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
Non-oil growth is projected to contract by 4.1 per cent in 2020 due to the adverse implications of Covid-19
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
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
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 the wake of the pandemic, public and private power companies in the MENA region need to adjust their strategies
Production cuts are meant to be eased to about 7.7 million barrels a day in July
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
OPEC+ will look at all options when it meets again in June, Mohammad Barkindo said
Crude demand of about 100 million barrels a day prior to the pandemic plummeted by about 30 per cent last month
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
The accord caps a tumultuous month when Brent crude plunged to its lowest in nearly two decades, falling toward $20 a barrel
Benchmark Brent has plunged by more than half since the start of the year
Benchmark Brent crude has plunged 48 per cent this year
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
The Trump administration has had a close relationship with Saudi Arabia
New report from BoFA says non-OPEC supply will fall to 56.4m bpd in 2017
King Salman is expected to broadly continue Abdullah’s policies, analysts say.
Brent crude fell towards $84 a barrel on Tuesday, after top oil exporter Saudi Arabia cut prices to the United States.
Kuwait’s oil minister said on Sunday OPEC was unlikely to cut production to support prices.
South American nation Venezuela tops the list, followed closely by Saudi Arabia.
Combined oil output from Saudi Arabia, Kuwait and the UAE rose sharply in August.