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The borrowing plan underscores how badly Persian Gulf countries were impacted by the drop in crude prices last year as the coronavirus pandemic spread and energy demand plunged.
Schlumberger posted better-than-expected earnings Friday and forecast an increase in overseas spending by customers in the next quarter. Earlier in the week, Halliburton said oil markets outside North America may see double-digit growth in the second half of 2021, while Baker Hughes predicted a modest recovery in Latin America, the North Sea and the Middle East.
It's a tale of two cities with the EU's largest oil producer swearing off production by 2050, as OPEC+ stalwarts Saudi Arabia and the UAE grapple over who will lead the group's drive to meet the world's future oil demand.
Market-watchers have been expecting OPEC+ to agree on a three-month delay -- and if the group doesn’t deliver prices will suffer. At stake also is the credibility of the cartel whose actions have underpinned the market since the spectacular oil crash earlier this year.
The 23-nation coalition is debating whether to maintain the output cuts at current levels, deferring the increase scheduled for January. Some members are concerned that global markets remain too fragile to absorb additional barrels -- particularly after Libya’s output soared -- while others are keen to sell more crude.
When OPEC+ meets this week in Vienna, impatient member states, surging Libyan production, and Chinese demand splitting off from the West will create headaches for ministers. Also, Arctic drilling plans in the U.S. and Norway are being motivated less by economics and more by geopolitical maneuvering, and the North American drilling rig count shows strength that exceeds even the most optimistic predictions from earlier in the year.
Kuwait’s Ministry of Electricity and Water awarded Siemens Energy a contract to provide maintenance of 116 high-voltage substations. The five-year service contract represents Siemens Energy’s largest service agreement in the power transmission sector in the Middle East.
Oil accelerated losses as a further increase in Libyan output threatens to return more supply back to the market.
Dubai and Abu Dhabi made what could be the world’s largest natural gas discovery since 2005 as the two biggest sheikhdoms in the United Arab Emirates aim to push the country to energy self sufficiency.
If 2019 was the year when a clutch of Middle East markets burst into the mainstream, then 2020 will test whether the foreign money keeps flooding in.
OPEC may have no appetite to cut oil production deeper when it meets next month, but flaring political crises across the group are once again threatening supply.
Global drilling and engineering contractor KCA Deutag announced that its land drilling operation has won new contracts worth approximately $460m in the Middle East, Africa and Europe.
Injazat, a market leader in digital transformation and Lamprell, a leading provider of fabrication, engineering and contracting services to the offshore and onshore oil & gas and energy sector, have started collaborating to create and market innovative digital solutions focused on the oil and gas and renewables markets.
CGG has established a Regional Geoscience Center in Abu Dhabi to deliver geophysical, geological and reservoir technology and support to clients across the Middle East.
Ron Bitto, Contributing Editor
Leading producers plan to increase output, replace reserves
Qatar has invited Exxon Mobil Corp., Royal Dutch Shell Plc, Total SA, ConocoPhillips and other “big players” to submit bids to help expand its part of the world’s largest natural gas field, Energy Minister Saad Sherida Al-Kaabi said.
Kurt Abraham, World Oil
Another mixed outlook awaits the E&P sector
Saudi Arabia is considering means to end the slump in oil prices, but the options available to them are scarce.
The latest mission by OPEC and its partners to contain an oil glut is entering its most critical phase.
When Saudi Arabia announced plans to sell shares in its crown jewel Aramco, international bankers scrambled to get a piece of the action. Three years on, they’re questioning whether what could be the world’s biggest IPO is worth their time and effort.