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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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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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Saudi Arabia To Move Beyond Oil And Islam

October 25, 2017 Zainab Calcuttawala 0

Crown Prince Mohammed bin Salman announced the coming creation of a $500 billion business and industrial megacity that links Saudi Arabia, Egypt, and Jordan together by focusing on growth in the energy, water, biotechnology, manufacturing and entertainment sectors. A total of 10,000 square miles (25,900 square kilometers) of land will be dedicated to the new city, named NEOM. The move is the latest addition to the Kingdom’s Vision 2030, which aims to eliminate Saudi Arabia’s reliance on oil and gas revenues to run its government. That’s…

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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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Energy Giant Bets On Battery Breakthrough Within 5 Years

October 23, 2017 Zainab Calcuttawala 0

 North Carolina-based utility provider Duke Energy is betting on the rise of increasingly efficient battery technology to propel the rise of solar and wind power over the next five years, according to a new report by Forbes. “There’s going to be a lot of excitement around batteries in the next five years. And I would say that the country will get blanketed with projects,” Duke Energy business development managing director Spencer Hanes said on Thursday as part of a conference in Chicago. The cost of generating and storing…

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Libyan Oil Output Covers 25% Of 2017 Budget Needs

October 12, 2017 Zainab Calcuttawala 0

Despite the recovery in Libyan oil production over the course of 2017, Libya’s National Oil Corporation (NOC) been able to raise funds to cover 25 percent of the its budget, according to a recent announcement by NOC Chairman Mustafa Sanalla. A previous goal to raise Libyan output to 1.25 million barrels per day by the end of the year will be “very difficult” to achieve, he said, given the financial shortfall that doesn’t leave much room for operational expenses. “Our colleagues in OPEC and non-OPEC understand the situation,…

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