Category: Highlights

(Bloomberg) –As OPEC+ began talks on whether to postpone January’s oil-production increase, ministers sounded cautious about the strength of global demand. Saudi Energy Minister Prince Abdulaziz bin Salman said he could see a light at the end of the tunnel thanks to the development of Covid-19 vaccines, but the market had some way to go before getting there. His counterparts from Algeria and Russia talked about bumps in the road and an uncertain winter, adding to the impression that the group is open to considering a delay. “There has been…

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Natural gas inventories in the United States ended the injection season between April and October 2020 close to the all-time high from 2016, the Energy Information Administration (EIA) said on Monday. At the end of the refill season—which is April 1 to October 31—the amount of working natural gas in storage stood at 3,920 billion cubic feet (Bcf), close to the record of 4,047 Bcf from the middle of November 2016, according to EIA data from its latest weekly natural gas inventory report last week. The injection season this year…

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Saudi Arabia’s oil giant Aramco plans to issue U.S.-denominated bonds, with the exact amount subject to market conditions, the world’s largest oil-producing company said on Monday, as it has doubled down on paying huge dividends amid profit slumps. Citi, Goldman Sachs International, HSBC, J.P. Morgan, Morgan Stanley, and NCB Capital will be underwriters of the upcoming bond issue, which will be in several tranches with a maturity of 3, 5, 10, 30 and/or 50 years, subject to market conditions, Aramco said in a filing with the Saudi stock exchange Tadawul.…

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The OPEC+ group complied 101 percent with the oil production cuts in October, keeping a high level of conformity ahead of the crucial meetings over the next two weeks, which will decide if the alliance will reverse course on easing the cuts given the worsening demand outlook. The compliance last month has been estimated at 101 percent, three sources at OPEC+ told Reuters on Friday. This assessment is subject to official review by the Joint Technical Committee (JTC) of OPEC+, which is meeting on Monday, November 16, a day before…

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There is also a proposal to develop a comprehensive and broad-based mineral index for determination of levies and taxes on the lines of recently launched National Coal Index. The objective of these changes is to attract more investments in the sector, including from foreign players. A clutch of proposals to reform the rules governing non-coal minerals will likely come under the consideration of the Cabinet soon. According to a draft Cabinet note prepared by the mines ministry, introduction of mining licences that offers with certainty tenure, ranging from the exploration…

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