2015 Paris Agreement

Global Energy News

Jeddah - Arab Today

China is the world’s largest net importer of crude oil, and in recent years its crude oil imports have increasingly come from countries outside the Organization of the Petroleum Exporting Countries (OPEC). While OPEC members still made up most (57 percent) of China’s 7.6 million barrels per day (bpd) of crude oil imports in 2016, crude oil from non-OPEC countriesRead more

Kuwait Oil Price Up 31 Cents to $52.12 per Barrel

Kuwait - QNA

The price of Kuwaiti oil went up 31 cents Friday to USD 52.12 per barrel, compared to Thursday's price of USD 51.81 pb, Kuwait Petroleum Corporation (KPC) said Saturday. At the global market, oil prices went up due to reports on OPEC members achieving 90 percent of their commitment to lower production, which began last month, Kuwait News AgencyRead more

Saudi to sell 49% of Aramco within decade

Riyadh - Arab Today

Saudi Arabia plans to sell up to 49 percent of its oil giant Saudi Aramco within 10 years as the world’s largest crude exporter tries to lower its deficit, local media said Saturday. The Al-Eqtisadiah daily quoted an unnamed official as saying the sale would raise funds to be spent “at home and abroad” in what is expected to formRead more

Kuwaiti Oil Price Goes up to $42.51 pb

Kuwait - QNA

The price of Kuwaiti oil went up by USD 1.95 to USD 42.51 per barrel on Monday after being at USD 40.56 pb last Friday, said a statement by Kuwait Petroleum Corporation (KPC) Tuesday. At the global level, the price of oil was up due to expectations that major OPEC members and other international players will aim at reducingRead more

As Vienna talks loom, hedge funds

London - Arab Today

Hedge funds have taken a more cautious stance on oil prices amid a flurry of diplomatic activity aimed at securing a production-limiting deal among OPEC members by the end of the month in Vienna. The funds cut their combined net long position in the three major Brent and West Texas Intermediate (WTI) futures and options contracts by just 3 millionRead more

Algeria: OPEC members will stick to output deal

Algiers- Arab Today

Algeria’s Energy Minister Nouredine Bouterfa said on Sunday he was confident OPEC members would stick to a deal made in Algiers in September to cut output, saying the group’s technical committee was working on applying the deal. “There will be no return on the Algiers agreement. Now, we are in application of this agreement. The high-level technical committee is workingRead more

Bullish bets on US crude highest since 2014

London - Arab Today

Hedge funds and other money managers have raised their bullish bets on US crude prices to the highest level since the slump started in the summer of 2014. OPEC members have successfully pushed oil prices back above $50 by squeezing bearish fund managers. Hedge funds raised their net long position in the two main futures and options contracts linked toRead more

OPEC Holds Consultative meeting with Non-OPEC Producing Countries

Istanbul - QNA

A consultative meeting took place Wednesday in Istanbul between a number of OPEC members and non-OPEC members Russia and Mexico, on the sideline of the World Energy Council (WEC) Conference. The meeting was held following a decision at OPEC's 170th extraordinary meeting in Algeria on September 28 to conduct a constructive dialogue with non-OPEC producing countries to discuss OPEC'sRead more