• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 1 hour GREEN NEW DEAL = BLIZZARD OF LIES
  • 6 days If hydrogen is the answer, you're asking the wrong question
  • 37 mins How Far Have We Really Gotten With Alternative Energy
  • 10 days Biden's $2 trillion Plan for Insfrastructure and Jobs
Editorial Dept

Editorial Dept

More Info

Premium Content

A Crisis Looms For Oil-Rich Gulf States

Gulf States

Market Movers

- The International Monetary Fund issued a dire warning to the oil-rich Gulf Arab states this week: Rein in your spending or risk exhausting all of your oil savings within the next fifteen years. Even powerhouse Saudi Arabia was on the list, along with gas-rich Qatar. Low oil prices, the rise of renewables, climate change, and slower oil demand growth all threaten the livelihood of the fossil-fuel dependent states, the IMF said - and no one is immune. The region’s total wealth, estimated at $2 trillion, will turn negative by 2034 if oil were to trade at $55 per barrel - a price that would see the region becoming a net borrower.

- Goldman Sachs delivered a sharp blow to Exxon this week, downgrading XOM.N from neutral to sell after the oil giant reported rather grim Q4 financial results. Exxon managed to miss analysts’ earnings estimates, which fell to just $5.6 billion - down from $6 billion a year ago. The disappointing results came on the back of lower oil and gas prices, as well as unfavorable downstream segments. Goldman’s downgrade sent Exxon stock tumbling. It is trading nearly $8 down over the last 30 days.

- The Russian government will grant energy companies tax incentives worth $231 billion to boost oil and gas production in the Arctic, after the passage of new legislation last week.

- Libya’s National Oil Company said this week that it has lost nearly $1 billion in oil revenue since the closure of its oil…





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News