OPEC news

WorleyParsons has been awarded the project management and front end engineering and design (FEED) services for the offshore oil and gas facilities portion and the onshore upstream and downstream pipelines portion of Saudi Aramco’s Marjan Oil Field Development Program.

EIA now forecasts Brent crude oil spot prices to average US$51/bbl in 2017 and US$52/b in 2018. West Texas Intermediate (WTI) crude oil prices are expected to be US$2/bbl lower than Brent prices in 2017 and 2018.

In its annual account of global oil resources, Rystad Energy finds that Saudi Arabia has added enough recoverable oil resources to regain its top position ahead of the United States and Russia.

Amec Foster Wheeler has announced that it has been awarded a contract by Saudi Aramco, for facilities required as part of the integrated oil and gas expansion of the Marjan offshore and onshore oilfield in the Eastern province of Saudi Arabia.

Nizam Hamid, Head of Strategy in Europe at WisdomTree, considers how today's OPEC meeting will affect the volatility of the oil price.

Sam Wahab, director of oil & gas research at Cantor Fitzgerald Europe, comments on this week’s Opec meeting and the planned listing later this year of Aramco by Saudi Arabia.

Oil prices could touch highs last seen in April when the Organisation of the Petroleum Exporting Countries (Opec) convenes its next meeting in Vienna on 25 May, WisdomTree’s Nizam Hamid has said.

The JMMC expressed its satisfaction with the progress made towards full conformity.

Faced with declining government revenues from the oil and gas sector after the oil price crash and looking to diversify its economy, Saudi Arabia is reportedly planning to list 5% of its state-owned oil giant, Saudi Aramco, in an Initial Public Offering (IPO) in late 2018.

Yesterday the Kingdom of Saudi Arabia announced that the tax rate for the petroleum industry would be reduced from 85% to 50%. This change implies that more money is left for the Saudi Aramco, which makes the company more attractive for investors.