Global Pipe Co. (GPC) has won a SAR 250 million ($66.7 million) deal to supply pipe to Saudi Aramco, with production slated for the first half of 2018, Kallanish Energy sister publication Kallanish reports.
Iraq and other Arab states have created a joint venture to soon enter the shipping and bunkering sector, offering marine fuelling services at southern ports in Iraq, mostly at Basra, Khor Al-Zubair and Umm Qasr.
Kuwait confirmed on Monday “full control” of the oil pollution in its southern coast caused by an oil spillage over the weekend, estimated to have released 35,000 barrels off Al-Zour’s coast, Kallanish Energy learns.
Total crude oil production from the Organization of Petroleum Exporting Countries increased 173,000 barrels per day (BPD) in July from June, to average 32.87 million barrels per day (MMBPD), according to secondary sources used in the cartel’s August Monthly Oil Market Report.
Saudi Arabia’s state oil company, Saudi Aramco, will cut crude oil allocations to customers worldwide in September by at least 520,000 barrels per day (BPD), an industry source told Reuters Tuesday.
Analysts at Credit Suisse said Monday crude oil prices, initially expected to reach $60 a barrel shortly after the OPEC/non-OPEC production reduction began in January, won't approach that figure until 2020.
Oil production from OPEC members rose in June, driven by increases in Libya and Nigeria and from the cartel’s dominant member, Saudi Arabia, which reported it pumped more than it agreed to in 2016.