Middle Eastern countries contributed to the majority, 65.5%, of the Organisation of the Petroleum Exporting Countries (OPEC)’s total production in 2016, according to the OPEC Annual Statistical Bulletin 2017. OPEC’s proven oil reserves currently stand at about 1.216tn barrels, with Venzuela, Saudi Arabia, and Iran the top three countries in term of reserves with 302bn …
Latest in Tag: OPEC Highlight
Latest in Tag: OPEC
The oil market has been in decline for a considerable period of time, having experienced three consecutive years during which supply has outstripped demand. This has continued to drive prices down and created a depreciating marketplace, while forcing the intergovernmental Organisation of the Petroleum Exporting Countries (OPEC) to take decisive action.
Saudi Arabia has announced the ouster of its longtime oil minister as part of a larger government shakeup. Outgoing minister Ali al-Naimi had been a pillar of Saudi oil policy since 1995.
Loan to be used in establishing, equipping modern integrated centres for tumours and neurosurgery at Ain Shams Specialized Hospital
Egyptian citizen’s economic situation does not allow change in prices, says Ismail
Its backing will remain unchanged, but the lifeblood of Gulf aid cannot continue indefinitely
Fuel oil, which is supplied into markets, is currently not subsidised, says expert
Crude oil prices have slumped to lowest level in five years due to potential increased market supply
OPEC’s latest loan brings the total amount of fund provided by the international organisation to Egypt to $450m
Reuters – The United Arab Emirates, a Gulf OPEC oil producer, said it was looking at the possibility of importing natural gas from North America, in what would be one of the most striking developments since the start of the US shale boom. The United States and Canada are producing record amounts of gas from …
Shell issued a “significant” profit warning for the fourth quarter on Friday, in which it detailed across-the-board problems, less than three months after its third-quarter profits undershot analyst forecasts.
The latest crisis erupted in July, when security guards at key oil terminals shut them down, accusing the authorities of corruption and demanding a more equitable distribution of oil revenues.
Announcement comes during deputy Prime Minister’s visit to Washington DC last week
OPEC’s supply averages 29.90 million barrels per day, down from a revised 30.01 million bpd in September
The stations’ developments in the Nile delta areas will assist in locating and tracking the regions experiencing power cuts
The announcement came after the signing of an official agreement stating that the OPEC fund will contribute $70m to the project.
New York’s main contract, West Texas Intermediate, for November sank to $103 — the lowest point since 8 August.
The US economy was experiencing a “positive momentum” thanks in large part to a boost in private household consumption.
Petroleum minister says there are a number of projects in Egypt for which APICORP qualifies
Iran has meanwhile called for lower production this week in order to maintain and even boost crude oil price levels.
Brent North Sea crude for delivery in June sank $1.42 to $103.05 per barrel in London afternoon deals.
The Organisation of Petroleum Exporting Countries forecast total average oil demand of 89.7 million barrels per day, up 0.8 million per day from 2012, unchanged from its previous projection.
IMF report shows Middle East and North Africa governments account for 50% of global energy subsidies bill
Rasheedi was charged with instigating to overthrow the regime, spreading false news about the emirate abroad and writing tweets deemed offensive to the ruler of the OPEC member state
The three defendants were brought to the court in Kuwait City in handcuffs, blindfolded with their heads shaven and dressed in dark-red prison uniforms.