MENA ///

Saudi, Russian energy ministers cancel planned Davos meeting

Saudi Arabia and Russia will no longer hold oil talks in Davos this week, scrapping the first face-to-face meeting since both nations agreed in December to cut output.

Saipem has been awarded two new offshore contracts from Saudi Aramco for $1.3 billion

Saipem has been awarded two EPIC contracts (Engineering, Procurement, Installation, Construction) assigned by the client Saudi Aramco for a total amount of approximately $1.3 billion as part of the Long Term Agreement for offshore activities in Saudi Arabia, renewed in 2015 and in force until 2021.

Russia aims to speed up oil output cuts as Saudis criticize pace

Russia is aiming to accelerate the pace of oil production cuts after its reductions drew criticism from Saudi Arabia.

Oil gains as Russia, Saudis signal commitment to production cuts

Oil closed higher for the second straight day as Russia and Saudi Arabia signaled they’re on track with production cuts designed to avoid a global supply glut.

Permian boom holds good news and bad news for OPEC

The year has barely begun but it’s already shaping up nicely for OPEC, with crude rebounding sharply after the worst fourth-quarter performance since 2014.

U.S. envoy insists no more waivers for buyers of Iran's oil

The U.S. plans to grant no new waivers to buyers of Iranian oil as it intensifies efforts to eliminate the Middle Eastern producer’s exports of crude, a senior official said.

OPEC+ plans review in Baku in March, Ministers' meeting in April

OPEC and its allies plan to hold a meeting in March to assess their oil-production accord in Azerbaijan, and then ministers will gather to set policy in April, according to the organization’s top official.

New exploration captures support Eni’s aggressive Middle East growth strategy

Following recent announcements of Eni S.p.A.’s acquisition of new exploration acreage in Bahrain, the UAE and Oman, Will Scargill, senior oil & gas analyst at GlobalData offers his view on their place within the company’s wider strategy.

BP, Eni to pursue major new exploration opportunity in Oman

BP and Eni have signed a heads of agreement (HoA) with the Ministry of Oil and Gas of the Sultanate of Oman to work jointly towards a significant new exploration opportunity in Oman.

Saudi and Canadian cuts are leaving world hungry for heavy crude

Output cuts in oil-rich Alberta and Saudi Arabia are combining to leave heavy-crude refiners from the Gulf of Mexico to Asia in a bind.

Eni, Thailand's PTTEP win Abu Dhabi oil exploration rights

Eni SpA and Thailand’s PTT Exploration and Production Pcl secured rights to explore for oil and natural gas in Abu Dhabi, committing to invest at least $230 million to assess the offshore blocks.

Two big producers just called a bottom for oil: $60/bbl

Italy’s top oil producer and Oman’s energy minister predict the latest oil rebound will stick.

What all that oil really means for the Saudis

In case you didn’t know it, Saudi Arabia is sitting on top of a lot of oil. The first independent assessment of reserves in about 40 years has just proved it.

Saudis say OPEC+ oil cuts provided `lifeline' to U.S. shale

Saudi Arabia’s energy minister has no quarrels with U.S. shale and even sees output cuts by OPEC and its allies as directly aiding American drillers.

APICORP forecasts $60-70/bbl by mid-2019

Oil prices are likely to trade between $60/bbl to $70/bbl range by mid-2019, barring sharp economic slowdown.

Lukoil has confirmed Eridu field geological model

Lukoil has successfully completed testing of the fourth well as part of Eridu field (Block 10) appraisal phase in the south of Iraq.

Tendeka secures AICDs contract to boost oil recovery in Middle East

Independent global completions service company Tendeka has secured a further multi-million-pound contract with a major national oil company in the Middle East.

Oil bounces back to bull market fueled by OPEC cuts, trade talks

Oil stormed back into bull market territory, as investors who’d abandoned crude just a month ago were lured back by an OPEC-led campaign to bring runaway supplies in check.

Companies in the news

Michele Cowart, World Oil

ABB has been awarded an integrated automation, electrification and telecommunication project, valued at $79 million, for the upgrade of Bab onshore field in Abu Dhabi, by CPECC.

Saudis raise oil-reserves estimate ahead of Aramco's planned IPO

Saudi Arabia published the first audit of its vast oil reserves since it nationalized its energy industry about 40 years ago, saying its reserves total 268.5 billion, slightly more than the 266.3 billion figure that the government published previously.