Canada-based Questerre Energy has entered into a memorandum of understanding with the Ministry of Energy and Mineral Resources of the Hashemite Kingdom of Jordan for the appraisal and development of oil shale acreage in Jordan.
Saudi Arabia expanded its share of China’s oil market last month, outpacing rival producers as they compete to meet record demand from the world’s biggest energy consumer.
Exxon Mobil Corp. is ramping up lobbying efforts with the U.S. government over Iranian sanctions that have locked out American oil companies from the Middle Eastern nation for more than three decades.
Exxon Mobil, the world’s largest publicly traded crude producer by market value, hired the lobbying firm founded by former Senator Don Nickles—an Oklahoma Republican—to work on Iranian sanctions, according to federal disclosure documents. This is the first time since 2010 that the Irving, Texas-based oil company enlisted outside lobbyists to discuss Iran.
Speculators are losing faith in the oil rally, judging that OPEC will keep increasing supply from the highest level since 2012. Their net-long position in West Texas Intermediate crude dropped 2.1%, as long wagers fell the most in two months and short bets declined to the lowest since August.
Demand for OPEC’s crude will rise as the drop in oil prices below $100/bbl continues to hinder shale production, Qatar Petroleum International’s Chief Executive Officer Nasser Khalil Al-Jaidah said.
GS Energy has secured a 3 percent stake in Abu Dhabi’s largest onshore oil-field concession, joining France’s Total and Japan’s Inpex in a $22 billion venture.
OPEC is more united now about keeping its oil-production target unchanged than it was at its last meeting in November because crude prices have risen this year, according to Kuwaiti Oil Minister Ali Al-Omair.
Saudi Arabia boosted crude oil production for a second month to the highest level in at least three decades, helping to raise OPEC output as U.S. supply growth showed signs of slowing.
Saudi Aramco, the world’s largest crude exporter, boosted 2014 production of hydrocarbons close to an all-time high while adding reserves amid a supply glut that led to a drop in oil prices by almost half last year.
Saudi Arabian Oil Co., the world’s largest oil exporter, is planning to spend between $70 billion and $80 billion on overseas acquisitions and investments during the next five years, three people with knowledge of the matter said.
Climbing up the down cycle
As the oil industry tightens its belt after the worst price slump in a generation, the state-owned giants of the Middle East are taking the opposite tack.
Iran, OPEC’s fifth-biggest producer, sees $70-$75/bbl as a suitable price for crude, Oil Minister Bijan Namdar Zanganeh said, as markets show signs of a partial recovery from last year’s collapse.
DNO ASA has doubled the capacity at its flagship Tawke field in the Kurdistan region of Iraq to 200,000 bopd.
Oil rose above $60/bbl in New York for the first time since December, extending the biggest monthly advance since May 2009 on signs the U.S. supply glut is easing.
Oil supply and demand don’t fully justify the 60% drop in prices between June and January as speculation also played a role, according to OPEC.
The International Monetary Fund warned Middle Eastern oil exporters that their economies will pay a price if they don’t take rapid steps to scale back public spending amid the global oil-price slump.
Amin H. Nasser has been named as the acting president and CEO of Saudi Aramco, following the appointment of Khalid A. Al-Falih, Nasser's predecessor, as Saudi Arabia's minister of health.