GULF

This tag is associated with 130 posts

Saudi Petrochemicals Giant Sees Oil At $60 By Year End

Oil prices may reach stability after the nosedive that has erased two-thirds of their value and pushed them to the lowest level in more than 10 years, according to one of the world’s largest petrochemicals manufacturers, SABIC. “Of course, prices are not really at levels where we wish (them to be) but that’s normal in … Continue reading

Shell, Saudi Aramco Split Assets

Royal Dutch Shell PLC and Saudi Arabian Oil Co. will split up the assets of their joint U.S. venture, which will see the kingdom’s state-owned producer take full ownership of America’s biggest oil refinery, the companies announced late Wednesday. The Port Arthur, Texas, refinery, located about 90 miles (140 kilometers) east of Houston, produces some … Continue reading

Russia Has Less Than Three Decades Of Oil Remaining

Russia will run out of oil by 2044, according to the Ministry of Natural Resources and Environment, with production beginning to decline in 2020. “Our recoverable oil reserves are about 29 billion tons. These are the ones that could theoretically be extracted from the subsoil. Crude oil production (without condensate) preliminarily amounted to about 505 … Continue reading

Oman’s 2016 Geopolitical Chessboard: A Discreet Actor In The Middle East

Discreet, the Sultanate of Oman becomes more and more a  “pragmatic foreign policy actor” to consider  in the Middle East. But how the Sultanate’s past present and future political choices could affect its territory and the whole region?

Is Saudi Arabia Running Out Of Gas?

By Phil Butler, New Eastern Outlook Saudi Arabia’s ever increasingly hostile stance toward neighbors may not be as secular as some have suggested. Given the nature of the country’s oil reserves, and almost unlimited production for decades, it’s possible the Saudis could simply be running out of gas. Here’s a candid look at the Saudi situation, one … Continue reading

Devaluation Strikes Again: Egypt Devalues Currency By 13% Amid Dollar Shortage

By Jeffrey P. Snider, Alhambra Investment Partners The Central Bank of Egypt auctioned $200 million at 8.85 per Egyptian pound rather than the prevailing 7.73. The inflationary move of devaluation is intended to help the country gain a more solid financial background due to a persisting “dollar shortage” that nobody seems to hold in much curiosity. … Continue reading

Saudi Arabia Launches Austerity Drive To Cut Public Spending

The Saudi government ran a budget deficit of nearly $100bn in 2015 and is now seeking ways to plug the gap left by low price of oil exports Saudi Arabia’s government, its finances strained by low oil prices, is ordering ministries to cut their spending on contracts by at least 5%, a document seen by … Continue reading

Credit Suisse: Oil Producers Are Not Buying Into This Rally

“In a note today, Credit Suisse explains that the shrinking spread between spot Brent crude and further-out delivery dates isn’t a bullish sign,” Seeking Alpha reports. Since January, the spread between spot Brent prices and 2020 Brent prices has dropped nearly $8.00 to $10.71 per barrel, indicating selling in 2017, 2018, and 2019 futures contracts. … Continue reading

Goldman Sachs Expects Oil To Trade Between $25 And $45 Per Barrel In Q2 2016: Admits Prices Could Fall Sharply In Coming Weeks

The crude market may be starting to rebalance as US production declines and output disruption from non-OPEC countries could potentially slash global oversupply, according to the Goldman Sachs Group. Storage constraints and a still large oversupply in coming months will continue to keep prices in a trendless and volatile range, the Goldman report said. The … Continue reading

Oil Production Freeze Meeting May Be Postponed, As Iran Won’t Play Ball

As things stand today, Iran has no interest in participating in a production freeze agreement led by Russia and Saudi Arabia, Reuters reports. This threatens to delay the meeting of the world’s biggest crude producers scheduled for March 20 in Moscow. Last week, Nigeria’s Oil Minister Emmanuel Kachikwu said the meeting would take place in … Continue reading

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