Middle East
Iraq's massive Total oil deal heralds new revenue-sharing formula
Iraq secured its $27-B oil deal with France's TotalEnergies by offering quicker, less risky payback through greater revenue-sharing, a model it could replicate in the future to lure investors.
UN could start removing oil this week from decaying Yemen tanker
An operation to start removing some 1.1 million barrels of oil from a decaying tanker moored off Yemen's coast could start by the end of the week, the United Nations said.
Saudi Arabia and Turkey sign petroleum and petchem cooperation MoU
Saudi Arabia and Turkey have signed a memorandum of understanding to cooperate in the production, marketing and distribution of refined petroleum products and in petrochemicals production.
Riyadh, Tokyo to cooperate on energy security, recycled carbon fuels and ammonia
Saudi Arabia said it remains committed to securing oil supplies for Japan and will continue cooperating with Tokyo on clean hydrogen, ammonia and recycled carbon fuels.
ADNOC statement on potential Borouge-Borealis merger
Abu Dhabi National Oil Company P.J.S.C. is excited to confirm that, following initial exploratory discussions, it has entered into formal negotiations with OMV AG, about the potential creation of a new combined petrochemicals holding entity, through the proposed merger of their respective existing shareholdings in Borouge plc and Borealis AG.
Turkey increases fuel tax as it bolsters stretched budget
Turkey raised tax on petrol to help to fund a $42.2-B increase to its 2023 budget after February's earthquakes and the May presidential election sent spending soaring.
Iraq-Iran gas-for-oil barter would likely violate U.S. sanctions
A barter of Iranian natural gas for Iraqi oil as described by the Iraqi prime minister this week would likely violate U.S. sanctions on Tehran unless the U.S. issued a waiver permitting it, three former U.S. officials said.
Oil supply disruptions boost prices
A series of oil supply disruptions across the globe has helped push Brent crude prices above $81 a barrel for the first time since April.
Saudi Arabia imports record Russian fuel oil in June as trade grows
Saudi Arabia imported record volumes of discounted Russian fuel oil in June, a near 10-fold annual increase to meet summer power generation demand and maintain crude exports despite OPEC+ production cuts, according to traders, analysts and Kpler data.
IEA trims 2023 oil demand forecast on economic headwinds
Oil demand is set to hit a record high this year but economic headwinds and interest rate hikes mean the increase will be slightly less than anticipated, the International Energy Agency said.
- Vertex Energy pauses renewable diesel output to switch back to fossil fuels, citing macroeconomic woes 5/10
- Citgo Petroleum reports Q1 profit of $410 MM 5/10
- Golden Pass LNG in discussions with contractor, may delay startup 5/10
- SAFFiRE Renewables biofuel pilot plant to be developed in Kansas 5/10
- EBRD backs Ukraine's green biofuels project with €60-MM loan 5/10
- Russia's refined oil product exports to Singapore to hit highest this year in May 5/10
