An Oil and Petroleum Company
The six major Middle Eastern oil and gas producers part of the Gulf Cooperation Council (GCC) are set to book faster economic growth in 2022 than previously expected, if oil prices don’t pull back significantly next year, a Reuters poll of 21 economists showed on Thursday. The six countries in the Gulf Cooperation Council (GCC)—Bahrain, Kuwait, Oman, […]
Middle East Oil Exporters To See Fast Economic Growth In 2022 Read More »
Over the last four weeks total stockpiles, including the Strategic Petroleum Reserve, have fallen at a rate of 1.15 million barrels a day, marking the largest four-week decline on a rolling basis in Energy Information Administration Data going back to 1982. Meanwhile, Nymex calendar spreads rallied Wednesday, with the September West Texas Intermediate futures contract
Asia crude oil imports stay soft, but Middle East is regaining share : Russell Read More »
There are three key reasons why the development of a world-class petrochemicals (petchems) sector is vital to Iraq’s future. First, its heavy reliance on crude oil exports makes it extremely financially vulnerable both to downturns in the oil price and to the political whims of its fellow OPEC members, especially Saudi Arabia. Second, plain crude
Will Iraq Become A Petrochemicals Powerhouse? Read More »
Iraq’s Oil Minister, Ihsan Abdul-Jabbar, announced last week that the country plans to increase its oil production capacity to 8 million barrels per day (bpd) by 2029, compared to current production of around 3.8 million bpd that factors in OPEC-mandated cuts. Based on its vast oil resources there is no insurmountable reason why this output
Could Iraq Really Become OPEC’s Largest Oil Producer? Read More »
AT A GLANCE After falling as much as 30% during COVID lockdowns, global oil demand is now back to about 95% of its pre-pandemic highs Tensions with China and a new wave of European lockdowns continue to threaten a recovery in U.S. crude oil exports As a market strategist and trader, I’ve always told anyone
Crude Oil Demand is Bouncing Back. Can U.S. Exports Follow? Read More »
Iraq has asked OPEC to be exempted from oil export cuts in the first quarter of 2021, the oil minister of OPEC’s second-largest producer and the least compliant member of the pact, said on Wednesday. According to remarks of Iraqi Oil Minister Ihsan Abdul Jabba to local media, as reported by Reuters, Iraq has raised the
Iraq Looks To Be Exempted From OPEC+ Cuts In Q1 2021 Read More »
BEIJING/SINGAPORE (Reuters) – China’s crude oil imports in March rose 4.5% from a year earlier, according to official customs data, as refiners stocked up on cheaper cargoes despite falling domestic fuel demand and cuts in refining rates caused by the COVID-19 disease outbreak. China, the world’s top crude oil importer, took in 41.1 million tonnes
China’s March crude oil imports rose 4.5% year-on-year on stockpiling Read More »
Oil prices slid 10% on Monday as the acceleration in coronavirus cases worldwide, which is bringing travel and business to a standstill, further dents global demand for crude. U.S. West Texas Intermediate crude dropped $3.03, or 9.5%, to settle at $28.70 per barrel. Earlier in the session WTI fell to a session low of $28.03 per
Oil drops nearly 10%, breaking below $29 as demand evaporates … from CNBC.COM Read More »