Saudi Arabia to Oil Executives: Reduce your costs or leave the business

“It sounds harsh, and unfortunately it is, but it is the most efficient way to rebalance markets,” Saudi Arabia oil minister and the world’s most powerful oilman Ali al-Naimi told the...

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Wood Mackenzie: Industry needs to start adapting for the longer term

Most companies are currently focused on surviving at US$30/bbl by cutting costs and activity, but the industry also needs to start adapting for the longer term, according to a report by Wood...

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Total CEO: TOTAL will not cut jobs and will need workers when the price goes up

Patrick Pouyanne the CEO of French oil and gas giant TOTAL said recently in a radio interview that the company would not cut jobs as other oil and gas companies have done, despite an expected drop in...

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Iran’s first Vice President, Es’haq Jahangiri: Iran’s crude exports will reach 1.5 MMbpd by March 2016

Iran’s crude oil exports will reach 1.5 MMbpd next month as Tehran moves to benefit from sanctions relief. “Today, our oil exports have reached 1.3 MMbpd, which will reach 1.5 MMbpd by...

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Christine Lagarde Managing Director of IMF

Christine Lagarde Managing Director of IMF: IMF calls Arabian Gulf countries to impose taxes to cover oil prices deterioration

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Russian Energy Minister Alexander Novak

Russian Energy Minister Alexander Novak: “We are ready to maintain the level of oil production of January 2016 and not exceed it, so as to stop deterioration in oil prices”

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Oil and Gas Situation in Kuwait

Oil and Gas Situation in Kuwait Mohamad Hassan Salem Chairman/ Middle East Center for Energy Information General: It is located in the northwestern corner of the Arabian Gulf, which borders it from...

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Russia sees possibility for economic contraction

With energy playing a dominate role in national finances, Russia’s deputy prime minister said Friday an economic contraction is possible for this year. “Speaking about most short-term...

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