Revenues could drop by as much as $5 a barrel starting in the second half as refiners and shippers prepare for the change
oil market
crude output
Saudi needs oil at $80-$85 a barrel to balance budget, says IMF
The UAE’s energy minister said supply and demand should balance out in the first quarter of 2019
Oil
UAE expects oil market to balance in first quarter
OPEC cartel countries and other major oil producers in January began implementing a deal to cut output by 1.2 million barrels per day to shore up sagging prices
Global oil demand
Saudi oil output said to surge to record high in November
Saudi oil production rises to near 11 million barrels a day this month after the kingdom received stronger-than-usual demand
Global oil demand
OPEC mulls 2019 oil production cuts in new u-turn
Oil cartel set to discuss a change of course this weekend, potentially making the second production u-turn this year
Global oil demand
Saudi Arabia says no plans for oil embargo despite Khashoggi row
Saudi Oil Minister Khaled al-Faleh says that ‘there is no intention’ of repeating the oil crisis of 1973
Crude price
Oil drops after Saudi-Russia output revival plan rattles traders
Crude earlier this month rose to the highest level in more than three years after US President Donald Trump decided to reimpose sanctions on Iran
Brent
Oil slumps as Saudis and Russia say reviving output on the table
Saudi Arabia and Russia signalled they’ll restore some of the output they halted as part of a deal between OPEC and its allies that went into effect in January last year
crude oil
Video: Here’s what drives the price of oil
President Donald Trump’s decision to pull out of the Iran nuclear deal could rattle the oil market, but there’s a lot more to it than just that. There are many factors in play when it comes to how prices are determined. Crude is influenced by three major factors: supply, demand and geopolitics – and all three play a big role in how much Americans pay at the pump.
ADNOC
India seeks Aramco, Adnoc backing for $44bn oil refinery
Aramco igned a memorandum of understanding last month to join the proposed Ratnagiri refinery and possibly take a 50 percent stake in the project
iran nuclear deal
UAE sees OPEC oil capacity ‘buffer’ offsetting Iran sanctions
Energy Minister Suhail Al Mazrouei said Saudi Arabia, Kuwait and the UAE provide an adequate ‘buffer’ of potential output
Crude price
Here’s what oil at $70 means for the world economy
With the price of crude up about 18 percent this year and now trading at the highest since 2014, exporters of the fuel get to enjoy a windfall while consuming nations get hurt
Energy
Video: Oil analyst says Iran sanctions ‘will create market opportunities’ for Saudi Arabia
As the oil price hits another three and a half year high after Donald Trump pulled the US out of the Iran nuclear deal, Ian King speaks to Andy Critchlow, who is head of energy content for S&P Global Platts.
Crude price
Video: Why oil prices are rising
Oil prices have been climbing, reaching the highest level since 2014. What’s driving the rise.
iran nuclear deal
Saudi Arabia ready to ‘mitigate’ impact of Iran oil sanctions
New sanctions could disrupt as much as 1 million barrels a day of Iranian crude – about a quarter of its total output – opening room for Saudi Arabia to fill the gap
Amin Nasser
Saudi Aramco eyes more India deals
The company has announced it will take a 50 percent stake in a proposed $44 billion refinery in Maharashtra
Abu Dhabi
UAE denies Qatar trade link over Abu Dhabi oil field deal
UAE’s Supreme Petroleum Council says no commercial or trading relationship with Qatar by extending concession