A Saudi view on the future of oil on January 8, 2018There is a simple way to understand how Saudi policymakers perceive the future of oil: Much is revealed by how the Kingdom builds its fiscal budget forecasts. Bloomberg News reported last month, based on sources it did not name, that Saudi planners expect to see the first fiscal surplus in 2023 as oil revenues increase […]
Entrepreneur in a knot describes work to build ties with Aramco on January 1, 2018“No one is going to give me a contract because I wear a nice bow tie,” said Hashim Al-Zain, founder of DarTec Engineering Consultants, a small engineering services company, pointing to the knot he was wearing. Addressing the audience at Saudi Aramco’s IKTVA conference in Dhahran on Dec. 12, Al-Zain said: “I don’t get a […]
Rebalancing oil market is still a challenge, even for KSA on November 6, 2017There has been much optimism since last week on the possibility of extending the current production-cuts agreement between the Organization of the Petroleum Exporting Countries (OPEC) and its allies beyond its expiry next March. The optimism was fueled by the recent comments of Saudi Crown Prince Mohammed bin Salman, who said on Oct. 26 that […]
Extending the OPEC cuts deal: An option or a must? on September 11, 2017 Russian Oil Minister Alexander Novak on Tuesday told reporters that his country and Saudi Arabia had in July discussed an extension of the current deal between the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers to cut production. There is no final decision on an extension to the deal beyond its expiry […]
Why OPECs long-term strategy needs regular reviews on August 14, 2017was in Saudi Arabia in November 2007, only a few days ahead of the third summit of the Organization of the Petroleum Exporting Countries (OPEC) heads of state, that I met with one of OPEC’s former secretary-generals, the Ecuadorian Rene Ortiz. Ortiz, who headed OPEC between 1978 and 1982 when oil prices skyrocketed after the […]
Electric vehicles: Hype or real challenge for OPEC? on August 6, 2017Life is a big challenge for everyone, including the big oil producers in the Organization of the Petroleum Exporting Countries (OPEC) who, despite their long-term views of the market, seem to be still battling with short-term trends. One of the immediate challenges for OPEC is the production of “tight” or shale oil from North America. […]
Why is the OPEC deal not working? A Saudi view on July 31, 2017The committee to monitor the global agreement made by 24 nations to curb production held its fourth meeting this year on July 24 – this time in Russia, the largest oil producer on the planet. The Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC Joint Ministerial Monitoring Committee, known as JMMC, had surprised the […]
US independence from OPEC crude is a tough goal on July 10, 2017As the US celebrates Independence Day, it is a good occasion to remember the government’s efforts to free the country from its addiction to foreign oil. More than 40 years after the Organization of the Petroleum Exporting Countries’ (OPEC) oil embargo, the US is still setting its sights on becoming independent from the group’s energy […]
Analyzing OPECs mistakes since 2014 on June 25, 2017The Organization of the Petroleum Exporting Countries (OPEC) is known for its massive resources: Last week, BP said the group holds 71.5 percent of the world’s proven oil reserves. But the 14-member organization is also known for its mistakes. It is hard to tell a group of the world’s biggest oil producers, which run state-owned […]