Globally a lot of efforts are being made towards minimizing the reliance on hydrocarbons and increasing the quota of renewables in the overall energy mix. Though efforts are going on at good pace and huge capital has been injected in this direction but industry experts feel still there is a long way to go to…
Fatih Birol, executive director of IEA, discusses a rebalancing in oil markets, oil production, US markets and prices.
Oil producers remain optimistic even as crude prices dropped further by the end of the second quarter. The UAE expects oil demand to pick up over the third and fourth quarters of 2017, charged by the optimism over the impact of OPEC’s recent decision to extend oil supply curb into 2018, state news agency WAM…
Even though the deal was two years in the making, the landmark pact to cut oil production by both the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC member countries on November 30, 2016, came as a surprise or, as US oil producers remarked, a Christmas gift. “We considered all aspects and we came to…
Weaker oil prices present a serious challenge to the growth outlook for the GCC region, which was already facing economic concerns. However, serious fiscal reform should see the region avoid recession, according to a new ICAEW report, Economic Insight: Middle East Q1 2016. “Sustained low oil prices will erode existing buffers like subsidies in oil-rich…
Credit rating agency Standard & Poor’s (S&P) has downgraded Oman’s sovereign debt as the drop in oil prices has apparently begun to take a toll on the country’s economy. The agency kept a negative outlook for the Arab country and cut its long-term foreign and local currency sovereign credit ratings by one notch to BBB-plus…
Persisting oversupplies in 2016, slowing demand growth and a weaker off-take from China could result in a halving of oil prices to $20/barrel, Goldman Sachs has said over the weekend. While not its base scenario, Goldman Sachs predicts that the probability of oil prices nearing $20/barrel is becoming “greater” as “storage continues to fill” and…
Saudi Arabia and other OPEC members have maintained their resolve not to cut output despite global oil prices hitting a six-year low at below $50 per barrel. ”It is the market fundamentals, not any producer, that determines the prices,” Suhail Bin Mohammed Faraj Al Mazrouei, the UAE’s Minister of Energy said on Tuesday, adding that…
Is oil and gas sector now immune from the geopolitical tensions in the Middle East? Yes, but partly. Contrary to the market expectations, the oil prices have not shown volatility in the aftermath of the crisis in Iraq, ongoing conflict in Syria and Libya, rift between Ukraine and Russia and Israeli-Gaza battles. Why are oil…
