Saudi Arabia 'committed to ensuring the availability of oil supplies': Prince Abdulaziz
June 21, 2018

Saudi Arabia is 'committed to ensuring the availability of [oil] supplies,' Prince Abdulaziz said Wednesday, as OPEC debates whether to lift caps on its 1.8 million b/d output cut agreement with 10 non-OPEC partners.

OPEC is discussing a 'wide range of options, including bringing additional supplies to the market,' the prince, who also serves as Saudi Arabia's minister of state for energy affairs, said in prepared remarks at the OPEC"...

Iran to veto Saudi-proposed supply boost along with Venezuela and Iraq
June 20, 2018

Neftegaz.RU. Iran’s representative to OPEC, Hossein Kazempour Ardebili, said Iran along with Venezuela and Iraq is going to veto Saudi Arabia’s proposal to increase oil production in cartel’s June 22 meeting in Vienna.

Speaking to Bloomberg on Sunday, Kazempour said «If the Kingdom of"...

U.S. Overtakes Saudi Arabia In Recoverable Oil Reserves
June 20, 2018

The United States has again outstripped Saudi Arabia as the holder of the world’s biggest recoverable oil resources with current technology, largely due to the doubling of fracking operations in the Permian, according to data by research consultancy Rystad Energy.

The U.S. added"...

New Investment Models Are Needed To Boost MENA Oil & Gas Competitiveness, Crescent CEO Tells OPEC Seminar
June 20, 2018

New investment models will encourage optimal development in the oil and gas sector, Majid Jafar, CEO of Crescent Petroleum told OPEC ministers and industry leaders at the OPEC Seminar in Vienna today. The private sector in MENA can be an important partner in oil and gas development, helping boost competitiveness in the industry, he added.

“We need new investment models that will create"...

Lamprell Pursuing New Opportunities To Gain Foothold In Saudi Arabia
June 19, 2018

Oil rig constructor Lamprell PLC said Monday it is pursuing other opportunities to strengthen its core investment in Saudi Arabia.

In Saudi Arabia, Lamprell's primary focus has been the investment into the joint venture between Saudi Arabian Oil Company, most commonly known as Saudi Aramco, Bahri and Hyundai Heavy Industries Co Ltd to develop a maritime yard in the Arabian Gulf, the"...

Is Saudi Spare Oil Production Capacity Real Or Truthful Hyperbole?
June 19, 2018

The near-certainty that Venezuelan production will collapse, along with ongoing problems in Libya and possible Iranian difficulties selling oil after the U.S. denounced the nuclear agreement, have raised worries about the ability of Saudi Arabia to offset sudden production losses. “No one has really assessed the Saudi spare capacity capabilities though,"...

Iran Says Three OPEC Members to Veto Saudi-Proposed Supply Boost
June 18, 2018

Iran says Venezuela and Iraq will join it in blocking a proposal to increase oil production that’s backed by Saudi Arabia and Russia when OPEC and its allies meet in Vienna this week.

“Three OPEC founders are going to stop it,” Iran’s representative to the bloc Hossein Kazempour Ardebili said in comments to Bloomberg on Sunday. “If the Kingdom of Saudi Arabia"...

Saudi crown prince, Putin boost energy cooperation in Moscow meeting
June 18, 2018

On June 14, the meeting of Saudi Crown Prince Mohammed bin Salman and Russian President Vladimir Putin as well as the talks between their energy ministers, Khalid al-Falih and Alexander Novak, brought important results. On the one hand, Moscow and Riyadh seemed to finalize their joint position regarding the future of the Vienna agreement, in which OPEC countries agreed to reduce their production of oil. On the other"...

Saudi Arabia, Russia will seek OPEC production increase of 1.5 million bpd
June 17, 2018

Saudi Arabia and Russia will ask OPEC to increase crude oil production by 1.5 million barrels a day in the third quarter of 2018, Russian Energy Minister Alexander Novak said on Saturday.

OPEC is slated to meet next week in Vienna, with Saudi Arabia and Russia already indicating they are prepared to increase output. 'Everyone is talking about raising production - the only question is"...

Moscow, Riyadh Agree to Jointly Support Extension of OPEC/Non-OPEC Deal
June 17, 2018

Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman Al Saud have agreed to jointly support an extension of the OPEC/non-OPEC oil output-cut deal, Russian Energy Minister Alexander Novak said on Saturday.

'I would like to remind that two days ago during the meeting between Saudi Crown Prince Mohammed bin Salman and President Putin a historic decision was made"...