As Britons prepare to face record-high energy costs, the E&P sector in the MENA region saw some interesting developments this past week
OPEC
Posted inExploration & Production, News
Kuwait ramps up crude oil production to meet increased demand
Kuwait will continue to support efforts to promote market stability, Oil Minister Dr Mohammad Al-Faris said
Posted inMarkets
Oil market volatility could force OPEC production cuts, Saudi Energy Minister says
The paper oil market has fallen into a “self-perpetuating vicious circle” of extreme volatility, Saudi Energy Minister Prince Abdulaziz bin Salman said
Posted inExploration & Production
OPEC chief calls for more investment in oil and gas
Haitham Al Ghais also said that OPEC is doing its part and must not be blamed for soaring inflation
Posted inNews
OPEC+ pledges to increase September output by 100,000 barrels per day
For July and August, OPEC and its allies had pledged to add more than 600,000 barrels a day to the market
Posted inNews, Exploration & Production
OPEC slashes 2022 oil demand growth forecast by 480,000 bpd
In its closely watched Monthly Oil Market Report (MOMR), the group now sees global oil demand growth this year at 3.67 million bpd
OPEC slashed on Tuesday its oil demand growth estimate for 2022 by nearly 500,000 barrels per day (bpd) on the back of lower expected global economic growth with the Russian war in Ukraine and the return of COVID lockdowns in China. In its closely watched Monthly Oil Market Report (MOMR), the group now sees global […]
Posted inNews
Oil prices hold steady after OPEC says reserves release will increase surplus
OPEC+ is due to meet next week, but so far prices have yet to fall despite Biden’s plan.
Oil prices held steady Thursday after OPEC announced that a planned release of reserves around the world could increase supply in early 2022, Bloomberg earlier reported. Futures contracts traded near $78 per barrel, after the Organization of Petroleum Exporting Countries’ (OPEC) Economic Commission Board made the prediction. On Tuesday, US President Biden announced the release […]
Posted inEnergy Transition
Major energy exporters race to lead in global hydrogen trade
Global hydrogen demand could rise by six-fold to 530 Mt in 2050
The time is ripe for the world’s major energy exporters to accelerate the energy transition, and mastering the hydrogen trade could make a difference, says Wood Mackenzie, a Verisk business (Nasdaq:VRSK). The global energy market was worth an eye-watering US$2 trillion in 2020, contributing to more than 9 billion tonnes of carbon dioxide equivalent […]
Posted inExploration & Production
Oil rises on supply and storage tightness, upside for prices persists
Oil prices returned to gains on Friday as profit taking gave turn to the reality of supply and storage market concerns
Yesterday may have been a day of  profit taking by the most impatient market participants but in tight market conditions that doesn’t last and supply tightness – in conjunction with falling storage levels – helped prices rise again. The upside risk to oil prices is real in the very near-term as there is little incentive […]
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