Is UAE the new swing producer of crude oil in the middle east?
The United Arab Emirates (UAE) is now OPEC’s third-biggest producer, having surpassed Iran whose output has plunged below 3 million bpd with the U.S. …
World Bank warns of extreme volatility in oil markets
After several months of oil price rises and then a sharp reversal over the last few weeks, world oil markets are in for more heightened volatility next year …
Qatar quits OPEC
Qatar will leave the Organization of Petroleum Exporting Countries (OPEC) as of next month, its energy minister told the media, adding that the decision …
Production cuts are needed to stabilise oil markets, says Russia
Russia has started to concede that it needs to join a fresh Saudi-led oil production cut, but is still bargaining with its key partner in OPEC over how much, …
Brent oil price to average $75 a barrel next year: Platts Survey
Brent Crude is expected to average $75.50 a barrel next year, according to an S&P Global Platts survey of 11 top banks and oil brokers, who see OPEC …
IEA leaves global oil demand growth forecast unchanged
The International Energy Agency (IEA) has kept its forecast for global oil demand growth unchanged as lower oil prices may offset impact of weaker economy, it …
China leads global refining boom; will add 3.12 million bpd by 2022: GlobalData
China will lead global refinery capacity expansion and investments with 3.12 million barrels per day (bpd) additional refining capacity and $67.3 billion …
COMMENTARY – How much spare oil capacity does Saudi Arabia really have?
Saudi Arabia has pledged to cover any supply gap that may emerge as Iranian oil goes offline, but how much spare capacity does it really have? The massive …
Iraq aims at 60,000 barrels per day production at its newly restarted oil field
Iraq plans to have its newly restarted Qayara oil field in the north of the country produce 60,000 barrels per day (bpd) by the end of this year, targeting to …
Russia promises to stick by Iran despite newly formed ties with Saudi Arabia
Russia’s Energy Minister Alexander Novak has indicated that Moscow will continue to back its ally Iran in the Middle East despite its newly forged relations …