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The world has lost about 1 billion barrels of oil over the past two months and energy markets will take time to stabilise even if flows resume, Saudi Aramco’s CEO said on Sunday, as shipping disruptions choke traffic through the Strait of Hormuz. “Our objective is simple: keep energy flowing, even when the system is …
Aramco CEO Warns 1 Billion Barrels Lost Will Slow Oil Market Recovery Read More »
(Reuters) – U.S. President Donald Trump’s military forays in Venezuela and Iran have weakened OPEC more than anyone thought possible just months ago. The White House may view this as a major win, but it may ultimately leave both the U.S. and energy markets worse off. For decades, the Organization of the Petroleum Exporting Countries, …
OPEC’s control over production levels was a sticking point in the UAE’s participation in the group going back years By Anthony Di Paola The United Arab Emirates’ surprise exit from OPEC gives it greater ability to accelerate investment and expand, the head of the country’s state-run oil company said. “It serves our national interests and …
UAE Oil Head Says OPEC Exit Gives Ability to Speed Up Investment Read More »
It’s easy to dismiss the agreement by the seven remaining members of the OPEC+ group of crude oil exporters to increase output for a third straight month in June as merely symbolic. Certainly, as long as the Strait of Hormuz remains effectively closed, the decision to lift production by 188,000 barrels per day (bpd) is …
OPEC+ Crude Output Boost is Symbolic, But it Still Matters: Russell Read More »
Saudi Arabia is able to divert the bulk of crude exports to the Red Sea By Andrey Biryukov The blockade of the Strait of Hormuz is creating an economic split among oil exporters in the Persian Gulf, with Saudi Arabia and Oman set for a windfall and others including the United Arab Emirates seeing a …
Saudi Arabia Set for Oil Windfall After Hormuz Boosts Prices Read More »
By Yousef Saba, Ahmad Ghaddar and Maha El Dahan Saudi Arabia’s energy minister Prince Abdulaziz is half-brother of Crown Prince Early years of diplomatic touch have transformed into an iron grip on OPEC UAE exit a critical test for Prince Abdulaziz’s influence over oil markets May 1 (Reuters) – Saudi Energy Minister Prince Abdulaziz bin …
Saudi Oil Prince’s Iron Grip Faces Ultimate Test With UAE’s Shock OPEC Exit Read More »
(Reuters) – The United Arab Emirates’ withdrawal from OPEC is widely seen as lessening the clout of the producer group and initiating a race to boost output, ultimately resulting in sharply lower crude oil prices. However, the U.S. and Israeli war against Iran has upended global crude markets to such an extent that expecting what …
The UAE Dumping OPEC May Not Affect Crude as Anticipated: Russell Read More »
By Vladimir Soldatkin and Anton Kolodyazhnyy Russia’s Novak: oil industry is facing its deepest crisis Novak: hard to talk about a price war amid market shortages Novak: Russia will stay in OPEC+, committed to its mechanism Novak: it may take several months for oil market to recover MOSCOW, April 30 (Reuters) – Russia’s Deputy Prime …
Russia Says OPEC+ Will Continue After UAE Exit, No Price War Expected Read More »
(Reuters) – U.S. President Donald Trump on Wednesday welcomed the United Arab Emirates’ move to pull out of OPEC and said he thinks the move could help lower oil prices. “I think it’s great,” Trump said when asked by reporters at the White House what he thought of the UAE’s decision. The UAE – one …
Trump Welcomes United Arab Emirates Exit From OPEC Read More »
(Reuters) – The United Arab Emirates’ decision to quit OPEC would result in faster oil supply growth from the country as it comes out of the current crisis, Barclays said late Tuesday. The UAE, the fourth-largest producer in the Organization of the Petroleum Exporting Countries, said on Tuesday it would exit the group on May …
Barclays Sees Faster Oil Supply Growth From UAE After its Exit From OPEC Read More »
