- QatarEnergy selects Nakilat to own and operate 25 conventional LNG vessels
- The joint development of the Dorra field between Saudi Arabia and Kuwait is pending the demarcation of the border with Iran
- Minister of Energy reaffirms the UAE’s commitment to adopting clean energy and supporting the Paris Agreement
- The new Hassi Messaoud refinery enjoys the support of the government and President Tebboune
- Increasing electrical interconnection capacities to export electricity beyond borders
- Qatar Energy stops sending liquefied gas tankers through the Red Sea for security reasons
- The inauguration of the Duqm Refinery, the largest joint Gulf project in the refinery sector
- Saudi oil exports are faltering due to Houthi attacks on ships in the Red Sea and Gulf of Aden
- Algeria to host and chair the Gas Exporting Countries Forum summit (February 29 to March 2, 2024)
- Egypt Energy Conference and Exhibition 2024 gives a strong impetus to the global energy dialogue
Oil price downwards.. Is it a plan to lay off some producers?
Chee Yew Cheang from Rigzone Staff concluded that low oil prices showed little signs of a turnaround. He shared views with some industry players at a recent Singapore forum (14th Annual Marine Money Singapore Ship Finance Forum) on how to operate in a $50 a barrel oil market.
Generally, the Forum discussions showed uncertainty about when global oil prices would recover.
Global oil prices have lost half of its value from a year ago due mainly to a supply glut, a situation developed by the decision of the Organization of Petroleum Exporting Countries (OPEC) in November 2014 not to reduce production so as to protect their market share. The prolonged supply glut pressed downward global oil prices towards $40/ barrel which is the lowest since March 2009.
Weak oil demand caused by low global economic growth and the surge in U.S. shale production of course caused the supply glut, but the industry downtrend developed mainly by OPEC adherence to defend the cartel’s oil production level.
This is a strategy to drive the price of oil down, to drive out the competitors that have more expensive recovery, like the Russians, North Sea and U.S. shale production “Kenny Rogers, head of Chemical Transport Logistics at Aurora Tankers/IMC Industrial Group” said.
