MENA ///

Saudi Arabia says it’s done all it can for the oil market

Saudi Arabia’s foreign minister said there’s nothing more the kingdom can do to tame oil markets, implying that the world’s biggest crude exporter has no plan to accelerate its gradual production increases.

UAE to more than double LNG export capacity with Fujairah plant

Abu Dhabi National Oil Co. plans to build a new liquefied natural gas plant as the world’s producers race to expand their exports amid surging demand.

Afreximbank, African Petroleum Producers Organization to create multi-billion-dollar energy bank

Aimed at scaling up private sector investment in African oil and gas projects, the bank will provide critical financing for new and existing oil and gas projects, as well as energy developments across the entire value chain.

Persian Gulf’s smallest oil producer looks to gas imports to meet demand

The smallest oil producer in the Persian Gulf is turning to natural gas imports to meet rising energy demand as production from its own deposits slips.

Saudi Aramco becomes world’s most valuable stock as Apple drops

Saudi Aramco overtook Apple Inc. as the world’s most valuable company, stoked by a surge in oil prices that is buoying the crude producer while adding to an inflation surge throttling demand for technology stocks.

Aramco topping Apple shows oil is king in energy-short 2022

Saudi Aramco taking the crown of the world’s most valuable company from Apple Inc. underscores investors’ appetite for oil and gas as the countries around the globe battle rampant inflation and fear of energy shortages.

Hopes for Iran deal fade just when the world needs oil most

Two months after negotiators left Vienna, expectations are fading that Iran nuclear talks will resume, leaving the world with the remains of an agreement no one’s willing to pronounce dead.

Libya’s parliament-backed PM says oil fields may restart soon

Libya’s parliament-backed prime minister said closed oil fields and ports in the OPEC country may soon reopen, though his rival’s energy minister said negotiations with protesters were proving difficult.

Apex International Energy tests well at 2,440 barrels per day in Egypt’s Western Desert

Apex International Energy announced the Fajr-8 development well was tested at a daily rate of 2,440 barrels of oil and negligible water.

South Sudan to take over oil operations in nationalization drive

South Sudan is taking steps to take over the operations of international oil companies in the country to increase its share of revenue, even as production declines, according to a government official.

KCA Deutag Land Drilling Business awarded $170 million contract extensions

KCA Deutag, a global drilling, engineering and technology provider, secured contract extensions and options totaling over $170 million, with the majority focused on extensions with existing clients across core markets in the Middle East.

Saudi Aramco awards Schlumberger gas drilling project

Schlumberger announced a major contract award by Saudi Aramco for integrated drilling and well construction services in a gas drilling project.

Iran moves more oil onto ships in preparation for a nuclear deal

Iran is shifting more oil onto ships in a move to speed exports should talks succeed in ending its exclusion from global energy markets.

Iraq in talks with Halliburton, Saudi Aramco to develop oil, gas in western desert

Iraq is in talks with Halliburton Co. and Saudi Arabia’s Aramco to carry out oil and gas developments in the west of the country.

2022 Forecast: Global capex growth to accelerate

James West

Worldwide E&P spending is set to increase 16% in 2022, extending the 5.5% growth experienced in 2021. The first coordinated global upturn since 2018 will be led by North America, but ambitious capacity growth targets in the Middle East, Latin America and Africa will drive international capex gains.

Iraq’s top court says Kurdistan shouldn’t sell oil independently

Iraq’s Federal Supreme Court ruled that Kurdistan shouldn’t produce and export oil and gas independent of the central government in Baghdad.

Biden, Saudi king discussed OPEC+, oil stability and Yemen

U.S. President Joe Biden and Saudi Arabia’s King Salman spoke on Wednesday about stabilizing energy prices, the status of the Iranian nuclear talks and the war in Yemen.

Struggling African producers put OPEC output pledges into question

OPEC made only part of its planned production increase last month, with supplies hampered by disruptions in two of the group’s African members.

OPEC commits to more oil supply as global demand grows

OPEC and its allies agreed to revive more halted production as the outlook for global oil markets improved, with demand largely withstanding the new coronavirus variant.

OPEC to increase oil output as 2022 demand confidence grows

OPEC and its allies are expected to revive more oil supplies when they meet next week, underscoring the group’s optimism in the outlook for global demand.

ADIPEC: Oxy’s Hollub wants Biden to stop hectoring OPEC and focus on U.S. oil

The ADIPEC conference, running from Nov. 15-18, is taking place in the wake of the COP26 climate talks and with energy prices soaring. Benchmark Brent crude has climbed almost 60% to above $80 a barrel, while gas prices in Asia and Europe hit record highs recently.