Saudi Arabia Grants Aramco 40-Year Concession Agreement

• Tuesday, 28th August 2018
• by Editorial Team

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 righ...

OPEC to Agree Oil Supply Monitoring Mechanism: Kuwait Minister

• Monday, 27th August 2018
• by Editorial Team

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, according to the Arab Tim...

Saudi Sovereign Fund Borrows $11B Following Aramco IPO Delay

• Monday, 27th August 2018
• by Editorial Team

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, an industry...

Iran To Sell Oil to Asia at Discount

• Wednesday, 15th August 2018
• by Editorial Team

Iran plans to sell discounted oil to the Asian market as a way to mitigate losses caused by US sanctions on the country, BasNews reported. “The discount is part of the nature of the global markets being offered ...

Saudi Arabia Cuts Oil Output after OPEC Low Demand Forecast

• Tuesday, 14th August 2018
• by Editorial Team

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, The Telegraph rep...

Saudi-Canada Dispute Will Not Affect Oil Supplies: Al-Falih

• Thursday, 9th August 2018
• by Editorial Team

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 August 9, Arab News reported. Al-Falih stat...

Rowan Wins Saudi Aramco Rig Tenders

• Wednesday, 1st August 2018
• by Editorial Team

Rowan Companies jack-up rigs joint-venture ARO Drilling has been awarded six three-year contracts by Saudi Aramco for Rowan rigs, Pipeline Oil and Gas Magazine reported. When the existing agreements for the rigs expir...

Saipem Wins $800 M in Contracts

• Monday, 30th July 2018
• by Editorial Team

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, Pipeline Oil and Gas Magazine reported. Sau...

Bab al-Mandeb Closure has Limited Impact on Shipments: Kuwait

• Sunday, 29th July 2018
• by Editorial Team

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, Reuters cited Kuwait News Agency (KUNA) on July 26. Sheikh Talal al...

Saudi Arabia Halts Red Sea Shipments After Houthi Attack

• Thursday, 26th July 2018
• by Editorial Team

Saudi Arabia is “temporarily halting” all oil shipments through the Red Sea due to an attack on two oil tankers by Yemen’s Houthi movement, Reuters reported. Two very large crude carriers (VLCCs), each with a ca...