Latest from Argaam
Argaam
5 hours ago
- Business
- Argaam
OPEC+ moves meeting to Saturday amid output hike forecasts: Report
The OPEC+ members decided to bring forward their meeting to next Saturday instead of Sunday, Asharq Business reported. The meeting will bring together the eight-member alliance, Saudi Arabia, the UAE, Kuwait, Iraq, Kazakhstan, Oman, Algeria, and Russia, to discuss production policy for August, amid expectations of a 411,000 barrels-per-day (bpd) increase. If approved, this would mark the fourth consecutive production hike, bringing the total output hike since the start of the year to approximately 1.78 million bpd, or more than 1.5% of global demand. Following the meeting, OPEC+ members and top industry leaders are expected to gather in Vienna for the 9th International Seminar on July 10, where the 19th edition of OPEC's World Oil Outlook report will be released.
Argaam
6 hours ago
- Business
- Argaam
Aramco considers power assets sale: Report
Saudi Arabian Oil Co. (Saudi Aramco) is reportedly considering selling up to five gas-fired power plants as part of a broader effort to raise funds, Reuters reported, citing informed sources. The potential sale of four or five gas-fired plants that power refineries could alone raise around $4 billion. The oil giant could divest assets such as housing compounds and pipelines, while port infrastructure assets could be up for sale too. Port infrastructure assets might also be put up for sale, the sources said, noting that local companies—such as utility providers—could be interested buyers.
Argaam
12 hours ago
- Business
- Argaam
Barclays raises Brent forecast to $72/brl for 2025
Barclays on Thursday said it raised its Brent oil price forecast by $6 to $72 per barrel for 2025 and by $10 to $70 a barrel for 2026 on an improved outlook for demand, Reuters reported. "Geopolitical tensions have eased as the US.-mediated ceasefire between Israel and Iran continues to hold and the risk premium has evaporated, but price action has been reflecting better-than-expected fundamentals, in our view," said Barclays in a note. Despite the rapid increase in output from the OPEC+ alliance, global crude oil inventories declined in the second quarter. The bank also raised its forecast for global oil demand growth by 260,000 barrels per day (bpd), supported by a noticeable rise in consumption among OECD countries, where demand exceeded previous estimates. Analysts expect US oil demand to grow by 130,000 bpd this year, 100,000 barrels higher than earlier projections, despite expectations of a gradual slowdown in economic activity later in the year.
Argaam
13 hours ago
- Business
- Argaam
Oil prices mixed following Iran's nuclear commitment
Oil prices showed a mixed performance on Friday, after Iran reaffirmed its commitment to nuclear non-proliferation. This also came amid expectations that the OPEC+ alliance will raise production by 411,000 barrels per day (bpd) in August. Brent crude futures for August delivery slipped by 0.15%, or 10 cents, to $68.70 per barrel as of 8:05 a.m. Makkah time. Meanwhile, US WTI crude futures for August delivery held steady at $66.98 per barrel. US envoy Steve Witkoff is set to meet Iranian Foreign Minister Abbas Araghchi in Oslo next week to revive nuclear talks between the two countries. This marks the first direct contact since the strikes on Iran's nuclear facilities, Axios reported, citing a White House official.
Argaam
a day ago
- Business
- Argaam
Saudi Arabia, Oman launch phase two of industrial integration
The launch of the second phase of the Saudi-Omani industrial integration initiative Minister of Industry and Mineral Resources Bandar Alkhorayef announced today the launch of the second phase of the Saudi-Omani industrial integration initiative. The initiative aims to boost industrial integration between the two countries, as well as boosting trade exchange and mutual investments, he added, in a post on 'X' social platform.
