• 4 minutes Trump will meet with executives in the energy industry to discuss the impact of COVID-19
  • 8 minutes Charts of COVID-19 Fatality Rate by Age and Sex
  • 11 minutes Why Trump Is Right to Re-Open the Economy
  • 13 minutes Its going to be an oil bloodbath
  • 1 hour US Shale Resilience: Oil Industry Experts Say Shale Will Rise Again
  • 2 hours While China was covering up Covid-19 it went on an international buying spree for ventilators and masks. From Jan 7th until the end of February China bought 2.2 Billion masks !
  • 36 mins Ten days ago Trump sent New York Hydroxychloroquine. Being administered to infected. Covid deaths dropped last few days. Fewer on ventilators. Hydroxychloroquine "Cause and Effect" ?
  • 6 hours Marine based energy generation
  • 2 hours China Takes Axe To Alternative Energy Funding, Slashing Subsidies For Solar And Wind
  • 4 hours Today 127 new cases in US, 99 in China, 778 in Italy
  • 10 hours Real Death Toll In CCP Virus May Be 12X Official Toll
  • 20 hours What If ‘We’d Adopted A More Conventional Response To This Epidemic?’
  • 1 day Trafigura CEO Weir says, "We will see 30% to 35% drop in demand". That amounts to 35mm bbls/day glut ! OPEC+ 10 mm cut won't fix it. It's a DEMAND problem.
  • 40 mins Apple to Bypass Internet and Beam Directly to Phones
  • 6 hours Which producers will shut in first?
  • 16 hours TRUMP pushing Hydroxychloroquine + Zpak therapy forward despite FDA conservative approach. As he reasons, "What have we got to lose ?"
Alt Text

OPEC’s Plan To Take Over The Global Oil Industry

Much of the commentary surrounding…

Alt Text

Demand Destruction Will Decimate Oil Prices

The long-term ramifications of the…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

The Next Major Middle East Oil IPO

Oman Oil Company, wholly owned by the Gulf crude producer not part of OPEC, plans an initial public offering (IPO) of up to 25 percent by the end of 2020, as Oman looks to shore up its budget deficit after the 2014 oil price crash.

Oman has already retained financial advisers for what would be the second IPO of a Gulf producer after the much-anticipated share sale of Saudi Arabia’s oil giant Aramco, Oman’s Oil Minister Mohammed al Rumhy said on Wednesday, as carried by Reuters.

As Oman’s economy is overly reliant on the oil sector, the price crash in 2014-2015 and only the modest recovery in prices in recent years have widened the country’s deficit. An IPO of its state-held oil firm would give Oman much needed fiscal resources to plug deficits and, potentially, to implement reforms to diversify its economy away from oil.

According to S&P Global Ratings, oil and gas accounts for 35 percent of Oman’s gross domestic product (GDP), 60 percent of its exports, and a whopping 70 percent of its fiscal receipts.

“Given this high reliance on the hydrocarbon sector, we view Oman’s economy as undiversified and subject to global oil industry dynamics,” S&P Global Ratings said in October.  

Oman, which is part of the non-OPEC partners in the OPEC+ production cut deal, will tell fellow producers later this week that it recommends the rollover of the cuts until the end of next year, al Rumhy also said on Wednesday. 

On Thursday, OPEC members meet in Vienna to discuss the state of the oil market and the fate of the production cut pact. Non-OPEC partners in the deal, led by Russia, will join the talks on Friday, December 6.

“Whatever is needed I am sure they [participants at the oil talks] will make the right decision,” the Omani oil minister told Reuters, asked if potential deeper cuts could stabilize the oil market.

As the meeting draws nearer, a growing number of analysts expect only deeper cuts to help drain a looming glut early next year—in all other scenarios oil prices could drop to as low as the low $40s.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage






Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News