Oil Prices | Egypt Oil & Gas - Part 20
Saudi Arabia in Cash Flow Crisis
Informed sources told Bloomberg that Saudi Arabia is delaying payments to government contractors thanks to the oil price slump. The country has already entered into a deficit for the first time since 2009, with constr...
Oman to Rethink Economy, Expenditures with Oil Crunch
Top Omani officials and experts are expected to hold an extended meeting on October 21 to explore solutions and proposals to alleviate the impact of the oil crisis on the national economy, revealed Gulf News. Mohsin A...
Saudi-Russia Price War Extends to European Theatre
Oil refiners in Europe are cutting their longstanding use of Russian crude in favour of Saudi grades thanks to aggressive price discounting, reported Reuters. “I’m buying less and less Russian crude for my...
GCC Braces for Refinery Expansion, Financial Opportunities
The Arab Petroleum Investments Corporation’s (Apicorp) Energy Research has just issued its monthly report, calling for a serious rethinking of the GCC state’s downstream sector, reported Trade Arabia. “We antici...
Nigeria Losing Out Due to Subsidies, Crude Prices
The Nigerian National Petroleum Corp. recorded a loss of $1.9b in the first eight months of this year thanks mostly to fuel subsidies, reported Bloomberg. At least 73% of the loss was due to deficit spending by its Pi...
Qatar Energy Minister Predicts OPEC Oil Price Rebound
US News & World Report cited Qatar’s Energy and Industry, Minister Mohammed bin Saleh al-Sada as saying that oil prices have bottomed out ahead of an expected meeting of OPEC members and other oil producers ...
Algeria Postpones Major Bid Round, Oil Prices Blamed
A senior Algerian energy official told Reuters that his country had cancelled a planned bid round for oil and gas exploration rights, due to low oil prices. “This is not the right period to launch it,” he ...
Kenya Faces Dry Wells, Maritime Disputes
Tower Resources and Premier Oil issued a notice to withdraw from block 2B located in the Anza basin, northern Kenya, reported AllAfrica. “We have withdrawn from the area where we feel there is no medium-term lik...
