The extension of another six months of the OPEC and non-OPEC oil output deal is becoming more likely to happen, as Saudi Arabia and Kuwait strongly signal Thursday consensus is growing among oil producers.
Saudi Arabia, the world’s largest crude exporter and the biggest contributor to the OPEC output cut deal, has trimmed its crude exports to a 21-month low in February, Kallanish Energy learns from the Joint Organisations Data Initiative (JODI) website.
Once again “higher-than-expected” growth in the U.S. crude oil production has pushed OPEC to revise upwards its non-OPEC supply forecast for 2017, Kallanish Energy learns from the group’s latest monthly report.
Saudi Arabia's state-owned oil giant Saudi Aramco has formally appointed JPMorgan Chase, Morgan Stanley and HSBC as international financial advisers for its initial public offering, sources familiar with the matter told Reuters.
Total energy investment in the Middle East and North Africa (MENA) could approach $1 trillion over the next five years, according to the latest MENA Energy Investments Outlook, published by the Arab Petroleum Investments Corp. (APICORP).
China’s sovereign wealth fund, CIC, and the state-oil firm CNPC are reportedly in talks with Saudi Arabia over a stake in the planned flotation by Saudi Aramco, expected to be the largest in the industry.
Kuwait wants OPEC to extend production cuts beyond June, becoming the cartel’s first member to call for more time to balance the global oil market as the rally that boosted prices initially on the curbs has faded.