US Vice President Joe Biden has asked all Gulf governments to increase oil production. He has not singled out Saudi Arabia for increased production. Biden will not be traveling to Saudi Arabia next month to request an increase in oil production, he stated on a visit to the Middle East. Joe Biden The US president … Read more
France’s Emmanuel Macron advocates for an increase in global oil production. G7 leaders are discussing how to reduce energy costs and tame inflation. France wants to reinstate Venezuelan and Iranian production, which are subject to US sanctions. The French president is also pushing for a price ceiling on Russian oil. Emmanuel Macron advocated for an … Read more
RIYADH: Gulf Cooperation Council countries’ economies are expected to have grown by a cumulative 3.1 per cent in 2021, reversing a 5.2 per cent decline last year, Arab News quoted a recent report by the GCC Statistical Centre. The predicted expansion in output is attributed to higher oil output, particularly in the fourth quarter. The elimination of … Read more
CAIRO: The Saudi economy expanded by an annual rate of 7 per cent in the third quarter of this year driven by higher oil production, Arab News quoted the data released by Gastat. This is the highest yearly growth rate since 2012. Growth was also upwardly tweaked to 7 per cent compared to an initial estimate of … Read more
RIYADH: Saudi industrial production expanded by an annual rate of 7.7 per cent in October to reach its highest level since April 2020, Arab News quoted data published by Gastat, as showing. Jumps in the output of the mining and quarrying sector were mainly responsible for the expansion as it went up by 9.1 per … Read more
Kuwait has begun to increase its crude production in accordance with an agreement reached by the Organisation of Petroleum Exporting Countries and its allies, a group known as Opec+, Arab News quoted Oil Minister Mohammad al-Fares, as saying. The minister, cited by the state news agency KUNA, said Kuwait’s plans to increase output includes production … Read more
Oil prices grew on the third day of the business week, after world economies witnessed recoveries from the COVID-19 impact. Media reports said that; Brent, the global benchmark, reached $44 a barrel at one stage in European trading. This is the highest level of oil prices since early March — as more countries lifted lockdown … Read more
A day after (Organization of the Petroleum Exporting Countries) OPEC and non-OPEC oil producers agreed to extend record oil production cuts until the end of July, Major stock markets in the Gulf rose sharply on Sunday. Media reports said that OPEC and other producers led by Russia, a grouping is known as OPEC+, demanded countries … Read more
Cabinet of Saudi Arabia has urged oil producing nations not only to cling to agreed cuts to production, but also further reduce output to help restore balance in global oil markets. In a recent statement, Cabinet of Saudi Arabia said the Kingdom is committed to supporting the stability of global oil markets. Minister of Media … Read more
King Salman of Saudi Arabia held a telephonic conversation with Presidents of America and Russian, Donald Trump and Vladimir Putin and reviewed the importance of cooperation between oil producing countries. Arab media reported that Saudi Arabia’s King Salman along with Donald Trump and Vladimir Putin reviewed he importance of cooperation between oil producing countries, after … Read more
Global Oil Price: The countries may run out of oil space to store oil as Saudi Arabia prepares to increase its oil production even as demand for energy continues to fall amid coronavirus outbreak. Oil storage levels across storage facilities have surged to 75% full since January shutdown of major refineries in China’s industrial heartlands. … Read more
