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Middle East News

 

OPEC and How it Has Dealt with Oil Price Crashes

Mar 12, 2020

The Organization of the Petroleum Exporting Countries was set up in 1960 to coordinate oil production policy among its members but in recent decades it has increasingly cooperated with producers outside the group to manage the market. This month, OPEC's latest deal on oil supply cuts with Russia and other non-OPEC nations collapsed, sending the oil price into a tailspin. Below are key periods when…

Energean Power FPSO Hull Leaves China

5 hours ago

Mediterranean Sea-focused oil and gas company Energean Oil and Gas has informed that its Energean Power FPSO Hull sailed away from the COSCO yard in China on Friday, April 3, 2020.The hull will now be towed to the Sembcorp Marine Admiralty Yard in Singapore…

Abu Dhabi's Gulf Marine Services Reaches Debt Restructuring Deal

Mar 31, 2020

Abu Dhabi-based Gulf Marine Services (GMS) said on Tuesday it had reached an agreement with its syndicate of banks to restructure its debt that will help it weather the coronavirus crisis.London-listed GMS provides support vessels for offshore oil and gas and other energy installations…

COVID-19 Oil Demand Hit Renders OPEC+, Trump Actions Irrelevant

Mar 31, 2020

Imagine for a moment that the Organization of the Petroleum Exporting Countries (OPEC) and Russia had agreed at the start of this month to extend and deepen their crude oil output cuts. It wouldn't have made the blindest bit of difference.While it was only three and half weeks ago…

Brent Crude Drops to $26.35. Outlook Bleak

Mar 26, 2020

Oil prices fell on Thursday, ending three sessions of gains, as movement restrictions worldwide to contain the coronavirus destroyed demand and overshadowed expectations that a U.S. $2 trillion emergency stimulus will bolster economic activity…

IMI Wraps ARO Drilling Jack-Up Overhaul

Mar 26, 2020

International Maritime Industries (IMI) has completed the Maintenance, Repair & Overhaul contract on ARO Drilling's ARO-2003 (SAR201) jack-up rig in Saudi Arabia.IMI, a joint venture between Saudi Aramco, Lamprell, Bahri and Hyundai Heavy Industries…

Oil Prices Fall as Demand Woes Eclipse U.S. Stimulus

Mar 25, 2020

Oil prices slipped into negative territory on Wednesday as faltering fuel demand from the spread of the coronavirus outweighed a massive pending U.S. economic stimulus package.Brent crude was down 45 cents, or 1.66%, at $26.70 per barrel at 1029 GMT after earlier rising to a high of $28…

Oil Facing Prolonged Period of Demand Destruction

Mar 20, 2020

Oil prices rose on Friday as the world's richest nations poured unprecedented aid into the global economy to stop a coronavirus-driven recession and U.S. President Donald Trump hinted he may intervene in the price war between Saudi Arabia and Russia…

Qatar Eases Exit Visa Rules for Oil and Gas Sector

Mar 20, 2020

Qatar has removed exit visa requirements for an additional segment of its foreign labor force, including some of those working in the oil and gas industry, according to official tweets posted on Friday.Qatar in 2018 eliminated exit visas for many foreign migrant workers…

AGS Scores OBN Survey Extension

Mar 19, 2020

Norwegian ocean bottom node seismic surveyor Axxis Geo Solutions (AGS) has won a contract extension for a survey in the Middle East.AGS was in December awarded the original OBN contract that started in January with scheduled completion near the end of the first quarter 2020…

Oil Prices Bounce, But Gains Only Temporary, Analysts Say

Mar 19, 2020

Oil prices bounced nearly 7% on Thursday after a three-day selloff drove them to their lowest in almost two decades as demand plummeted due to the coronavirus and supplies surged in a fight for market share between Russia and Saudi Arabia.Benchmark Brent…

Shelf Drilling's Jack-Up Rig Contract Cut Short

Mar 19, 2020

Jack-up rig contractor Shelf Drilling has informed that the contract for its jack-up rig Shelf Drilling Tenacious would be cut short.The company on Thursday said it had entered into a mutual agreement with the customer to amend the contract…

WTI Oil Price Hits 17-Year Low, Brent Goes Below $28

Mar 18, 2020

Oil prices fell for the third session on Wednesday with U.S. crude futures tumbling to a 17-year low as travel and social lockdowns sparked by the coronavirus epidemic knocked the outlook for demand.U.S. crude was down $1.49 cents, or 5.53%…

New Platform Boosts Iran's Oil Output

Mar 16, 2020

Iran's oil production capacity increased by 6,000 barrels per day after a platform was installed at the offshore Salman field in the Gulf, the official news agency IRNA reported on Saturday, citing Alireza Salmanzadeh, head of the Iranian Offshore Oil Company…

Oil Prices Set for Biggest Weekly Drop Since 2008

Mar 13, 2020

Oil prices were set for their biggest weekly slide since the 2008 financial crisis despite a 7% bounce on Friday, as the coronavirus outbreak threatened demand and crude producers promised more supply.Brent crude was up $2.50, or 7.3% on the day…

Current News

OPEC+ Debates Biggest Ever Oil Output Cut as Virus Destroys Demand

OPEC+ Debates Biggest Ever Oil Output Cut as Virus Destroys Demand

Update: Brent Oil Rises above $32 on Hopes of Output Deal

Update: Brent Oil Rises above $32 on Hopes of Output Deal

Energean Power FPSO Hull Leaves China

Energean Power FPSO Hull Leaves China

Woodside Gets OK for Scarborough Proposal

Woodside Gets OK for Scarborough Proposal

CNOOC Transfers Pipeline Infrastructure to PipeChina

CNOOC Transfers Pipeline Infrastructure to PipeChina

Petronas Charters Alam Maritim AHTS

Petronas Charters Alam Maritim AHTS

Aker Energy Delays Ghana Offshore Project 'Indefinitely'

Aker Energy Delays Ghana Offshore Project 'Indefinitely'

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