The International Energy Agency remains in regular contact with authorities in Saudi Arabia and other major producing and consuming countries, as well as industry, following Saturday’s attacks. We welcome the statement made by Saudi Energy Minister Prince Abdulaziz bin Salman on bringing Saudi Arabia’s suspended production back online. The IEA reiterates its commitment to ensure that global oil markets remain well supplied. As ever, the IEA is ready to take rapid action in the event of any sustained shortfalls. For now, markets remain well supplied with ample stocks available. IEA ...

Saudi oil output is unlikely to be fully restored in the next couple of weeks despite assurances by Saudi officials and a drawdown of oil stocks to keep exports flowing, according to analysts. Prince Abdulaziz bin Salman, the new energy minister appointed last week, said in a briefing Tuesday that more than half of the 5.7 million b/d of output lost after attacks on oil facilities on Saturday was back online and predicted production would return to 11 million b/d by the end of this month and 12 million b/d ...

Fossil fuels continue to account for the largest share of energy consumption in the United States. In 2018, about 79% of domestic energy production was from fossil fuels, and 80% of domestic energy consumption originated from fossil fuels. The U.S. Energy Information Administration (EIA) publishes the U.S. total energy flow diagram to visualize U.S. energy from primary energy supply (production, imports, and stock withdrawals) to disposition (consumption and exports). In this diagram, losses that take place when energy is converted to the secondary forms that are delivered to customers—primarily electricity ...

Venezuela’s state-run oil company PDVSA has suspended some crude blending and cut back production as inventories have swelled due to U.S. sanctions scaring off buyers and shippers, according to internal documents, sources and data. Washington this year imposed several rounds of sanctions on PDVSA in an attempt to oust socialist President Nicolas Maduro, whose 2018 re-election was dismissed by the opposition and most Western democracies as a sham. The measures banned U.S. firms from buying PDVSA’s oil, depriving Venezuela of its former top destination for exports, and scaring off other ...

Attacks on Saudi Arabian oil facilities on Saturday shut down about 5.7 million barrels per day (bpd) of crude production, sending global oil prices soaring. A prolonged shutdown – at current levels, more than 5% of global oil supply – could lead to increased fuel prices for consumers. Saudi Arabia is the world’s biggest oil exporter, normally shipping more than 7 million barrels every day. The key Abqaiq processing plant was hit at the weekend. It processes crude from the Ghawar, Shaybah and Khurais fields that produce Arab Light or ...

Worried about oil prices after the weekend’s raids on Saudi Arabia? You may want to wait until prices rise more before really getting scared about the risks to your job, your budget, or the economy. A lot more. “$110 a barrel — that would probably be enough to put the global economy in recession,” says Steven Kopits, managing director of energy consulting firm Princeton Energy Advisors. Or, to be on the safe side, let’s say the point to get really worried is when prices start surging toward $100. Despite the ...

Saudi Arabia is still considering secondary locations for the flotation of oil giant Aramco after primary location Riyadh, Finance Minister Mohammed al-Jadaan said in an interview with Bloomberg TV on Wednesday. “We are still considering secondary market options” for the international leg of the IPO, Jadaan said, adding the government is committed to the transaction. He also said there would be little impact on the economy from the attacks on Aramco facilities. “Saudi Arabia has weathered significantly worse situations than what we have seen now,” he said. “The interruption in ...

OPEC kingpin Saudi Arabia on Thursday led calls for oil producers to comply with output cuts aimed at stabilising a slumping oil market, as a gloomy new forecast blamed US-China trade tensions for depressed demand. Riyadh has been shouldering the burden of existing production cuts, but other nations — notably Nigeria and Iraq — are accused of exceeding their quotas. “Every country should live up to its commitments,” new Saudi Energy Minister Prince Abdulaziz Bin Salman said as a committee of producers charged with monitoring the cuts and assessing the ...

JPMorgan has upgraded its outlook for Europe’s top oil and gas companies, forecasting sharp growth in shareholder returns while striking a downbeat note on the pace of a transition to low-carbon energy. The note, titled “Reality check needed on ‘Black Gold’”, was published on Monday, when crude prices surged nearly 20% following weekend attacks on Saudi Arabian oil facilities. Crude’s gains pulled up the share prices of oil firms. JPMorgan’s bullish tone comes amid calls from some investors and activists for reduced investment in oil and gas companies due to ...

Saudi Aramco chairman Yassir al-Rumayyan said a planned initial public offering (IPO) of the state oil giant would be ready within the coming 12 months and that the kingdom was committed to the listing. Rumayyan told a news conference that the Aramco IPO would “continue as it is” despite weekend attacks on the company’s oil facilities. He said the IPO would depend on market conditions. Soouce: Reuters (Reporting by Rania El Gamal and Stephen Kalin; Additional reporting by Maher Chmaytelli and Maha El Dahan in Dubai; Writing by Ghaida Ghantous; ...

The crude crush continues. Oil prices reversed on Tuesday to fall nearly 6% after surging over the weekend and on Monday, a monster move that followed a set of coordinated attacks on Saudi Arabia’s oil supply. The pivot came after the Saudi energy minister said the kingdom would have its oil supply back online by the end of the month. And, judging by crude’s track record, a return to its longer-term downtrend seems like an appropriate direction for the commodity, said Anthony Grisanti, longtime trader and founder and president of ...

The head of Russia’s Direct Investment Fund on Wednesday praised Saudi Aramco’s quick recovery of oil production after attacks on its facilities, and said Russian companies had offered to help fix the damage. “A very fast recovery of Saudi production highlights the strong professionalism and resilience of Aramco in the face of a major attack on the oil industry and the world economy,” said Kirill Dmitriev, who has said Russia could invest in Aramco’s share listing. Dmitriev helped mastermind Russia’s joint oil production cutting deal with OPEC in 2016. He ...

Libya’s National Oil Corporation (NOC) said it had added 500,000 barrels of crude oil capacity to the Ras Lanuf port, reaching its highest level since 2016. The NOC said its Harouge Oil Company subsidiary had replaced a tank, dubbed No. 7, which has a capacity of 500,000 barrels of crude oil. In June 2018, the NOC, which handles oil and gas exports for the country, said storage capacity at Ras Lanuf port had been cut by 400,000 barrels after a second crude oil tank was set on fire amid fighting ...

Oil prices retreated about 2% on Wednesday, extending the previous day’s declines after Saudi Arabia said it would quickly restore full production following last weekend’s attacks on its facilities and as U.S. crude stockpiles rose unexpectedly. Tension in the Middle East remained elevated, however, after the Saudi Defense Ministry held a news conference, displaying drone and missile debris it said was “undeniable” evidence of Iranian aggression. U.S. President Donald Trump on Wednesday said he ordered a major increase in sanctions on Iran in the latest U.S. move to pressure Tehran. ...

Spreads for benchmark Dubai crude futures were mixed in mid-morning trading hours on Wednesday, as market participants continue to price in risk premia for the Middle East following an overnight press conference by the country’s new energy minister, Prince Abdulaziz bin Salman. The Dubai October/November intermonth futures spread was unchanged between 4:30 pm in Singapore (0830 GMT) Tuesday evening and 11 am (0300 GMT) Wednesday morning, at $1.59/b, despite flat price on crude futures seeing a $3-$5/b correction after the Saudi prince’s comments. Saudi Arabia has already restored more than ...