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 …
Qatar, Exxon Announce $10 Billion LNG Investment in Texas, US
Qatar and Exxon have officially announced a US$10-billion joint investment in their Golden Pass LNG project in Texas, which will turn the LNG import terminal …
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. …
Onion export down by 7% during April-August in Maharashtra; India’s exports however increase
Maharashtra the leading onion exporter has witnessed a drop of 7 per cent in export during April-August of the current financial year, while the national …
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, …
Saudi Arabia to open $22.7 billion mining project; to increase non-oil GDP by 3%
Saudi Arabia’s King Salman inaugurated last week the Waad Al-Shamaal project, a 440-square-km city for mining industries in the country’s northern …
IEA warns oil producers of bleak future
Paris-based International Energy Agency (IEA) said in a report that the world’s largest oil producing nations are under unprecedented pressure to cut their …
India’s basmati exports may rise as Saudi Arabia likely to ease residue rules
Basmati rice exports from India are expected to pick up, as key importer Saudi Arabia is set to adopt easy residue parameters to take delivery of consignments. …