Middle East

Brent, U.S. Crude Futures Give Up Some Gains on Talk of Gaza Ceasefire

Brent and U.S. crude futures initially climbed over $1 a barrel on Tuesday after the U.S. Energy Department said crude oil production would grow less than forecast but then gave up some of the gains on talk of a possible lengthy cease-fire in the Gaza War.

Saudi Arabia Keeps Arab Light Crude Price to Asia Unchanged in Surprise Move

Top oil exporter Saudi Arabia unexpectedly kept March price of its flagship Arab Light crude to Asia unchanged at a more than two-year low, an Aramco statement showed on Tuesday, as the OPEC leader strives to maintain its market share.

QatarEnergy and Petronet LNG Sign 20-Year LNG Deal

The deal will see Qatar supply 7.5 million metric tons per year of LNG to Petronet LNG on a delivered ex-ship basis (DES) from 2028 to 2048, according to a Petronet LNG statement.

Kazakhstan Doubles Amount of Oil Circumventing Russia

Kazakhstan almost doubled oil exports circumventing Russia's ports in 2023 to 3.73 million metric tons (74,600 barrels per day) from 1.91 million tons in 2022, according to industry sources and Reuters calculations.

Guest Perspective: Aramco’s Best of Both Worlds

Saudi Aramco’s energy strategy should teach The West a lesson: invest in hydrocarbons now. Not only is oil and gas crucial for near- and medium-term energy security and affordability, but there is also a huge amount of money to be made that can be put toward the transition.

Projects February 2024

East African Crude Pipeline delivers first shipment; Pembina acquires Enbridge’s stake in Alliance Pipeline; KM boosts Permian Highway pipeline capacity by 550 MMcf/d; and more!

QatarEnergy Signs 10-Year Condensate Supply Deal with Japan's Mitsui

QatarEnergy has signed a deal to supply Japan's Mitsui & Co. with 11 million barrels of condensate per year for 10 years starting in April, Qatar's state-owned energy company said on Sunday.

Global News February 2024

Latest industry developments from around the world!

Saudi Aramco's Capacity Cut and Pipeline Incident Trigger 11% Drop in Saipem Shares

Shares in Italian energy contractor Saipem plunged by 11% on Tuesday after damage caused by an incident involving one of its pipe-laying vessels and a decision by Saudi Aramco to drop its oil capacity expansion plans.

ADNOC Gas Inks 10-Year LNG Supply Deal with India's GAIL

ADNOC Gas on Tuesday signed a 10-year agreement to supply 0.5 million metric tons per year of LNG to India's largest natural gas company GAIL.

QatarEnergy, Excelerate Energy Sign 15-Year LNG Supply Deal

QatarEnergy and U.S.-based Excelerate Energy signed on Monday a 15-year agreement to supply 1 million metric tons per year of LNG to be delivered to Bangladesh for 15 years from January 2026.

Dana Gas Resumes Operations at Iraqi Kurdistan’s Khor Mor Gas Field

United Arab Emirates energy firm Dana Gas on Friday has resumed the production operations at Iraqi Kurdistan's Khor Mor gas field have been resumed, the company said in a statement.

Germany's SEFE Eyes Global LNG Expansion After Securing $55 Billion Gas Deal in Norway

Fresh from clinching a $55 billion pipeline gas deal in Norway last month, Germany's SEFE is looking for more suppliers to offer liquefied natural gas (LNG) for its customers, its CEO told Reuters on Thursday.

Saudi's SABIC Gives Go-Ahead for $6.4 Billion Petrochemical Plant in China

Saudi Basic Industries Corp. (SABIC) will go ahead with building a petrochemical complex in southeastern China's Fujian province, the company said in an exchange filing on Sunday, shoring up Saudi ties with China, the world's top oil importer.

Global Pipeline Construction Outlook 2024: New LNG Terminals Sound Beckon Call for More Pipelines

(P&GJ) — It comes as little surprise to those in midstream that during the past year we have continued to see LNG initiatives garner more attention than pipeline projects. However, terminal construction drives new pipeline construction.

UAE's ADNOC Boosts Lower-Carbon Budget to $23 Billion

The state-owned Abu Dhabi National Oil Company said on Monday it would allocate $23 billion for decarbonization and lower-carbon projects, up from a previous $15 billion target.

Qatar Set to Sign Cheaper Long-Term LNG Deal with India

Qatar Energy within weeks could sign a long-term deal to provide LNG to Indian buyers on cheaper and more flexible terms than existing contracts, trade sources said, as India seeks to meet a goal to increase the fuel's use.

Tankers Carrying Qatari LNG Resume Course Amid Red Sea Tension

Four tankers used for shipments of Qatari liquefied natural gas (LNG) have resumed course after pausing for several days amid maritime attacks by Yemen's Iran-aligned Houthis in the Red Sea, LSEG ship-tracking data showed on Tuesday.

QatarEnergy Pauses Red Sea LNG Shipping Amid Attacks, Seeks Security Advice

QatarEnergy, the world's second largest exporter of LNG, has stopped sending tankers via the Red Sea although production continues, a senior source with direct knowledge of the matter told Reuters on Monday.

Bulgaria Replacing Russian Crude with Oil from Kazakhstan, Iraq, Tunisia

Bulgaria is replacing Russian oil imports with crude from Kazakhstan, Iraq and Tunisia in January, according to traders and LSEG data.

Iran Seizes Oil Tanker Involved in U.S.-Iran Dispute in Gulf of Oman

Iran seized a tanker with Iraqi crude destined for Turkey on Thursday in retaliation for the confiscation last year of the same vessel and its oil by the U.S., Iranian state media reported, a move likely to stoke regional tensions.

Saudi Arabia Commits to Diversified Energy Portfolio Beyond Oil Focus

Saudi Arabia is taking climate change issues seriously and has shifted its focus to all kinds of energy, not just oil. The country maintains that fossil fuel use can continue, provided it is coupled with measures to capture emissions.

Saudi Arabia Tries to Thread the Needle Between Crude Output, Prices

Saudi Aramco's decision to cut the price of its crude for Asian customers shows just how difficult it is for the world's largest oil exporter to walk the line between maintaining market share and restraining output enough to bolster prices.

Iran's Oil Trade with China Stalls as Tehran Demands Higher Prices

China's oil trade with Iran has stalled as Tehran withholds shipments and demands higher prices from its top client, tightening cheap supply for the world's biggest crude importer, refinery and trade sources said.

BlackRock to Invest Up to $400 Million in Dubai Decarbonization Firm Positive Zero

BlackRock has agreed to invest up to $400 million in Dubai-based decarbonization company Positive Zero through a diversified infrastructure fund, Positive Zero said in a statement on Monday.

India Boosts Saudi Oil Imports in December Amidst Decline in Russian Purchases

India increased imports of Saudi oil in December as payment problems drove its Russian oil buys to an 11-month low, with at least five cargoes of the sweet Sokol variant heading to other locations, data from vessel tracking agencies showed.

PetroChina Assumes Lead Role as ExxonMobil Completes West Qurna 1 Operations

U.S. energy giant ExxonMobil Corp. has formally exited the West Qurna 1 oilfield in southern Iraq and handed over its operations to PetroChina as lead contractor, a deputy oil minister told Reuters on Monday.

Global News January 2024

Latest industry developments from around the world!

Qatar to Supply Crude Oil to Shell in Five-Year Deal

Qatar has agreed to supply Shell in Singapore with up to 18 million barrels of oil a year for five years in what the Gulf state's energy company said was its first ever five-year crude sales deal.

Oil Prices Stabilize Amid Middle East Tensions and Anticipation of U.S. Rate Cut

Oil prices were little changed on Tuesday as investors focused on geopolitical tensions in the Middle East and optimism the U.S. Federal Reserve would soon start cutting interest rates, lifting global economic growth and fuel demand.