Middle-east Arab News Opinion | Asharq Al-awsat

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The OPEC flag and the OPEC logo are seen before a news conference in Vienna, Austria, October 24, 2016. REUTERS/Leonhard Foeger

Saudi, Iraq, Kuwait Hold 30% of World’s Oil Reserves

by Asharq Al-Awsat | Oct 31, 2016 | Business

Cairo- Saudi Arabia, Iraq, and Kuwait have 30% of the world’s oil reserves with around 511.2 billion barrels in their possession, said the Organization of Arab Petroleum Exporting Countries (OAPEC). OAPEC said on Sunday in its monthly bulletin that the...

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Head of the International Energy Agency Fatih Birol

IEA Expects Oil, Gas-Field Investment to Fall 24%

by Asharq Al-Awsat English | Sep 16, 2016 | Business

London-Investments in oil and gas fields are set to drop 24 percent this year and no signs show that it will improve in 2017, according to the International Energy Agency (IEA). National oil companies (NOCs) will continue to dominate upstream oil and gas investments...

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Baiji oil refinery, north of Baghdad, on December 8, 2014. (Reuters/Ahmed Saad)

Iraq offers Asian buyers largest discount on its oil since 2003

by Wael Mahdi | Feb 12, 2015 | Business

Al-Khobar, Asharq Al-Awsat—Iraq, OPEC’s second-biggest oil producer, will offer buyers from Asia the largest discounts on its oil since 2003, in another sign of intense competition among OPEC members vying for larger shares of the lucrative Asian market. Iraq’s...

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Iraqi Oil Minister Abdul Kareem Al-Luaibi, refusing to take questions, arrives on June 8, 2014, at a hotel for a meeting of OPEC oil ministers in Vienna. (Reuters/Heinz-Peter Bader)

World needs Saudi Arabia to supply record oil as OPEC meets

by Asharq Al-Awsat | Jun 10, 2014 | Business

London, Bloomberg—OPEC ministers say they will almost certainly leave their oil-production ceiling unchanged when the group meets this week. What really matters for markets is whether Saudi Arabia will respond to global supply shortfalls by pumping a record amount of...

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In this December 13, 2009 file photo, Iraqi laborers work at the Rumaila oil refinery, near the city of Basra. (AP Photo/Nabil Al-Jurani)

Like a Bull in the Iraqi Oil Market

by Andrés Cala | Aug 16, 2013 | The Majalla Magazine

Global oil production champions are not facing a pretty picture this decade. This comes mostly as a result of North American incremental supplies that have surprised even the most bullish, at least according to bellwether forecasts. So why did the Organization of Oil...