Organizations
Saudi Arabia, Russia push to extend oil output cuts until March 2018

Saudi Arabia and Russia, the world’s two top oil producers, agreed on the need to extend oil output cuts for a further nine months until March 2018 to rein in a global crude glut, pushing up...

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IEA says global oil market now close to balance

The global oil market is close to balance, after nearly three years of excess supply, as production cuts by top exporters offset a longer-term decline in demand in the richest nations, the...

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Iraq reduces Kirkuk oil exports to comply with OPEC’s agreement and meet local needs

According to Reuters, Iraq cut Kirkuk oil exports to fulfill commitment agreed with OPEC and provide the fuel needed to meet local needs in light of its war against al-Islamic state. The Kurdistan...

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Kuwait’s KPC committed to OPEC oil output cut

State-owned Kuwait Petroleum Corp (KPC) said this week it was committed to an oil output cut agreed by the Organization of Petroleum Exporting Countries at a meeting in Vienna in November,...

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ENI Tells El Sisi “Zohr Gas Field” Flows By end 2017

During a recent meeting between ENI CEO Claudio Descalzi and Egyptian President Abdel el Sisi, the ENI CEO disclosed that his firm would have the massive Zohr natural gas field online by the end of...

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OPEC Crude Oil Plunges below $30 for First Time Since 2004

The price of crude sold by OPEC members slid below $30 a barrel, the lowest level in almost 12 years, as turmoil in Chinese markets deepened the global commodities rout. according to data compiled by...

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Oil Shrugs as Glut Blunts Shock from Deeper Saudi-Iran Clash

At almost any other time, an escalating diplomatic conflict between OPEC members Iran and Saudi Arabia would mean a spike in oil prices. That the rally this time couldn’t be sustained shows just...

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Oil price may gradually rise to reach $80 in 2020

Now most of OPEC member countries became unable to balance their budgets at current prices. Hence, OPEC is assuming the oil price will rise gradually to $80/b in 2020 as supply growth outside the...

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OPEC maintains production during 1st half 2016

The Organization of Petroleum Exporting Countries decided to maintain its output at 31.5 million barrels per day, group president and Nigerian oil minister Emmanuel Ibe Kachikwu said after the...

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ASRY Board Approves 2016 Budget

ASRY Board Approves 2016 Budget   Chairman of the Board of ASRY reveals stable performance for year so far  ASRY, the leading ship and rig repair yard in the Arabian Gulf The Board of Directors of...

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