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Petroleum / Mining in Middle East

  • Ethical Raw Material Sourcing Muddled As Food Firms Set Own Rules

    WORLD, 2017/09/04 From cocoa to tea, food and drink giants are setting their own standards for ethical sourcing of raw materials, moving away from third-party labels such as Fairtrade. Mondelez International, owner of chocolate brands Cadbury and Toblerone, Unilever, behind tea brands such as Lipton and PG Tips, and Barry Callebaut, the world's biggest producer of chocolate and cocoa products, have all introduced their own schemes. They say their targets are additional comprehensive and some claim their schemes are additional effective in tracking whether a product is ethically sourced each step of the way. With companies under financial pressure, analysts say it has as well been a way to save money.

  • Qatar plans to boost gas production by 30%

    QATAR, 2017/08/28 Energy-rich Qatar said Tuesday it plans to increase natural gas production by 30 % over the next several years, as it faces pressure from its neighbours in a diplomatic crisis. Saad Sherida Al-Kaabi, the chief of Qatar Petroleum, told a press conference that the emirate intends to raise production to 100 million tonnes of natural gas a year by 2024.

  • OPEC raises forecasts for global oil demand

    IRAQ, 2017/08/21 OPEC boosted estimates of request for its crude this year and next amid stronger-than-expected fuel consumption and a weaker outlook for rival supply. The Organization of Petroleum Exporting Nations raised forecasts for the all it needs to supply in 2017 and 2018 by about 200,000 barrels a day for each year, according to a statement from its secretariat in Vienna. Still, a rebound in Libyan production pushed the group’s output last month to the highest this year, undermining its plan to rebalance oversupplied world markets.

  • Geopolitics To Drive Oil Prices Once Again

    WORLD, 2017/07/09 I have picked up three news items from Oil & Energy Insider that supports my hypothesis that US Shale output will continue to rise. However, some of the oil producing nations may become victim of commotion, anarchy and proxy wars. This will automatically reduce the supplies from these nations. OPEC may as well opt not to extend cut anymore. Energy sector analysts are desperately awaits the outcome of OPEC’ conference in Vienna scheduled for 25th May. While the overwhelming expectation is that the cartel will acknowledge on a six-month extension of the production cuts. However, presently top OPEC officials are wondering if it will be enough. OPEC’s monthly statement revised expected US shale increase sharply upwards, predicting output to increase 64 % additional than originally expected. That equates to projected increase from US shale of 950,000 bpd this year. OPEC fears that an extension will boost prices just enough to allow shale companies to lock in hedges once again, ensuring an extra wave of supply.

  • Don’t Hold Your Breath For Deeper OPEC Cuts

    WORLD, 2017/07/08 The rally in oil prices over the completed two weeks came to a halt on Wednesday on news that OPEC is actually exporting additional oil than before thought. A month ago, oil prices appeared to be higher than they should have been, with weak request, elevated inventories, and a recognition that the nine-month OPEC extension would be inadequate to balance the market. Oil sold off and dropped to the mid-$40s and below. Oil traders again bought on the dip, and bid prices back up over the completed two weeks. Presently, prices again look like they could be reaching an upper limit.

  • Mining investment and profits reach new heights in Saudi Arabia

    SAUDI ARABIA, 2017/06/30 Increased investment in Saudi Arabia’s mining sector looks set to lift its GDP contribution significantly in the coming years, as part of an accelerating push to diversify the economy under the Vision 2030 development plan. On April 24 the governor of Makkah, Prince Khalid Al Faisal Al Saud, formally opened a new gold mine and processing plant – the Ad Duwayhi mine, owned and operated by the Saudi Arabian Mining Company (Ma’aden) – with a production capacity of 180,000 oz per year, making it the country’s major to date.

  • Oil slips as data points to fast-growing supply

    WORLD, 2017/06/15 Oil fell on Wednesday next reports showed world supply was rising and US crude inventories were still increasing, raising concerns the market could remain oversupplied for longer than expected. Brent crude oil fell by 28 cents to $48.44 a barrel by 1330 GMT, while US crude futures were down 29 cents on the day at $46.17. Crude prices have fallen additional than 10 % since late May, pulled down by heavy world oversupply that has persisted despite a move led by the Organization of the Petroleum Exporting Nations to curb production.

  • OPEC, non-OPEC agree first global oil pact since 2001

    AUSTRIA, 2017/06/02 OPEC and non-OPEC producers on Saturday reached their initial transaction since 2001 to curtail oil output jointly and relieve a world glut next additional than two years of low prices that overstretched a lot of budgets and spurred unrest in some nations. With the transaction finally signed next almost a year of arguing within the OPEC and mistrust in the willingness of non-OPEC Russia to play ball, the market’s focus will presently switch to compliance with the agreement. OPEC has a long history of cheating on output quotas. The fact that Nigeria and Libya were exempt from the transaction due to production-denting civil strife will further pressure OPEC leader Saudi Arabia to shoulder the bulk of supply reductions.

  • Refinery company looks to expand gas station network

    JORDAN, 2017/06/02 The Jordan Petroleum Refinery Company (JPRC) plans to expand its network of gas stations across the Kingdom, a senior executive told The Jordan Times Sunday. The expansion in gas stations is carried out through the Jordan Petroleum Products Marketing Company (Jo Petrol), a subsidiary of JPRC and its marketing arm.

  • Kuwait steers spending towards downstream oil and gas

    KUWAIT, 2017/04/16 Kuwait’s new budget will focus capital spending on downstream oil and gas activities during FY 2017/18 in a bid to create jobs, offset falling crude export revenue and capitalise on rising regional request for refined products. The government is taking steps to expand private sector participation in economic development, inclunding through three planned power projects and a US dollar-denominated bond issue – a initial for Kuwait. Combined with efforts to boost price-added oil and gas production, these moves should help foreign investment and national revenue expand steadily over the medium term.
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