Saudi Arabia's top government-funded think-tank is studying the possible effects on oil markets of a breakup of OPEC, the Wall Street Journal reported.
U.S. sanctions on Iran and OPEC’s lack of spare capacity are worries shaping outlook of oil price swings.
U.S. sanctions on Iran are unlikely to impact the oil market due to a glut in supplies globally, but Iran’s production capacity could be hit due to a possible squeeze in investments, the head of research at Abu Dhabi Investment Authority (ADIA) said on Nov. 6.
Israel will tender off 19 new offshore blocks to oil and gas companies, its energy ministry said on Nov. 4, hoping to rebound from a disappointing bidding round a year ago.
With just days to go before renewed sanctions take effect Nov. 5, the reality is setting in: three of Iran’s top five customers—India, China, and Turkey—are resisting Washington’s call to end purchases outright.
Aramco has been boosting its investments in refining and petrochemicals to secure new markets for its crude as it sees growth in chemicals central to its downstream expansion strategy.
Oil prices fell on Oct. 23 after Saudi Arabia said it would play a "responsible role" in energy markets, although sentiment remained nervous ahead of new U.S. sanctions on Iran's crude exports that start next month.
Saudi Arabia brushed off an outcry over the killing of journalist Jamal Khashoggi and went ahead on Oct 23 with an investment conference boycotted by Western political figures, leading international bankers and company executives.
OPEC is struggling to add barrels to the market after agreeing in June to increase output, an internal document seen by Reuters showed, as an increase in Saudi Arabia was offset by declines in Iran, Venezuela and Angola.
State-owned Abu Dhabi National Oil Co (ADNOC) is looking to sell a stake in its multibillion-dollar pipeline infrastructure assets, three financial sources said.