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Latest News & Updates

World Oil

OPEC seems poised for another contentious meeting in Algeria this weekend as Iran threatens to veto decisions.
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Saudi Arabia is now comfortable with Brent oil prices rising above $80/bbl, at least in the short term, as the global market adjusts to the loss of Iranian supply from U.S. sanctions, according to people familiar with the kingdom’s view.
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Saudi Aramco has awarded the first large-scope integrated services contract for its Marjan oilfield – the first of three major offshore expansions in Saudi Arabia, and the company’s largest upstream development project this year – to Baker Hughes, a GE company (BHGE).
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Top energy officials from the U.S. and Iran clashed on Monday with warnings that international peace is at risk as America’s sanctions noose tightens on the Islamic Republic.
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OPEC highlighted a range of risks brewing in the global economy that could hurt oil demand as ministers prepared for a meeting on production policy, marking a shift from last month’s outlook.
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Iran is starting to store oil on its fleet of supertankers again as impending U.S. sanctions force the Persian Gulf country to revive a strategy it deployed under previous curbs.
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Libya’s National Oil Corp. will carry out operations as usual across the country after security forces quashed a deadly attack on the state company’s headquarters in the capital Tripoli, the NOC’s chairman said.
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Production capacity of Zohr project, developed by the consortium of Eni, Rosneft, BP and Mubadala together with the Egyptian oil and gas companies, has been increased by more than 25% to more than 2 Bcfd.
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Iraq is pumping crude at record levels and the violent street protests that engulfed the oil-rich south have not affected energy facilities in OPEC’s No. 2 producer.
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Sound Energy, the Morocco focussed upstream gas company, is pleased to announce the award of the production concession relating to the Tendrara gas discovery in Eastern Morocco by the Moroccan Ministry of Energy.
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