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Covid-19 impact on the regional energy sector: Is it set for a rebound?

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

Saudi oil exports to US plunge to lowest level in 35 years

The kingdom has exported just one cargo to the US so far in June, equivalent to about 133,000 barrels a day

Second wave virus concerns loom large over crude oil market

While oil has rebounded rapidly since April as OPEC+ production cuts kicked in and US output fell, the rally fizzled last week

saudi arabia riyadh

Saudis cut July oil supply to some Asian buyers by up to 40%

The cuts were widespread across the region from South Asia and Southeast Asia to some parts of North Asia

Oil falls for a third day with second-wave virus risks in focus

Futures in New York fell below $35 a barrel after losing 8.3 per cent last week

Abu dhabi uae capital flag

UAE Central Bank projects economic recovery in second half of 2020

Non-oil growth is projected to contract by 4.1 per cent in 2020 due to the adverse implications of Covid-19

Oil retreats toward $38 on signs US crude stockpiles expanded

Futures dropped 1.9 per cent in New York, erasing almost all of the gains from the previous session

Abu Dhabi City United Arab Emirates

Abu Dhabi follows Saudis in raising crude prices amid OPEC+ cuts

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

Saudi Arabia to end extra voluntary oil cuts after June

Brent crude, the international benchmark, fell 2.5 per cent to $41.23 a barrel at 4.29pm in London, erasing earlier gains

Saudis make biggest oil price hike in 20 years after OPEC+ cuts

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

OPEC+ extends oil cuts in win for Saudi-Russian alliance

All the member nations signed off on a new deal for a production cut of 9.6 million barrels a day next month

Brent oil rises past $40 as OPEC+ cut extension looks likely

While crude has now doubled from its low in mid-April, the path back to pre-virus levels of oil demand still looks uncertain

Covid-19 impact on the power sector – what does the future hold?

In the wake of the pandemic, public and private power companies in the MENA region need to adjust their strategies

OPEC+ set to discuss short extension of oil production cuts

Production cuts are meant to be eased to about 7.7 million barrels a day in July

Russia sees oil market balance in June-July on OPEC+ cuts

Producers have lowered global oil supply by around 14-15 million barrels a day

Oil anchored near $33 a barrel amid rising US-China tensions

Oil has surged about 75 per cent this month as pockets of demand return

OPEC chief optimistic that the worst of oil crisis is over

OPEC+ will look at all options when it meets again in June, Mohammad Barkindo said

IEA head sees oil use below pre-virus levels for at least a year

Crude demand of about 100 million barrels a day prior to the pandemic plummeted by about 30 per cent last month

Saudi Arabia could borrow record $58bn as oil slump bites

The government is looking at additional spending cuts and may issue as much as an additional SAR100bn of debt on top of SAR120bn riyals already announced

Oil price war ends with historic OPEC+ deal to cut output

The accord caps a tumultuous month when Brent crude plunged to its lowest in nearly two decades, falling toward $20 a barrel

Saudi Aramco delays oil pricing statement as OPEC+ talks continue

Benchmark Brent has plunged by more than half since the start of the year

Aramco delays oil pricing amid Saudi-Russia row on oil cuts

Benchmark Brent crude has plunged 48 per cent this year

GCC stocks plunge, Aramco drops below IPO price for the first time

On Friday, oil prices plunged the most since 2008 on signs of a breakdown in the global OPEC+ alliance that helped underpin crude’s recovery since 2014

Trump: I told Saudi king he wouldn’t last without US support

The Trump administration has had a close relationship with Saudi Arabia

Non-OPEC oil production to drop considerably

New report from BoFA says non-OPEC supply will fall to 56.4m bpd in 2017

OPEC+meeting

New Saudi King Seen Holding Line On OPEC Policy

King Salman is expected to broadly continue Abdullah’s policies, analysts say.

UAE Oil Minister: Concerned About Oil Price Fall “But Not Panicking”

Brent crude fell towards $84 a barrel on Tuesday, after top oil exporter Saudi Arabia cut prices to the United States.

Oil Heads For 4-year Low On Saudi Output Signal

Kuwait’s oil minister said on Sunday OPEC was unlikely to cut production to support prices.

Top 10 Countries With The World’s Biggest Oil Reserves

South American nation Venezuela tops the list, followed closely by Saudi Arabia.

Gulf OPEC Big Three Raise Aug Oil Output By 400,000 bpd

Combined oil output from Saudi Arabia, Kuwait and the UAE rose sharply in August.