Showing results for "2 march"

The vision of Saudi Arabia’s founder

  • With the launch of Saudi Vision 2030 in April 2016, the Kingdom is at a crossroads. While crude oil has been the nation’s past, its future depends on us improvising with talents and techniques to make much more of the resources we have been given.  Decades ago, the vision of Saudi Arabia...
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Exemptions to have little bearing on oil cuts impact

  • The cooperation between OPEC’s 15 members and a group of non-OPEC nations led by Russia, known as OPEC+, is set to enter its third year after an agreement was reached in Vienna last week.  Global oil markets were refreshed after OPEC+ reached the agreement for an output cut of 1.2 millio...
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Trump tweets miss their mark

  •   The second OPEC-related tweet from the US president this year doesn’t seem to have had the desired effect of cooling prices. The US WTI oil benchmark passed the significant $60 per barrel barrier for the first time this year, while Brent crude also hit a new high of $68.39 pe...
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Tight market may give OPEC pause for thought

  • Oil continued its rally, driven by involuntary supply losses from Venezuela, Iran and Libya. The market has steadily tightened for the second month in a row and it seems that Brent has settled around the $70 per barrel mark. Brent closed the week at $71.55 per barrel and WTI increased to $63....
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From Tehran to Tripoli, Turkey is at the heart of illicit crude trade

  • Turkey has long led the way in the smuggling of crude oil. That is why it was no surprise when the latest export data based on ship tracking showed that Ankara imported half of the sanctioned Iranian crude oil in June — the remainder going to China. The China imports are accounted for by long...
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Why Russia needs to be onboard OPEC+ more than ever

  • OPEC+ efforts have been successful for 38 months in maintaining adequate supplies and absorbing a crude oil surplus.  Even during the pessimistic days of 2019, where concerns over slowing global growth and the impact of the US-China trade dispute dominated sentiment, OPEC+ managed to kee...
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Who is the free rider on the OPEC+ journey?

  • The journey of the OPEC+ group to cut oil production began in January 2017 and lasted until the end of March 2020.  This entailed 39 months of collaborated efforts among 24 oil producers outside and inside OPEC. It amounted to total output cuts of some 1.2 million barrels a day, where ...
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Saudi Arabia exports reliability to energy market

  • It was fortunate for the global economy that Saudi Arabia has been chairing the G20 at such a critical time. The COVID-19 pandemic did not stop the Kingdom from leading virtual meetings that led to essential decisions being made not just on concerted plans to fight the virus but also to help re...
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A challenging 2019 second half awaits OPEC+

  • Even if OPEC+ has a highly probable rollover of 1.2 million barrels per day (bpd) output cuts for the second half of 2019, as agreed at the G20 Summit by Saudi Arabia and Russia, the next six months will still be challenging.  The resumption of the trade talks between the US and China ma...
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Coronavirus outbreak tests shale before it tests OPEC

  • With four years of experience in reaching consensus among the members of the OPEC+ group of oil exporters, it is not hard to imagine that group extending or deepening such cuts to mitigate the impact of the coronavirus outbreak impact on the global economy. This was clear during the extraordi...
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