Value of Iran’s petchem output to increase by $5bn
Iran would commence several petrochemical projects with $5.4 billion worth by March 21 and the annual value of the country’s petrochemical products would increase by…
oil
Saudi Arabia started to work on buying oil tankers
Saudi Arabia’s national shipping company and the Arab Petroleum Investments Corp. (APICORP) have launched a joint fund to purchase large oil tankers for the kingdom,…
Oil prices rose after news of an apparent military coup in Turkey
Oil prices rose after news of an apparent military coup in Turkey. Internationally traded Brent crude was up about 1.05 percent. U.S. West Texas Intermediate…
Oil Market: What’s Saudi Arabia Up To?
Saudi Arabia wants higher oil prices. Really. At least, that’s what its oil minister has been saying in recent interviews in the US and Europe. But…
Saudi Arabia Is At Risk Of Losing Another Key Advantage
After losing its key advantage as a price maker in the oil market, Saudi Arabia is at risk of losing another key advantage: its role…
Report: The U.S. Has More Oil Than Saudi Arabia or Russia
Global oil prices recently edged upward but still hover around $45 a barrel. Some observers blame the two-year slump on a conspiracy by Saudi Arabia,…
US oil reserves surpass those of Saudi Arabia and Russia
The US holds more oil reserves than Saudi Arabia and Russia, the first time it has surpassed those held by the world’s biggest exporting nations,…
Oil price rally is over for 2016, says Vitol boss
The six-month rally in global oil markets could grind to a halt at a price of $50 a barrel as a string of recent production…
US oil reserves surpass those of Saudi Arabia and Russia
Rystad Energy estimates recoverable oil in the US from existing fields, discoveries and yet undiscovered areas amounts to 264bn barrels. The figure surpasses Saudi Arabia’s…
Qatar Introduces Hefty Fine for Oil Product Smuggling
The emir of Qatar, Sheikh Tamim bin Hamad Al Thani, has issued a new law envisaging fines of up to 1 million rials (US$275,000) and…