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(Reuters) – Saudi Aramco shut down its 400,000 barrel per day Jazan oil refinery in Saudi Arabia on July 27 following an attack by Yemen’s Houthi militants on Saturday, a note from consultancy IIR seen by Reuters showed. The attack damaged the plant’s Integrated Gasification Combined Cycle (IGCC) complex and the tank farm area, the …
Saudi Aramco Shuts Jazan Oil Refinery After Attack, IIR Note Shows Read More »
By Reuters July 28 – OPEC+ is likely to pause its gradual oil output hikes after September for the rest of 2026, four sources said, as it needs to have additional talks before deciding its output quotas for 2027. OPEC and Russian authorities did not immediately respond to requests for comment.
(Reuters) – Yemen’s Iran-aligned Houthis said on Monday they targeted a number of sensitive crude oil supply and transport sites linking eastern Saudi Arabia to the critical Red Sea oil export hub of Yanbu. Saudi state oil giant Aramco did not immediately respond to a request for comment. Houthi military spokesperson Yahya Saree said the …
Houthis Say They Targeted Saudi East-West Oil Transport Read More »
By Olesya Astakhova and Alex Lawler OPEC+ seven members meet on August 2 Iran war pushes oil back to $100 a barrel Red Sea threats raise Gulf export concerns MOSCOW/LONDON, July 23 – OPEC+ oil-producing countries will likely agree a further hike in output targets from September when they meet on August 2, three sources …
OPEC+ Likely to Again Raise Oil Output Targets From September, Sources Say Read More »
(Reuters) – Iraq’s Prime Minister Ali al-Zaidi said on Tuesday that Iraq needed a fair share within OPEC after he was asked by reporters whether he was considering leaving the oil producer group. Zaidi is on a trip to Washington as he aims to secure major U.S. investment in his country’s oil, gas, and power …
Iraq Needs a Fair Share Within OPEC, Says Prime Minister Read More »
LONDON, July 13 – OPEC on Monday lowered its forecast for world oil demand growth in 2026 to 780,000 barrels per day, a copy of its monthly report showed, marking the third straight downward revision. The producer group continues to see a smaller impact on consumption since the Iran war started than other forecasters such …
OPEC Further Lowers 2026 Global Oil Demand Growth Forecast Read More »
(Reuters) – Iraq will not leave OPEC, but is seeking a fair output quota within the oil producer group, Iraqi Prime Minister Ali al-Zaidi said in an interview with Saudi-owned Al Arabiya TV, according to his office. Reuters reported in an exclusive in June that Iraq, the group’s second-largest producer after Saudi Arabia and one …
Iraq Will Not Leave OPEC But Seeks Fair Output Quota, PM Says Read More »
(Reuters) – The United Arab Emirates has fired the opening shot in what is fast becoming a fierce battle among Middle East oil producers to reclaim market share after the Iran war, a contest that threatens to weaken oil prices and further erode OPEC’s authority. Gulf producers, desperate for revenue to replenish state coffers depleted …
OPEC is Likely Loser in Gulf’s Post-War Race for Market Share: Bousso Read More »
Summary OPEC+ to raise production by 188,000 bpd from August Gulf exports rise but still below pre-war levels Oil prices fall to pre-war levels on glut fears Iraq presses OPEC+ for higher quota after UAE exit (Reuters) – OPEC+ has agreed a further increase in output targets from August, the group said in a statement …
OPEC+ Approves Further Oil Output Increase as Hormuz Exports Start to Recover Read More »
(Reuters) – An economic crisis caused by the Iran war and a fresh surge of investment by oil majors are driving Iraq’s aggressive push for a higher OPEC production quota, potentially placing it on a collision course with the producer bloc. The pressure from Baghdad adds to the challenges confronting the Organization of the Petroleum …
Iraq’s Push for Bigger OPEC Quota Driven by Revenue Pressures, New Oil Investment Read More »
