The leaders will meet while global markets continue a tumultuous 2022 amid Russia’s ongoing war in Ukraine
oil market
Abu Dhabi National Oil Company
UAE residents feel ripple effect of Russia-Ukraine conflict as fuel prices rise
The price of fuel, including petrol and diesel, in the UAE have climbed above AED 3 per litre including the 5% VAT, rising by 30 fils on average across the Special 95, Super 98, E-plus 91, and diesel options
Aramco
Saudi Aramco shares hit record as oil demand continues to rebound
Aramco CEO hails rebounds as crude prices have surged around 20% this year
crude production
Saudi Energy Minister Prince Abdulaziz calls for unity in OPEC+ to support oil market stability
OPEC and its allies have so far been sticking to their plan to gradually roll back output cuts, adding 400,000 barrels a day each month until September 2022
energy crisis
Energy crunch turns heat up on inflation and global policymakers
If the current energy crunch situation continues, pressure to raise production will grow increasingly loud
economic outlook
Fed won’t be tempted to rein in stimulus yet, but worries persist
The headline non-farm payrolls number came in above expectations, printing a very solid 850,000 new jobs versus analyst expectations of 725,000
Amin Nasser
Saudi Aramco’s $75 billion dividend survives oil rout, earnings slump
Net income for 2020 was 49 billion, slightly above analysts’ expectations
commodity
Goldman predicts plunge in Gulf borrowing needs
The Gulf Cooperation Council’s borrowing requirements could drop to $10 billion over the next three years if oil prices continue to stay elevated
Brent Crude
Video: Resurgence of virus outbreak in China darkens oil demand outlook
Oil futures are now sliding, reversing strong gains in New York and trading below $38 a barrel. Fresh signs of a second wave of the coronavirus are causing some to doubt the oil market’s recovery.
Coronavirus Pandemic
Video: Why oil prices can turn negative
On April 20th, the effects of the pandemic and a price war between Saudi Arabia and Russia forced oil prices to sink below zero and into the negative territory for the first time in history.
Brent Crude
Video: How the US oil price fell below zero
Worries about the level of demand and lack of available storage capacity pushed the price of benchmark US crude oil prices below zero.
coronavirus
Video: Global oil market in crisis amid virus lockdowns
Crude oil prices have fallen sharply as virus lockdowns cut demand.
crude oil
Video: The link between crude oil and natural gas
If crude oil prices remain depressed for a long time, natural gas prices will continue to rise.
Brent Crude
Video: Why Saudi Arabia launched an oil price war
Oil prices had one of their biggest ever falls after the effective collapse of an agreement between Saudi Arabia-led OPEC and Russia. The agreement was designed to support the market against the impact of coronavirus.
Bandar al-Khorayef
Saudis sharpen oil policy focus with energy ministry reshuffle
The ministry reshuffle won’t change Saudi oil policy as the kingdom remains focused on curtailing production to balance crude markets and prop up prices
global oil market
Saudis to suppress oil supply in September to stabilise market
Saudi Aramco will make a cut of 700,000 barrels a day in its allocations to customers in all regions next month, according to officials
geopolitics
Oil price surges on news of tanker attacks, GCC stock down
Two attacks on tankers in the Strait of Hormuz dented investor confidence, while oil benefitted