Reuters NEW DELHI – Oil producer Kuwait Petroleum Corp (KPC) is in talks to shorten its annual supply deals with some customers in India and Japan to nine months this year to meet demand from its new refinery, sources close the matter told Reuters. At a meeting with Indian refiners this month, KPC officials said the state-run company’s next oil
EIA Oil & Gas 360 Publishers Note: To help understand the OPEC + members, take a look at the breakeven crude oil prices. Breakeven is is the fiscal breakeven, the minimum price that a country needs to receive per barrel of crude oil sold for its government to meet its immediate spending needs and balance its budget. This says a
Oil & Gas The countries will stop production for a month as part of measures to reduce oil output Kuwait and Saudi Arabia will halt oil production in the neutral zone in June for one month, Abdullah al-Sumaiti, acting head of Kuwait Oil Gulf told KUNA news agency. The offshore Khafji oilfield had partially resumed production in March following a
Reuters LONDON – OPEC+ has cut its oil exports sharply in the first half of May, companies that track the shipments said, suggesting a strong start in complying with a new production cut agreement. The Organization of the Petroleum Exporting Countries, Russia and other allies, a group known as OPEC+, are cutting supply by a record 9.7 million barrels per
Reuters DUBAI – Saudi Arabia and Russia are firmly committed to achieving oil market stability and expediting a rebalancing of the market, the energy ministers of the two countries said in a joint statement on Wednesday. Saudi energy minister Prince Abdulaziz bin Salman and Russian counterpart Alexander Novak held a phone conversation as part of their consultations on oil market
Oil&Gas The two nations acted prior to the May 1 deadline set by OPEC+ Saudi Aramco has reportedly started reducing production from 12 million barrels per day (bpd) to hit its target of 8.5 mbpd, Bloomberg reported. It made the move prior to the May 1 start date of the OPEC+ agreement, which will limit supply as the coronavirus pandemic
Reuters DUBAI/ABU DHABI – Saudi Arabia’s wealthy Gulf neighbors plan to invest in the initial public offering (IPO) of Saudi Aramco, sources familiar with the matter said, helping out Riyadh as it strives to raise $25.6 billion from a domestic listing of the state oil giant. Aramco has struggled to secure an anchor investor for the listing and found little
From Reuters Oil prices were little changed on Monday as expectations that major producers would continue to reduce global supplies ran into worries about sluggish growth in crude demand due to the U.S.-China trade war. International benchmark Brent crude settled at $58.57 a barrel, up 4 cents. West Texas Intermediate (WTI) futures settled at $54.93, up 43 cents. Investors were
From Reuters OPEC oil output hit an eight-year low in July as a further voluntary cut by top exporter Saudi Arabia deepened losses caused by U.S. sanctions on Iran and outages elsewhere in the group, a Reuters survey found. The 14-member Organization of the Petroleum Exporting Countries pumped 29.42 million barrels per day (bpd) this month, the survey showed, down
By Tyler Losier, Energy Reporter, Oil & Gas 360 First offshore project for Kuwait since early 1980s Kuwait Oil Company (KOC) and Halliburton (stock ticker: HAL) have signed an integrated offshore drilling services contract for six high-pressure, high-temperature exploration wells and two jack-up rigs in the Arabian Gulf. This marks the first time since the early 1980s that KOC is
Royal Dutch Shell plc (ticker: RDS.A) and Kuwait Petroleum Corp. have signed an LNG contract that secures Kuwait’s domestic energy needs for the next 15 years. A private source told Bloomberg that the contract will cover 2-3 million metric tons of LNG a year, all while undercutting Brent benchmark prices by 11%. “The big issue for Kuwait is they burn
WTI under $50 Oil prices slipped Monday morning over concerns of global oversupply despite promises from OPEC leader Saudi Arabia that the group would work to limit production at its next meeting in November. Both U.S. and international crude benchmarks were down more than $0.50 per barrel in trading Monday morning after breaking above $50 in October. The number of
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