his readiness to counter oil price hikes following a request from the US. However, Japan may struggle to justify such a move, as under its own laws … Read more
TEHRAN: At least six people were injured after a fire broke out in the Oil and Gas Exploitation Company of Masjed Soleiman city in Iran’s southwestern Khuzestan province on Sunday, according to a statement by the company. In the incident, an employee of the company suffered burns injuries who was sent to Ahvaz city for … Read more
ABU DHABI: Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure, said that selecting Egypt and the UAE to host COP27 and COP28, shows the world’s appreciation for the efforts of climate change and net-zero emissions in the Arab region, specifically oil-producing countries, and the Middle East, WAM reported. He affirmed the UAE is … Read more
TEHRAN: Iran said on Wednesday it had thwarted an attempt by the US navy to seize a tanker in the Sea of Oman carrying its oil, state television reported. It gave no details of the date of the incident or the country where the vessel is registered. The report comes amid faltering efforts to revive Iran’s nuclear … Read more
RIYADH: Iraq’s October oil exports stood at 3.12 million barrels per day (bpd), Arab News quoted oil ministry, citing preliminary data from state-owned oil marketing company Somo, as showing. This is a slight increase in export volumes compared to the previous month of September when the country exported on average 3.08 million bpd. Data for the most … Read more
TRIPOLI: Libya’s only operational oil refinery was “severely” damaged after gunmen battled for three hours around the complex, the National Oil Corporation said. “The Zawiya Oil Complex was severely damaged as a result of skirmishes by armed groups,” Libya’s state oil company NOC said late Tuesday. “Those involved held no regard for the lives of workers … Read more
RIYADH: Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said users switching from gas to oil could account for the demand of 500,000-600,000 barrels/day, adding that the world was now waking up to the shortages in the energy sector, Arab News reported. Prince Abdulaziz said the potential switch depended on how severe winter weather would be and … Read more
TEHRAN: A row between Iran and South Korea has intensified with Tehran reportedly threatening legal action unless Seoul releases more than $7 billion in funds for oil shipments frozen because of US sanctions. The Islamic republic was South Korea’s third-largest Middle Eastern trade partner before the US unilaterally withdrew from a 2015 nuclear deal between … Read more
