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Oil & Gas

Oil & Gas

Official: Iraq will reduce crude oil exports to the United States in May and June

Iraq will export 3.2m barrels of crude oil per day in May and in June, according to an Iraqi official who is familiar with the situation. This would be a substantial reduction compared to previous months. The official, who declined to give his name because the matter was confidential, added that the lower export plan is part Iraq's efforts in order to meet its schedule of compensation reductions pledged to OPEC+. Iraq's oil minister reported a rate of 3.42 million barrels per day in March. This would indicate a lower level of exports. Baghdad is yet to report April exports....

Oil & Gas

Gulf Stock Markets extend gains following US-China Trade Agreement

The Gulf stock markets were up early Monday morning, buoyed both by the rising oil price and progress in U.S. China trade negotiations. This was a positive sign as U.S. president Donald Trump prepared to visit this region. On Monday, the United States and China announced that they had reached an agreement to reduce reciprocal tariffs in order to end their trade war which has caused global economic disruption and shaken financial markets. A fragile ceasefire between India and Pakistan also seemed to ease geopolitical tensions. In the meantime, Ukrainian President Volodymyr Zelenskiy declared his willingness to meet Russian president...

Oil & Gas

Goldman Sachs predicts a 410,000-bpd increase in OPEC+ supply for June

Goldman Sachs said on Friday that it expects OPEC+ will announce a second consecutive supply increase for June on July 1 due to the modest compliance of Kazakhstan, lower than expected OECD inventory levels, and Saudi Arabia’s ability to deal with lower oil prices. The Wall Street bank expects the Organization of the Petroleum Exporting Countries and its allies (OPEC+) to announce a 410,000-barrel-per-day (bpd) increase in supply for June in its meeting on Saturday, from its prior estimate of 140,000 bpd, according to a note. Three sources said on Friday that the OPEC+ summit was moved from Monday to...

Oil & Gas

Saudi Arabia's GDP expanded 2.7% in the first quarter

Saudi Arabia's economy expanded in the first quarter thanks to activity in non-oil sectors as the country continues its diversification away from hydrocarbons. Flash estimates released by the government's statistics authority on Thursday showed that the kingdom's real Gross Domestic Product (GDP), as measured in dollars, increased 2.7% from the previous year. The government agency updated and expanded their data collection, and stated that its nominal and real GDP series had been revised accordingly. When we met with people, they always wanted more information, more statistics and more data. The local demand for more data is what drives this, said...

Oil & Gas

Saudi Arabia announces record non-oil imports of $137 Billion in 2024

Saudi Arabian non-oil imports will reach a record high of 515 billion Riyals ($137.29 Billion) by 2024, according to the official news agency. The kingdom is continuing its efforts to diversify away from its oil-dependent economy. The world's largest oil exporter invests billions of dollars in its Vision 2030 plan. This plan focuses on reducing the country's reliance on crude oil and increasing infrastructure spending to boost industries such as tourism, sports, and manufacturing. Saudi Arabia also works to attract more investment from outside to ensure that its ambitious plans remain on track. State news agency SPA reported that non-oil...

Oil & Gas

Saudi Arabia outperforms Gulf counterparts in early trade, as Trump pauses the tariffs

Saudi Arabia's stock exchange led its Gulf counterparts higher on Thursday morning, following global shares. This was after U.S. president Donald Trump made the unexpected decision to suspend most of his recently implemented tariffs. Trump announced on Wednesday a 90-day suspension of many of his new tariffs. However, he increased the tariff rate on China from 104% to 125%, effective immediately. Saudi Arabia's benchmark stock index rose 4% on its way to the biggest intraday gain since March 2020. The increase was boosted by Al Rajhi Bank's 3.8% and Saudi National Bank's 3.9% increases. Saudi Arabia is currently subject to...

Oil & Gas

OPEC+ panel seen not making any policy changes after unexpected output hike

Two delegates said that the top OPEC+ Ministers meeting on Saturday will not make any new changes to oil output policy. This is after this week's unexpected decision by the group to increase production further sent prices to pandemic levels. At 1200 GMT, a joint ministerial monitor committee (JMMC), or Organization of the Petroleum Exporting Countries plus allies, led by Russia will be held online. The JMMC is a group of oil ministers that includes Saudi Arabia, Russia, and other major producers. It meets about every two months, and it can make policy recommendations. On Saturday, two sources stated that...

Oil & Gas

The Trump tariffs have caused a drop in the price of Bourses in the Gulf

The Gulf stock markets fell on Thursday morning, amid concerns that the U.S.'s reciprocal tariffs could worsen trade tensions globally and tip the world towards recession. On Wednesday, U.S. president Donald Trump announced a 10% tariff as a baseline on all imports and increased duties on dozens countries, including its largest trading partners. Saudi Arabia's benchmark stock index fell by 0.4% after the return to trading following a four-session Eid holiday. Saudi National Bank, the country's largest lender, fell 1.5%. Saudi Aramco, the oil giant in Saudi Arabia was down by 0.8%. Oil prices, which are a major factor in...

Oil & Gas

Owner Stroll: Aston Martin will continue to be in F1 for many decades.

Lawrence Stroll, the team owner of the Silverstone-based outfit, said that the Aston Martin brand would be present in Formula One for many decades to come. Aston Martin has announced that it will raise more than 125 millions pounds ($161.9million) from Stroll, the company's chairman, as well as the sale of the stake in its F1 team, which is controlled and owned by the Canadian. The billionaire stated in a press release that "these moves demonstrate Aston Martin's position on the Formula One Grid is as secure and ever." Aston Martin and its British racing-green colours will continue to compete...

Oil Refineries

Russell: China and India's reaction to Trump's Russia oil-tariff threat is crucial.

The threat by U.S. president Donald Trump to impose secondary duties of 25 to 50 percent on buyers of Russian crude is so outrageous and bold that it may achieve his stated goal of a ceasefire between Ukraine and Russia. What is important now is how the other key players react to the latest move of this mercurial, inconsistent U.S. president. Do Russian President Vladimir Putin and Indian Prime Minister NarendraModi, as well as Chinese President Xi Jinping, believe that Trump is going to follow through on his promises? If so, what will this mean for the energy situation of...

Oil & Gas

Investors in the Gulf are gaining as they wait for US tariff clarity

Investors are waiting for clarity about U.S. president Donald Trump's policy on trade ahead of the looming tariffs. Trump's recent comments have given traders hope that trade policies can be flexible. He hinted on Monday that not all tariffs will kick in until April 2, and that certain countries may receive exemptions. However, he did not provide any details. Trump escalated his trade conflict by introducing secondary tariffs of 25% on countries who buy oil or natural gas from Venezuela. The move caused oil prices to rise initially, but its impact was mitigated later by the relief brought about by...

Oil & Gas

Chinese Premier warns of "rising instabilities" at key business conference

At a Beijing business forum on Sunday, Chinese Premier Li Qiang called for countries to expand their markets in order to combat the "rising uncertainty and instability" as China prepares to face further U.S. trade tariffs. State media reported that Li said, "In an increasingly fragmented and uncertain world, with rising instabilities and uncertainties, it's more important for countries to open their markets and enterprise... to resist challenges and risks." He was speaking to dozens of visiting U.S. Republican senator Steve Daines and dozens other foreign CEOs at the China Development Forum. Sources previously said that foreign CEOs, including Tim...

Fossil Fuels

Fossil Fuels

Trump praises Saudi Crown Prince, signals renewed alliance

Four years ago, Saudi crown prince Mohammed bin Salman was unable to meet with the then-President Joe Biden. Biden said that he wanted the Gulf nation to be a pariah because its leader had allegedly ordered the killing of a Washington journalist. Donald Trump praised Saudi Arabia's de-facto ruler in a gushing manner on Tuesday. He called him "an incredible guy" and "a great guy", and did not mention the human rights situation within the country. "I like him very much." "I like him too much," Trump exclaimed as the cameras flashed, and the crowd applauded. The summit was held...

Fossil Fuels

Sources say that the Saudi oil export to China is expected to remain at a record high of one year in June.

Trade sources reported on Tuesday that Saudi Arabia's crude supply to China would remain the same in June, after reaching its highest level in over a year the month before. This follows OPEC+'s decision to increase production. Saudi Aramco, the state oil company, will ship 48 million barrels of crude oil to China in June. This is the same amount as May and the highest since at least 2024. Aramco has not responded to the request for comment regarding its June allocations. Sources say that Sinochem, a Chinese state-owned refiner, and private refiners such as Rongsheng Petrochemical, Hengli Petrochemical, and...

Fossil Fuels

Aramco's first-quarter profits drop by nearly 5%

Aramco, the Saudi oil giant, reported on Sunday a drop of 4.6% in its first-quarter profits due to lower sales. The top oil exporter in the world reported a net profit of 97.54 riyals (about $26,01 billion) for the three-month period ended March 31. This was higher than the median estimate of 16 analysts, which was $25.36 billion. Aramco has confirmed the previously announced $21.36 billion total dividends for first quarter. Of this, $219 millions were performance-linked dividends. This mechanism was introduced in 2022 after Russia invaded Ukraine and oil prices soared. Aramco said in March that it would declare...

Crude Oil

Refined Products

Refined Products

Russell: China's rebound in crude oil imports has more of a bearish tone than a bullish one.

China's crude oil imports have been positive for the first few months of this year. However, rather than being a sign that fuel demand is improving, the improvement has more to do with rising inventories. Customs data released Friday show that the world's largest crude importer, Saudi Arabia, recorded an average of 11,69 million barrels a day in April. This is down from the 12.1 million bpd it had in March, but up 7.5% from the 10,88 million bpd for the same period last year. The imports in March were the highest since August 2023, and April's relatively strong performance...

Refined Products

OPEC's April oil production is lower despite plans to increase, survey finds

A survey shows that OPEC's oil production fell in April despite a planned increase in output. This was due to a reduction in Venezuelan supplies in response to renewed U.S. efforts to reduce the flow of oil and smaller drops in Iraq, Libya, and Libya. According to a survey released on Thursday, the Organization of the Petroleum Exporting Countries (OPEC) produced 26.60 millions barrels of oil per day in March, a decrease of 30,000 barrels per days from the total for the month of March. This was due to a reduction by some producers, which was offset by an increase...

Refined Products

Saudi Arabia is able to live with lower oil price, according to sources

Five sources familiar with the discussions said that Saudi Arabian officials were briefing industry experts and allies to explain the kingdom's unwillingness to support the oil market through further cuts in supply and its ability to handle a long period of low oil prices. Saudi Arabia's possible policy shift could indicate a move to produce more and expand its market share. This would be a major change, after spending five years balancing the oil market by producing a large amount of oil as a member of the OPEC+. These cuts helped to support prices and, as a result, the revenue...

Refined Products

OPEC+ will consider a second increase in oil production for June

Three sources with knowledge of the situation have confirmed that several OPEC+ member countries will propose a second consecutive month of accelerating oil production increases in June. The oil price fell to a 4-year low in April. This was attributed to a U.S. - China trade war, and an unexpected decision made by OPEC+ (which brings together OPEC, Russia and other major oil producers) to increase production by 411,000 barrels of crude per day in May. This was three times the amount originally planned by the group. On May 5, eight OPEC+ member countries will gather to discuss the output...

Refined Products

Sources say that OPEC+ Ministers are seen to be sticking to their plans for further increases in oil production.

Two OPEC+ sources told reporters on Thursday that a meeting of eight top ministers in OPEC+ is likely to keep the oil production policy unchanged. This calls for gradual increases in oil output from April. One source said that the talks started shortly after 0900 GMT. One source stated that the ministers will likely emphasize the importance of adhering to the oil production targets. Record Kazakhstan output Sources have said that the move has angered other members, including Saudi Arabia, which is the top producer in the group. OPEC+ has urged the Central Asian nation, as well as other members...

Refined Products

Sources say that Kazakh overproduction influenced OPEC+ to approve a production increase.

Sources said that as OPEC+ debated if they should keep oil production steady because of weak global demand, or increase it in response to pressure from the U.S. president Donald Trump and internal pressure, a record output from Kazakhstan helped sway their decision. OPEC, along with its allies, including Russia, a collective known as OPEC+ decided to increase production for the first since 2022. It stated that its decision was based on a healthy market and positive market prospects, without mentioning Kazakhstan. The group plans to increase production by 138,000 barrels a day starting in April. This is the first...

Refined Products

Sources say sanctions and tariffs are making OPEC+ hesitant about an April oil price hike.

Eight OPEC+ sources have said that OPEC+ members are debating whether or not to increase oil production in April, as planned, or to freeze it, as they struggle to understand the global supply situation due to new U.S. sanctions against Venezuela, Iran, and Russia. OPEC+ confirms its policy of supply a month in advance, so that buyers have enough time to order crude. The group has until the end of March to decide on its April production, but some sources claim that no consensus has yet been reached. Several sources have said that the United Arab Emirates would also like...

Refined Products

OPEC's oil production falls in Nigeria and Iran for the second consecutive month, according to a survey

A survey shows that OPEC's oil production fell for a second consecutive month in January. This was due to a decline in exports, primarily from Nigeria and Iran, which offset a recovery in the United Arab Emirates, where maintenance on fields had reduced output in December. According to a survey released on Wednesday, the Organization of the Petroleum Exporting Countries (OPEC) pumped 26,53 million barrels of oil per day in December, a decrease of 50,000 bpd compared with the revised December total. Nigeria and Iran saw the biggest drops. The modest drop in production came at a time when the...

Refined Products

OPEC's share in India's yearly oil imports rises after 8-yr drop

OPEC's share in India's. petroleum imports edged up in 2024, increasing for the very first time in. nine years, after top supplier Russia's share dipped, information. gotten from trade sources showed. Russia's share in the world's third-biggest oil importer and. consumer is expected to drop further in 2025 after Washington. last Friday announced sweeping sanctions targeting Russian. manufacturers and tankers, interrupting supply from the world's No. 2. manufacturer to India and China and tightening up ship schedule. India imported 4.84 million barrels daily of oil in 2024,. up 4.3% from the previous year, the information showed. The share of Organization...

Refined Products

OPEC oil output rises in November as Libya recuperates, study finds

OPEC oil output increased for a. 2nd month in November as Libya's production recovered after. resolution of a political crisis, a Reuters survey discovered, however. members making cuts vowed to the broader OPEC+ alliance kept. output broadly constant. The Company of the Petroleum Exporting Countries pumped. 26.51 million barrels per day (bpd) last month, up 180,000 bpd. from October, the study revealed on Tuesday, with Libya once again. posting the biggest boost. Libyan output recovered after resolution of a dispute over. control of the central bank, allowing complete production to resume. at oilfields and applying down pressure on rates. The....

Oil Refineries

China's Nov petroleum imports to rebound as low prices enhance buying

China's crude oil imports are set to rebound in November after sharp price cuts increased demand for Iraqi and Saudi oil, offsetting a drop in Iranian supply, according to experts, traders and shiptracking data. A downturn of 17% in global oil rates in the 3rd quarter likewise stimulated Chinese stockpiling demand while refiners prepare for greater seasonal fuel usage ahead of the Lunar New Year vacation looking in late January, analysts say. The November rebound in volumes for the world's leading crude oil importer comes after 6 successive months of yearly declines as Chinese refiners dealt with weak margins and...

Refined Products

Saudi Arabia's petroleum exports in September hit three-month peak

Saudi Arabia's crude oil exports in September rose to their highest level in 3 months, information from the Joint Organizations Data Effort (JODI) revealed on Monday. The country's exports in September increased by 0.080 million barrels daily (bpd) to 5.751 million bpd from 5.671 million bpd in August. Saudi Arabia is the world's largest exporter of crude. At the same time, Saudi's production fell to 8.975 million bpd from 8.992 million bpd in August. Saudi refineries' unrefined throughput rose by 0.035 million bpd to 2.756 million bpd, the information showed, while direct crude burning decreased by 296,000 bpd to 518,000...