Contributor
Diane Munro has written on energy issues for over 35 years. She was previously a non-resident fellow at the Arab Gulf States Institute in Washington and is currently a contract editor for the Paris-based International Energy Agency, where she earlier served as a senior oil market analyst.
A substantial drawdown on global oil stocks is forecast for the fourth quarter amid record oil demand, accelerating the rise in oil prices to the $100 per barrel threshold.
Saudi Arabia extends steep “voluntary” production cut through August but a weaker-than-expected Chinese economic recovery weighs heavily on market sentiment.
Despite a “voluntary” production cut announced by Saudi Arabia for July, economic uncertainty overshadowed the June 4 OPEC+ meeting.
OPEC+ supply cuts starting in May could aggravate an expected oil supply deficit in the second half of 2023 at a period of greater economic uncertainty.
The Gulf Arab states are casting a wide net in their pursuit of gas-supply security.
President Donald J. Trump's decision to exit the Iran nuclear deal and reimpose sanctions has injected a much higher level of volatility into oil markets, with prices scaling new heights to levels not seen since 2014. In reality, the disruption to Iranian exports and oil trading flows will be relatively limited, but against a backdrop of stronger global oil demand, declining stock levels, and the upcoming peak summer driving and cooling season, markets are unnerved. Equally, the broader implications for escalating regional tensions are expected to inflate the geopolitical price premium in markets going forward. The potential for conflict is squarely on the radar screen of everyone invested in the region, including oil executives.
Bahrain made its largest-ever oil find off the kingdom’s western coast, with Khalij al-Bahrain Basin estimated to contain at least 80 billion barrels of tight oil and 10-20 trillion cubic feet (tcf) of natural gas, officials announced on April 1.
OPEC may need to maintain crude oil supplies at current lower levels for longer than planned, as surging U.S. shale oil dominates global oil markets for the next several years, according to a new report from the IEA.
Global oil prices opened the new year on a high note, reaching three-year peaks by mid-January, spurred on by robust winter demand growth, supply outages, and the strong commitment by OPEC and its non-OPEC partners to maintain production curbs through the end of 2018.
Gulf Arab energy producers are increasing investments in oil and gas projects after several years of weaker activity following the mid-2014 price collapse.
OPEC and its non-OPEC allies reached an agreement at their November 30 meeting in Vienna to formally extend production cuts to the end of 2018 with the deal subject to review at a biannual meeting in June.
The aggressive restructuring of the Abu Dhabi National Oil Company is moving at a break neck pace, essentially rewriting its ambitious energy playbook in less than two years.
OPEC ministers are set to mark the one-year anniversary of their historic production pact with their non-OPEC counterparts on November 30 with oil prices up by a sharp $10 per barrel (/bbl) on average so far this year and oil revenue higher by a significant 25 percent, far outpacing the relatively modest supply cuts by producer countries.
Geopolitical tensions in Iraq and Iran are supporting already strong oil markets led higher by seasonally robust demand and production cuts by the OPEC and non-OPEC alliance.
The Kurdistan Regional Government’s (KRG) controversial referendum on independence has sparked fears of a disruption to Iraq’s northern oil exports amid a firestorm of opposition from the central government in Baghdad, neighboring Turkey and Iran, as well as Western powers.
Almost nine months after OPEC and its non-OPEC partners implemented production cuts in a bid to rebalance oversupplied markets, tighter supply and demand fundamentals are now supporting prices in a higher $50-55 per barrel (/bbl) range.
The global energy industry is in the midst of writing a new chapter in its long-storied history as oil producing companies and countries reset their strategies and policies to meet the challenges of a technology-driven, lower oil price era.
OPEC’s expectations for a significant decline in global oil stocks for the rest of 2017 and into 2018 have been upended by new forecasts showing sharply lower demand for the producer group’s crude for the second half of 2017 and the first quarter of 2018.
Heightened tensions between Washington and Tehran look certain to stall already challenging efforts by Iran to attract billions of dollars in foreign investment for its oil and gas industry.
OPEC and non-OPEC officials announced their expectation that the rebalancing of oil markets will accelerate in the second half of 2017 as a result of sharply stronger global oil demand growth and pledged to clamp down on member countries violating their production targets at the conclusion of the 4th Meeting of the Joint Ministerial Monitoring Committee in St.
Three weeks after the Gulf Cooperation Council’s worst crisis erupted, the diplomatic and economic boycott imposed on Qatar – the world’s largest exporter of liquefied natural gas (LNG) – has created only marginal logistical disruptions for international LNG markets and has had no impact on oil supplies.
Global oil prices tumbled to six-month lows in June after an array of new supply data stoked pervasive doubts over OPEC’s strategy to reduce the massive stockpile weighing on markets.
OPEC and its non-OPEC oil producing counterparts cemented a new era of cooperation at their May 25 meeting in Vienna, reaching a unanimous decision to extend their production agreement aimed at reducing global oil stock levels through March 2018.
Global oil markets remain volatile ahead of OPEC’s May 25 ministerial meeting on expectations that the producer group and its non-OPEC partners will extend production cuts until the end of 2017.
Global demand for oil has firmly eclipsed supplies in the first quarter of 2017, according to the latest data, showing progress in OPEC’s efforts to rebalance oil markets, and reversing the weaker fundamentals that pressured prices lower from 2014-16.
Qatar is sharpening its competitive edge in the global gas markets with the lifting of a 12-year moratorium on development at its prized offshore North Field, the world’s largest gas reservoir.
Oil prices cascaded to their lowest level in more than three months in mid-March as a confluence of bearish reports heightened market concerns that resurgent shale oil production will undermine OPEC’s strategy to accelerate a drawdown in global oil inventories.
The outlook for a sustained price recovery in 2017 in a world overflowing with oil supplies was a major topic of discussion at one of the most important industry gatherings this week in Houston.
This post is part of an AGSIW series on Saudi Vision 2030, a sweeping set of programs and reforms adopted by the Saudi government to be implemented by 2030.
OPEC delivered on its pledge to rein in crude oil production in January, signaling a promising start to what will certainly be a challenging six months as the group works to accelerate the rebalancing of global stocks and prop up prices.
OPEC is reaping the rewards of stronger oil markets following its historic agreement with key non-OPEC producers to rein in crude production aimed at rebalancing oversupplied markets and supporting oil prices in a higher trading range in 2017.
Abu Dhabi capped a year of unprecedented change at state oil company Abu Dhabi National Oil Company (ADNOC) with a landmark $2.2 billion share-swap with legacy partner BP.
The Trump administration adds a new political risk premium to international oil markets, with a more hawkish and capricious U.S. president, an unprecedented oil-centric Cabinet, and an empowered Republican-led Congress poised to reset the country’s foreign policy agenda as well as the outlook for the domestic energy sector.
Oil, economic growth, and politics have long been intertwined in the Middle East, transforming the region over the past 50 years into a dynamic player on the global stage.
Global oil markets have gone from strength to strength following an unprecedented level of cooperation between OPEC and non-OPEC oil producers to reduce global oil supplies in an effort to shore up prices and resuscitate their ailing economies.
OPEC’s new oil production targets call for a relatively modest cut of 4.5 percent but the agreement is expected to deliver dividends amounting to billions of dollars in additional government revenue in 2017.
OPEC’s oil ministers and technical experts have been holding marathon consultations on the parameters for a production-cut agreement leading up to the ministerial council meeting on November 30 in Vienna, with optimism among the group building that a formal deal is now possible.
OPEC oil producers are reaping the rewards of their September 28 agreement in principle to reduce production levels, with oil prices rising to the highest levels in more than a year and now trading in a $50-52 per barrel (bbl) range.
The growing importance of gas in a region dominated by giant oil reserves and high oil production capacity has been fueled by explosive population growth, urbanization, increased standards of living, and industrialization in the Gulf Arab states.
In a significant policy reversal, OPEC members opted to revert to their traditional market management strategy of production targets to reduce the global oil supply glut during meetings that took place on the sidelines of the International Energy Forum in Algiers, September 26-28.
The international oil market has undergone a paradigm shift since the advent of cutting-edge technology used in the development of nonconventional shale oil in the United States.
Expectations that a much anticipated rebalancing of oversupplied oil markets would take hold in the third quarter of 2016 have been dashed after the International Energy Agency sharply revised its earlier projections in its latest monthly report.
The extraordinary resilience of U.S. shale oil production continues to confound forecasters, leading to flawed market analysis and undermining OPEC’s strategy to force higher cost producers to shutter output in the lower oil price environment.
Increased oil price volatility, fueled by frustration with the slow pace of a rebalancing of oversupplied markets, is behind OPEC‘s decision to hold informal talks on the sidelines of the 15th International Energy Forum (IEF) in September.
Kuwait’s plans to expand its oil and gas production capacity have faced decades of delays, almost entirely due to debilitating discord between Kuwait’s Parliament (the National Assembly) and executive branch of government.
Saudi Arabia has long reigned as the most important holder of oil reserves in the world but new data from a leading oil consultancy estimates volumes are sharply lower than official government projections, placing the kingdom below the United States and Russia.
Oman continues to push new frontiers in the development of its complex geological oil and gas reserves amid the downturn in energy prices.
The cloud of surplus oil supplies overhanging global oil markets for the past few years is finally lifting, making way for a more balanced outlook and removing a weighty problem that has added to downward pressure on oil prices.
While no new policy agreements were reached to “freeze production” or set a new output target, OPEC emerged from its biannual ministerial meeting in Vienna on June 2 with a renewed sense of unity after years of discord.
Restructuring of state oil company Abu Dhabi National Oil Company (ADNOC) is gathering pace as new Director General Sultan Al Jaber overhauls the company management and operational structure to bring it in line with the more commercial-oriented business model of international oil companies.
Iran is navigating a myriad of challenges in its efforts to restore oil production to pre-sanctions levels and attract foreign investment amid the worst downturn in oil markets in more than a decade.
This post is part of an AGSIW series on Saudi Vision 2030, a sweeping set of programs and reforms adopted by the Saudi government to be implemented by 2030.
The April 17 Doha meeting of major oil producers ended in disarray after Saudi Arabia’s ambitious economic czar, Deputy Crown Prince Mohammed bin Salman (MbS), abruptly blocked the deal to “freeze” oil production because Iran was not party to the formal agreement.
Major oil producers are gathering in Doha for an April 17 meeting aimed at stabilizing volatile oil prices, which have plummeted 70 percent since mid-2014 and upended oil-dependent economies.
An unprecedented transformation of Saudi Arabia’s economic future is underway with recently unveiled plans to establish a $2 trillion sovereign wealth fund secured by state-owned giant Aramco as a key pillar of this new strategy.
