MENA ///
OPEC and its allies look set to stick with their current strategy when they meet next week, renewing a deal to restrain oil supplies to prop up prices.
SDX Energy plc, the North Africa focused oil and gas company, has announced that an oil discovery has been made at its Rabul-7 development well in the West Gharib Concession in Egypt.
The United Arab Emirates appeared to distance itself from U.S. claims that pinned attacks on oil tankers near the Strait of Hormuz on Iran.
Russian President Vladimir Putin plans to meet Saudi Crown Prince Mohammed Bin Salman at the Group of 20 summit in Japan this week, just days before OPEC and its allies gather in Austria to discuss extending oil-output cuts.
Energean Oil and Gas plc has announced that it has signed a Detailed Agreement with Israel Natural Gas Lines (INGL) for the transfer of title (the hand over) of the near shore and onshore part of the infrastructure that will deliver gas from the Karish and Tanin FPSO into the Israeli national gas transmission grid.
Aramco has the experience and infrastructure it needs to keep crude flowing if supply through Hormuz is disrupted.
McDermott International, Inc. has announced a large contract award from Saudi Aramco for engineering, procurement, construction and installation (EPCI) services in the Marjan and Zuluf fields, offshore Saudi Arabia.
ADES International Holding Plc, a leading oil & gas drilling and production services provider in the Middle East and North Africa (MENA) through its subsidiaries, has announced that it has been awarded a new two-year contract for its ADMARINE IV offshore jackup rig in Egypt.
President Donald Trump is threatening Iran with additional sanctions on Monday, but there’s not much left for the U.S. to target because most of the Islamic Republic’s economy has been crippled by earlier penalties.
A potential conflict between the U.S. and Iran could be far more disruptive for liquefied natural gas markets than to the world’s crude shipments.
Oil tanker owners are raising the prices they charge to export Middle East crude as tensions surge in a region.
Oil jumped the most this year after Iran shot down a U.S. drone and Donald Trump warned the Persian Gulf nation it made “a very big mistake,” stoking tensions in the epicenter of global crude production.
There’s “no doubt” Iran was responsible for attacks on two oil tankers leaving the Persian Gulf last week, and the U.S. will guarantee safe commercial navigation going forward with its partners, Secretary of State Michael Pompeo said.
The U.S. political and military standoff with Iran hardened as conflicting narratives about a pair of attacks on tankers near the Persian Gulf stoked regional tensions.
The Trump administration blamed Iran for attacks on two oil tankers near the entrance to the Persian Gulf, escalating tensions between the two rivals despite denials from officials in Tehran that they were behind the incidents.
Two oil tankers were damaged on Thursday in a suspected attack near the entrance to the Persian Gulf, stoking fears of a military confrontation between the U.S. and Iran.
Uncertainty over oil supply and demand fundamentals is making it tougher for Russia and Saudi Arabia to reconcile their differences for an extension of the output cut in the second half.
Saudi Arabia’s top oil official said he was sure that OPEC+ will extend production cuts into the second half of the year after holding talks with Russia.
President of LUKOIL Vagit Alekperov has met with Thamir Abbas Ghadhban Al Ghadhban, Deputy Prime Minister and Minister of Oil of the Republic of Iraq, at the St. Petersburg International Economic Forum.
One year ago, Saudi Arabia and Russia reached an agreement that set a new direction for the oil market.