OPEC

Arab Gulf Economies Take Massive Hit with Oil Price Crash

BAGHDAD — Iraq is planning painful cuts in social benefits relied on by millions of government workers. Saudi Arabia will likely have to delay mega-projects. Egypt and Lebanon face a blow as their workers in the Gulf send back less of the much-needed dollars that help keep their fragile economies afloat.

AP Photo/Hasan Jamali

Spencer McGowan: Trump Should Tariff Saudi Arabia for Dumping Oil

President Donald Trump should impose tariffs on Saudi Arabia’s oil exports to the U.S. in response to the kingdom’s dumping of oil during record-low global prices of the commodity caused by coronavirus-related economic shutdowns, said Spencer McGowan, founder of McGowan Group Asset Management and host of NetWorth Radio.

Oil rigs extract petroleum as the price of crude oil rises to nearly $120 per barrel, prompting oil companies to reopen numerous wells across the nation that were considered tapped out and unprofitable decades ago when oil sold for one-fifth the price or less, on April 25, 2008 in the …

Saudi Oil Output to Hit Record High in April

Saudi Arabia is evidently very serious about the oil price war it launched this week, signaling that its national oil company Saudi Aramco will hit a record high production level of 12.3 million barrels per day in April. 

Saudi Arabia, the world's top oil exporter, has posted a budget deficit since 2014 when a crash in oil prices shrank its revenues

Iran Exceeds Uranium Limits, Threatens Further Nuclear Deal Violations

Inspectors for the International Atomic Energy Agency (IAEA) on Monday confirmed a statement by Iranian Foreign Minister Mohammad Javad Zarif that Iran has violated the 300 kilogram limit on stockpiling enriched uranium established by the 2015 nuclear deal, formally known as the Joint Comprehensive Plan of Action (JCPOA).

The reactor building at the Russian-built Bushehr nuclear power plant in southern Iran, 1200 Kms south of Tehran, where Iran has began unloading fuel into the reactor core for the nuclear power plant on October 26, 2010, a move which brings the facility closer to generating electricity after decades of …

Saudi Arabia Wants to Capture Iran’s Oil Business

A source in the Persian Gulf region “familiar with Saudi plans” told Bloomberg News on Wednesday that Saudi Arabia has received “moderate requests from customers for shipments next month, including from former buyers of Iran’s oil.”

Rare glimpse into Saudi Aramco shows $111 billion net profit

Marcus: Trump’s Courage Could Free U.S. from OPEC

Bernie Marcus writes that President Trump’s National Security Strategy tells us that we must “embrace energy dominance” by “unleashing our abundant energy resources,” including natural gas. If we follow that course, we could break free of the stranglehold of OPEC.

OPEC

Saudis Planning $10B Investment in Texas

Saudi oil executives inked multi-billion dollar deals with companies to explore building petrochemical facilities along the Texas Gulf Coast. Essentially, they hope to capitalize on the U.S. oil and gas boom, largely fueled by shale drilling in the Permian Basin.

FILE - This June 27, 2017, file photo shows an oil rig at sunset in Midland, Texas. President Donald Trump relentlessly congratulates himself for the healthy state of the U.S. economy, with its steady growth, low unemployment, busier factories and confident consumers. But in the year since Trump’s inauguration, most …