Saudi Arabia has said it will reduce how much oil it sends to the global economy by one million barrels per day (bpd), as the OPEC+ alliance of major oil-producing countries faces flagging oil prices and a looming supply glut. The kingdom said on Sunday that it would make these production cuts in July to support the sagging cost of crude after two earlier production cuts by OPEC+ members failed to push […]
INTERNATIONAL Saudi Arabia signed new multi-billion dollar deals with South Korea last week, in the kingdom's latest bid to boost ties with one of its main oil consumers and the fourth largest economy in Asia. In his visit to Seoul on 16 November, Saudi Crown Prince and Prime Minister Mohammed bin Salman met with South Korean President Yoon Suk-Yeol and a number of heads of Korean conglomerates such as Samsung and Hyundai. […]
INTERNATIONAL LIVE updates as at 1pm 11:13 GMT- Western-supplied arms and mercenaries are priority targets: Moscow The secretary of Russia’s Security Council, Nikolai Patrushev, says that Western-supplied arms and foreign mercenaries were priority targets for Russia’s forces fighting in Ukraine, the RIA Novosti news agency reported. “Lethal weapons supplied to Ukraine, as well as foreign mercenaries fighting on the Ukrainian side, are priority targets for the Russian Armed Forces,” Patrushev […]
INTERNATIONAL An agreement between Israel, the Palestine Authority (PA) and Egypt to revive gas exploration at fields off the coast of Gaza may be close, Palestinian sources have said. The deal would see an Egyptian company facilitate natural gas production in the offshore fields using Israeli infrastructure, a Palestinian source familiar with the talks who spoke on condition of anonymity told Middle East Eye. The cash-strapped Ramallah-based PA, represented by the sovereign wealth vehicle Palestine […]
INTERNATIONAL Crude prices were down Monday despite a move by the Saudi and Russian-led Opec+ oil cartel to slash output by two million barrels a day, underscoring the competing economic factors at play as producers look to support prices amid signs of a slowing global economy. Brent crude, the global oil benchmark, was down two percent Monday to $95.92 a barrel. Brent had ticked up ahead of the Opec+ decision […]
Libya's state oil company said it may suspend exports from the Gulf of Sirte, which contains many of the OPEC member's main ports, in the next three days amid a worsening political crisis, Bloomberg reports. According to the report, the National Oil Corp said it could declare force majeure, a clause in contracts allowing shipments to be halted within 72 hours, according to a statement on Monday. The Gulf of Sirte includes […]
Forces from the regional Kurdish government have taken control of some oil wells in northern Kirkuk, Iraq's state-run North Oil Company said in a statement on Saturday, but the Kurdish government denied this, Reuters reports. It said the forces arrived with a technical team from the Kurdish region and took over some of the oil wells in the Bai Hassan oilfield, which is controlled by the North Oil Company. The statement did […]
Libyan Minister of Oil in the Government of National Unity, Mohamed Aoun, said the country is losing $60 million per day from the closure of oil fields and ports, Anadolu reported. Aoun met with the UN-backed Prime Minister Abdel Hamid Dbeibeh yesterday, in the presence of the heads of the General Intelligence Service, General Staff and the Petroleum Facilities Guard. He told the officials that Libya is missing out on exporting 500,000 […]
The United Arab Emirates has pushed back against a plan by the OPEC oil cartel and allied producing countries to extend the global pact to cut oil production beyond April 2022, a rare statement revealing the country’s frustration with the group. The Emirati Ministry of Energy called the proposal to extend the agreement for the entirety of 2022 without raising its production quota “unfair to the UAE,” according to the […]
VOC became the first Muslim radio station in South Africa when a special events license was granted to the station in Ramadan/January 1995. Subsequent temporary broadcast licenses were granted, permitting the station to broadcast for 24 hours.
