Saudi Arabia needs $80-85 per barrel oil price to balance its 2019 Budget: IMF
OPEC’s biggest producer Saudi Arabia would need oil prices at US$80-85 per barrel in order to balance its 2019 budget, Jihad Azour, Director of the Middle …
Iran’s Asian oil clients restart imports at low rates
Japan, South Korea, India, and China are all buying Iranian crude once again, but at much lower rates than they did before November when U.S. sanctions kicked …
Aramco fights to protect Asian market share in oil supply ahead of cuts
Aramco will ship the full volumes of crude contracted by Asian refiners in a bid to protect its market share in the biggest consuming region in the world ahead …
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 …