Saudi Arabian King Salman promoted on Wednesday his 31-year-old son, Mohammed bin Salman, to become crown prince and second in line to the throne, giving him extraordinary powers to push through his vision to wean the economy off oil and exert his influence in regional conflicts.
The oil market is likely to balance by the first quarter of 2018 when the global inventory falls to the five-year average, Russia’s energy minister, Alexander Novak, said Sunday, as he called for a political resolution to Qatar’s diplomatic crisis.
Qatar’s energy minister, once president of OPEC, said on Sunday his country’s commitment to the oil output deal won’t be impacted by the severing of diplomatic relations with OPEC allies Saudi Arabia and the United Arab Emirates, Kallanish Energy learns.
Qatar’s state-owned oil company Qatar Petroleum (QP) and its subsidiaries, including the world’s largest liquefied natural gas (LNG) exporter Qatar Gas, are conducting business as usual throughout all their upstream, midstream and downstream operations, Kallanish Energy reports.
The U.S. remained the world's top producer of petroleum and natural gas hydrocarbons in 2016 for the fifth straight year despite production declines for both petroleum and natural gas compared to 2015 levels, the Energy Information Administration reports.
Saudi Arabia, Bahrain, the United Arab Emirates (UAE), Egypt, Yemen and the Maldives announced on Monday they have cut diplomatic ties with Qatar over its alleged support of Islamist groups and backing of Iran’s agenda, Kallanish Energy reports.
Following their alliance to prolong the output cut agreement between OPEC and non-OPEC producers to another 9 months, Russia’s energy minister Alexander Novak and his Saudi Arabian counterpart Khalid Al-Falih discussed joint opportunities in the oil and gas industry.