OPEC news

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.

In the first two months of 2017 OPEC members have demonstrated an unprecedented level of compliance with the production cuts agreed in late 2016.

Russian oil output averaged 11.11 million bpd in February 2017, representing no further output reductions relative to the January 2017 level.

In the wake of Brexit, the Paris Agreement, Donald Trump’s election and with further political and economic milestones ahead, International Petroleum (IP) Week 2017 will assess the future impact of these events on the global oil and gas sector.