• 4 minutes Permian already crested the productivity bell curve - downward now to Tier 2 geological locations
  • 12 minutes Western Canada Select price continues to sink
  • 18 minutes Starvation, horror in Venezuela
  • 14 mins WTI @ 67.50, charts show $62.50 next
  • 4 hours China still to keep Iran oil flowing amid U.S. sanctions
  • 1 hour China goes against US natural gas
  • 51 mins How To Explain 'Truth Isn't Truth' Comment of Rudy Giuliani?
  • 4 hours Is NAFTA dead? Or near breakthrough?
  • 1 hour Saudi PIF In Talks To Invest In Tesla Rival Lucid
  • 4 hours Japan carmakers admits using falsified emissions data
  • 2 days Renewable Energy Could "Effectively Be Free" by 2030
  • 15 mins Corporations Are Buying More Renewables Than Ever
  • 24 mins Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 17 hours Hey Oil Bulls - How Long Till Increasing Oil Prices and Strengthening Dollar Start Killing Demand in Developing Countries?
  • 2 days Saudi Fund Wants to Take Tesla Private?
  • 1 day Why hydrogen economics does not work
Saudi Arabia And Iran Reignite The Oil Price War

Saudi Arabia And Iran Reignite The Oil Price War

As U.S. sanctions on Tehran…

U.S., China Trade War Puts A Lid On Oil

U.S., China Trade War Puts A Lid On Oil

Negative signs for demand have…

Zainab Calcuttawala

Zainab Calcuttawala

Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…

More Info

UAE Seeks Oil And Gas Investors To Offset $1 Trillion In Canceled Projects

UAE

The Emirati Energy Minister is inviting oil and gas majors to make new investments in 2018 after over a $1 trillion in cancelled projects caused thousands of job losses in the industry.

Minister Suhail bin Mohammed Al Mazrouei made the invitation during the Tuesday proceedings of International Petroleum Week in London. Global exploration and production spending fell by 27 percent in 2015 and 2016. "It was also a period that saw major stock builds, with the OECD stock overhang increasing to a level of 380 million barrels above the five-year average at the end of July 2016,” he said.

“Action” is necessary to restart financier interest in discovering new oilfields, the UAE official said. Oil prices have grown since the Organization of Petroleum Exporting Countries agreed to reduce bloc-wide output by 1.2 million barrels per day. That agreement will expire at the end of 2018, provided it lasts beyond a June “review” stipulated in the program’s renewal in November.

The OPEC deal is closer than ever to meeting its market rebalancing goals, with OECD inventories now just 74 million barrels above the five-year average recorded in January 2017, according to a report by Reuters.

There are also roughly a dozen other non-OPEC nations that have pledged to cut 600,000 additional barrels per day, with Russia making half of these additional reductions. The OPEC and the non-OPEC producers will draft a plan for long-term cooperation this year to institutionalize their current collaboration into a supergroup of oil producers led by Saudi Arabia and Russia, Al Mazrouei told The National in an interview published earlier this month. Putting together a draft charter and discussing it during the year is one of the UAE’s aspirations, said the minister whose country is currently holding OPEC’s presidency.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

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