Facts, News, Trends, Analysis
Despite recent attacks on vessels at sea by Somali pirates, Iran has stated that its ships will not avoid these routes, according to the Tehran Times. Iran currently exports approximately 2.4 million barrels of crude oil per day, 25% of which is sent to Europe via pirate-infested waters. An Iranian-operated Hong Kong-flagged cargo ship carrying [...]
Today makes the second day of fuel shortages in Jordan. Residents throughout the country are having to travel to multiple gas stations and wait long periods of time in order to refill their tanks. Gas station owners say that this problem might continue until the weekend and claim the JPRC is at fault. Some owners [...]
Abdallah Jumah, the current CEO of Aramco, Saudi Arabia’s largest oil company, has decided to retire after his 14 years as President. Saudi Arabia recently named Khalid al-Falih the new President and CEO of the company, a position he will assume on January 1, 2009. Aramco has been the primary oil company in Saudi Arabia and [...]
The National Planning Council (NPC) held a meeting on October 20 in order to discuss the state of the Libyan economy, paying particular attention to a developing contingency plan to deal with any probable consequences in the face of a collapse in the oil price. Chairman Dr. Mahmoud Jibril also laid emphasis on investment programs [...]
It seems that on Thursday, Deputy Prime Minister for Economic Affairs Abdullah al-Dardari and Minister of Petroleum and Mineral Resources Sufian al-Alaw, engaged in discussions with Shell International pertaining to a bilateral agreement. The October 23rd meeting hinged on a previously signed agreement, which would expand the sharing of oil revenues and production between the [...]
The New York Times reported Monday on the financial crisis that three oil-rich nations–Iran, Venezuela and Russia–may begin experiencing due to the potential of a global recession. All three nations rely on oil revenues for much of their government spending. The Iranian government uses such revenues to advance its nuclear program despite western opposition and [...]
This past Monday, Iraq opened the door to its oil fields and invited the world to come in. Opening bidding on contracts to develop the nation’s oil fields, Iraqi Oil Minister Hussein Al-Shihristani met with over 30 international companies in London to discuss details and guidelines for making a bid. Bids will be due in [...]
At least 74,000 barrels of oil from Iraq have arrived in Jordan in the last ten days. The shipments are part of a joint agreement between the two countries. The projected target is to reach 10,000 barrels a day. The price is currently $22 a barrel lower than the international price. According to Khaldoun Oleishat, [...]
In a change of position by the Iraqi government, they have announced a deal Monday allowing Shell Oil Company to tap the Iraqi reserves. This is actually the second deal signed in as many months by the Iraqi government granting foreign investment in the oil reserves, a move Iraqi nationalists have opposed for years. In [...]
The Libyan government has decided to start distributing oil revenue among its citizens in order to create a more diverse economy. The plan is set to take effect next year. However, no details of the project or how funds will distributed have been revealed. Many questions have been posed concerning the economic outcome of this [...]
