Traders Eye $100 WTI Ahead of Iran Sanctions

• Thursday, 4th October 2018
• by Editorial Team

The number of oil traders betting on $100-per-barrel WTI by 2019 has surged in the past week, Reuters reported. Open positions on $100 December 2019 WTI call options have increased 30% in the past seven days to reach ...

Government Chooses Provider of Fuel Hedging Contract

• Monday, 13th August 2018
• by Editorial Team

The oil and finance ministries have chosen a firm to sign fuel hedging contracts with the government, anonymous sources told Amwal Al Ghad. The fuel hedging solution was proposed by the two ministries to prevent risin...

WTI Reaches $75 for First Time Since 2014

• Wednesday, 4th July 2018
• by Editorial Team

West Texas Intermediate (WTI) crude reached $75 a barrel on July 3, but quickly dropped to settle at just 0.3% higher, after the American Petroleum Institute (API) announced that US crude inventories fell by 4.51 mill...

Libya Declares Force Majeure on Supplies, Oil Rises

• Tuesday, 3rd July 2018
• by Editorial Team

Libya has declared a force majeure on two facilities exporting 850,000 barrels of crude per day (b/d), pushing oil prices to highs not seen since 2014, Reuters reported. Brent crude futures rose 0.8% to $77.90 per bar...

Oil Rises on Iran Supply Concerns

• Wednesday, 27th June 2018
• by Sarah Samir

Oil prices rose on June 27 after US officials ramped up pressure on its allies to end imports of Iranian crude by November, Reuters reported. Brent crude futures reached $76.61 per barrel at 08:00 GMT, 30 cents higher...

Average Oman Crude Oil Prices Increases by 27.8% Y.o.Y

• Tuesday, 30th January 2018
• by Sarah Samir

Average Oman crude price increased by 27.8% year-on-year (Y.o.Y), reaching $51 per barrel by the end of 2017, from $40 per barrel in the same period of 2017, the National Center for Statistics and Information (NCSI)’s...

Saudi Fiscal Plan Projects Higher Oil Revenues

• Thursday, 28th December 2017
• by Editorial Team

In a six-year plan to balance the government’s budget, Saudi Arabia predicts that oil prices will rise to $75 per barrel by 2023, Bloomberg reports. Under the plan, oil revenues are projected to rise to 801. 4 billion...

Some ME Oil Exporters Could Run Budget Surpluses

• Tuesday, 31st October 2017
• by Editorial Team

With rising oil prices, Iran, Iraq, Kuwait, and Qatar could run budget surpluses next year if prices remain stable, Bloomberg reports. Oil prices will float between $50 to $60 per barrel for the “medium term,” accordi...

Kuwait’s Oil Bucks Global Price Trend

• Monday, 7th August 2017
• by Editorial Team

Kuwait’s oil prices fell on Friday, even as global prices rose, reports Kuwait News Agency. The price per barrel for Kuwaiti oil fell from $49.15 on Thursday to $48.77 on Friday, a drop of $0.38 (0.8%), according to t...

Higher Oil Prices Shrink Saudi Deficit

• Sunday, 14th May 2017
• by Editorial Team

Higher international oil prices helped Saudi Arabia shrink its budget deficit by 71% from the first quarter of 2016 to $6.9b as of end-March 2017, Oil Price reported. State revenues jumped by a similar rate, 72%, to $...