Saudi Arabia | Egypt Oil & Gas - Part 69
Riyadh Cuts Energy, Construction Contracts Spending
Saudi Arabia has ordered its ministries to reduce spending on contracts included in the 2016 state budget by at least 5 % to outbalance Kingdom’s declined revenues over global oil prices drop, informed Reuters. ...
Saudi Oil Supplies to Egypt to Increase in New Deal
Saudi Arabia is expected to provide Egypt’s oil needs for a five-year period, which will increase the quantity of imported oil from 500,000 to 700,000 tons per year, a senior government official told Egypt Indep...
Iran Offers Discounted Prices of Crude to Europe
Iran has revealed its oil prices for European buyers for the first time since sanctions were lifted against the Middle East country, Bloomberg informed. Iran Heavy, one of the country’s main export grades, will cost $...
Iran Plans to Scale up Oil Production by 700,000b/d
Iran plans to scale up its oil production by 700,000b/d in the near future, according to the Iranian Deputy Oil Minister, Rokneddin Javadi, the Tasnim News Agency reported. “One of the goals of Iran’s sixt...
Saudi Arabia, Russia, Qatar, Venezuela Agree to Freeze Oil Output
The global oil market has witnessed first coordinated move in years to boost crude prices. Saudi Arabia and Russia, the world’s two largest crude-oil exporters, said they would halt production increases as long as oth...
Venezuela, Saudi Talks Promise No Oil Supply Cuts
Venezuela and Saudi Arabia held talks about mutual cooperation between OPEC members to stabilize the global oil market, currently flooded with a surplus of 2mb/d, reported Reuters. Saudi Arabia’s Oil Minister, A...
Aramco Purchases $1.12b of Oil Products from South Korea’s S-Oil Corp
South Korea’s S-Oil Corp agreed to sell $1.12b of oil products to Saudi Aramco Products Trading Company, an increase compared with 2015, reported Reuters. The contract provides for the supply of 12m to 24m barre...
Israel On Verge of New Offshore Gas Finds
Israel is on the verge of new major gas finds in its territorial waters, said Reuters. An Israeli exploration group led by Isramco Negev and Modiin Energy cited a “best estimate” resource report for two of...
