OPEC Supply Cuts: Oil Production 9% Lower than Agreed
Signatories to the OPEC non-OPEC supply cut agreement reduced production in July by 9% more than agreed, according to an official committee.
Saudi Arabia | Egypt Oil & Gas - Part 39
Saudi Arabia Grants Aramco 40-Year Concession Agreement
The Saudi government has offered state-owned oil company Saudi Aramco a 40-year concession term for the kingdom's oil reserves, replacing its current evergreen contract which permits it indefinite exclusive rights ...
OPEC to Agree Oil Supply Monitoring Mechanism: Kuwait Minister
OPEC and non-OPEC petroleum producing countries will agree to introduce a mechanism for monitoring crude oil production before the end of 2018, Kuwaiti Oil Minister Bakheet Al-Rashidi stated.
Saudi Sovereign Fund Borrows $11B Following Aramco IPO Delay
Saudi Arabia's sovereign wealth fund has borrowed $11 billion from international banks after plans for an initial public offering (IPO) of state-owned oil firm Saudi Aramco were delayed indefinitely.
Iran To Sell Oil to Asia at Discount
Iran plans to sell discounted oil to the Asian market as a way to mitigate losses caused by US sanctions on the country.
Saudi Arabia Cuts Oil Output after OPEC Low Demand Forecast
Saudi Arabia was forced to cut oil production by more than 200,000 barrels per day (b/d) last month after OPEC’s forecasted demand figures were lower than expected, raising concerns about oversupply.
Saudi-Canada Dispute Will Not Affect Oil Supplies: Al-Falih
Saudi Arabia’s petroleum exports worldwide will not be affected by the ongoing diplomatic dispute between the kingdom and Canada, Energy Minister Khalid Al-Falih affirmed on Thursday.
Rowan Wins Saudi Aramco Rig Tenders
Rowan Companies jack-up rigs joint-venture ARO Drilling has been awarded six three-year contracts by Saudi Aramco for Rowan rigs.
Saipem Wins $800 M in Contracts
Italian oil and gas contractor Saipem has won contracts worth approximately $800 million in total for engineering and construction in Saudi Arabia, Iraq and other countries.
Bab al-Mandeb Closure has Limited Impact on Shipments: Kuwait
The temporary closure of the Bab al-Mandeb strait has a limited impact on Kuwaiti oil shipments as only 10% pass through the strategic shipping lane, Kuwait News Agency (KUNA) revealed on July 26.
