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Oil Tycoons Make Billions In Saudi Purge

November 8, 2017 Zainab Calcuttawala 0

Oil tycoons are applauding Saudi Arabia’s recent anti-corruption raid, which has boosted the net worth of the world’s 21 largest oil tycoons by $1.4 billion, according to Bloomberg. The boost came on the back of increased crude prices as reports of the arrests emerged. The net worth of Saudi investor Prince Alwaleed bin Talal, on the other hand—one of the arrested princes—sunk to its lowest level in 5.5 years. His biggest asset, the Kingdom Holding Co., took most of the losses. The Bloomberg index of billionaires dropped…

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Nigeria To Back OPEC Extension If Conditions Are Favorable

November 6, 2017 Zainab Calcuttawala 0

Nigeria would back an extension of OPEC’s production cut deal to the end of 2018 “as long as the right terms are on the table” relative to Abuja’s planned economic recovery, Oil Minister Emmanuel Ibe Kachikwu said, according to a report by Reuters. “There isn’t any reason to change what is a winning formula,” Kachikwu said, adding “there is a consensus to extend. The issue will be the duration.” So far, the bloc and ten other producers have agreed to extend the agreement through next March.…

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New U.S. Sanctions Threaten Russian Oil Projects

November 1, 2017 Zainab Calcuttawala 0

Washington’s newest round of sanctions against Moscow’s oil and gas industry targets Russia’s upcoming projects worldwide, according to drafts of the measures introduced at the United Nations by the U.S. The punitive measures – designed to be a political reaction to Russia’s annexation of Crimea in 2014 – will have a limited effect on Moscow’s current operations abroad, experts said. A new provision in a preexisting sanction levied by the U.S. Department of Treasury now prohibits companies from assisting…

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3 Potential OPEC Deal Killers

October 30, 2017 Zainab Calcuttawala 0

The Middle East isn’t yet ready to agree on the future of OPEC’s output reduction deal as the bloc’s November 30 summit approaches, during which the cartel is set to decide on the depth and length of the cuts one year from their initial approval. Here are the three key geopolitical issues wreaking havoc on the region’s ability to collectively raise the price of oil. The Trump Administration’s Ongoing Iran Nuclear Deal Drama From the day that Donald Trump declared he would run for president, he made it clear that he…

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Trump Admin Announces Largest Oil And Gas Lease Sale In U.S. History

October 24, 2017 Zainab Calcuttawala 0

Interior Secretary Ryan Zinke announced the largest oil and gas lease sale in U.S. history this week. The sale will include almost 77 million acres of federal waters in the Gulf of Mexico and is scheduled to take place in March 2018.  “In today’s low-price energy environment, providing the offshore industry access to the maximum amount of opportunities possible is part of our strategy to spur local and regional economic dynamism and job creation and a pillar of President Trump’s plan to make the United States energy dominant,”…

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Oil Nears $52 With Record OPEC Deal Compliance

October 23, 2017 Zainab Calcuttawala 0

WTI prices closed in on $52 a barrel on Monday as OPEC reported record compliance to its 10-month old output reduction agreement. A slowdown in North American drilling coincided with the industry cartel’s announcement, which propped up hopes of a shrinking oil supply glut. A Saturday statement by the Organization of Petroleum Exporting Countries (OPEC) showed that member countries, along with its NOPEC partners (Russia and the like) had been keeping up with their commitments from last November. The countries reached a 120 percent compliance…

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China To Take 5% Of Rosneft’s Output In New Deal

October 17, 2017 Zainab Calcuttawala 0

CEFC China Energy is set to gain up to 260,000 barrels per day of oil supplies from Russia as part of its recent deal with Moscow to invest $9.1 billion in the Russian state oil giant Rosneft, according to a new report by Reuters. The recurring shipments will mean China will take five percent of Rosneft’s output, which will challenge Western oil traders’ dominance in the Asian markets. Chinese oil and gas investments have also reached Saudi Arabia, with CEFC offering to purchase a five percent stake in Saudi Aramco. CEFC will buy a…

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India’s Urban Explosion Boosts Oil Demand

October 10, 2017 Zainab Calcuttawala 0

An urbanizing Indian population poses a threat to the international agenda to reduce carbon emissions in the coming years, according to most models of development that are based on the economic trajectory of the United Kingdom, the United States and most other “first world” nations. “Like China since the start of this century, India is in the midst of a huge wave of urbanization, the scale of which has few parallels in history,” the Indian Department of Industry, Innovation and Science said report last week. The report said…

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Indian Hydrocarbon Projects Get $300 Billion Boost Over 10 Years

October 10, 2017 Zainab Calcuttawala 0

Hydrocarbon projects in India will get a US$300 billion boost over the next ten years as New Delhi prepares to grapple with growing energy demand in the subcontinent, Oil Minister Dharmendra Pradhan told reporters this week. “In the next 10 years, India is offering project scope of USD 300 billion (in hydrocarbon sector) looking into our future demand,” Pradhan said at the IndiaEnergyForum, organized by CERAWeek. The government has commissioned a team of experts to review project proposals that would be suitable for funding.  “We are forming…

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Kurdish Independence Could Spark Civil War

October 9, 2017 Zainab Calcuttawala 0

Iraqi Vice President Ayad Allawi fears a civil war within his country if issues regarding the Kurdish independence referendum remain unresolved, according to a new report from AP. Kurdish officials and Baghdad must solve their issues regarding the disputed territory in peace, especially those related to the Kirkuk oilfield. Allawi has served as a former prime minister of Iraq, and maintains that any attempts by the Iraqi military to enter Kirkuk could “damage all possibilities for unifying Iraq.” At the end of September, Kurdistan voted…

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