Prince Abdulaziz said the next two weeks will be “critical” for OPEC+ to demonstrate all countries are adhering to agreed production cuts
The slow resumption of flights will constrain jet-fuel consumption, and high unemployment will restrict gasoline use
Aramco will push back the bulk of installments until after 2022 and delay the final one by three years until 2028
Oman Tank Terminal Co. (OTTCO) has almost finished constructing eight tanks to store crude for a new refinery near the town of Duqm on the Arabian Sea
In light of historic oil price routs and oversupply triggered by the novel coronavirus, how imminent and optimal is recovery for regional energy markets? Gulf Business speaks to Rita Allan, senior Construction and Projects associate at Pinsent Masons Middle East, to find out more
The kingdom has exported just one cargo to the US so far in June, equivalent to about 133,000 barrels a day
While oil has rebounded rapidly since April as OPEC+ production cuts kicked in and US output fell, the rally fizzled last week
The cuts were widespread across the region from South Asia and Southeast Asia to some parts of North Asia
Futures in New York fell below $35 a barrel after losing 8.3 per cent last week
Aramco will pay $24.8bn this week as a first installment in the deal
The market is grappling with record high US oil inventories and an uneven demand rebound
No expatriates will be hired for positions in Kuwait Petroleum Corporation (KPC) and its subsidiaries for the year 2020-21
Futures dropped 1.9 per cent in New York, erasing almost all of the gains from the previous session
Murban for March sold at a $1.88 premium over the regional benchmark before plunging to discounts. For July, it will sell at a $1 premium
Brent crude, the international benchmark, fell 2.5 per cent to $41.23 a barrel at 4.29pm in London, erasing earlier gains
In this year’s Forbes list of the Middle East’s Top 100 Companies 2020, Saudi Arabia led the pack with 33 entries
Brent crude, down 36 per cent this year, has clawed back some of its losses and ended trading on Friday at more than $40 a barrel
All the member nations signed off on a new deal for a production cut of 9.6 million barrels a day next month
The energy sector continues to be the biggest pillar powering the growth of GCC economies. But as it reels with the impact of the historic oil price drop and the Covid-19 pandemic, is the outlook for the future brighter?
Global temperatures have risen 1.1 degrees Celsius since pre-industrial times and at current levels of greenhouse gas emissions, are set to rise by 3 degrees Celsius by the end of the century
While crude has now doubled from its low in mid-April, the path back to pre-virus levels of oil demand still looks uncertain
In 2020, a total of 10 ‘ADNOC On the go’ stations have been opened across Abu Dhabi and Al Ain
A deal could value the pipelines at more than $15bn, including debt
In the wake of the pandemic, public and private power companies in the MENA region need to adjust their strategies
The total installed capacity is 11,700MW of electricity
Production cuts are meant to be eased to about 7.7 million barrels a day in July
This is the second month in a row that prices have remained unchanged
Oil is still up almost 70 per cent this month as supply curbs trim a global glut and pockets of demand emerged after the easing of lockdown restrictions
Producers have lowered global oil supply by around 14-15 million barrels a day
Oil has surged about 75 per cent this month as pockets of demand return