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.
The International Energy Agency (IEA) estimated on Wednesday OPEC’s compliance to its deal aimed at cutting output by 1.2 million barrels per day (MMBPD) between January and June stood at 91% in February, Kallanish Energy learns.
The Trump administration’s plan to reduce corporate tax rates could provide more than $10 billion annually for U.S. oil producers, opening new opportunities to boost drilling, Kallanish Energy understands.
The Organization of the Petroleum Exporting Countries reported Tuesday a decline of 139,500 barrels per day (BPD) to its crude oil production in February, reaching an average of 31.96 million barrels per day (MMBDP), Kallanish Energy learns.
Crude oil prices fell to lowest levels in three months on Tuesday following a surprise self-reported rise in production from OPEC’s largest producer, and so far biggest supply cutter, Saudi Arabia, Kallanish Energy learns.
HOUSTON – The historic OPEC/non-OPEC agreement reached late in 2016 by most members of OPEC and 11 non-OPEC producers is basically on track, according to the leader of the world’s largest oil producer.
OPEC’s 11-member compliance to the Vienna deal has reached 94% in February, with Saudi Arabia’s higher production cuts compensating for weaker adherence from other members, a Reuters survey showed on Tuesday.