Tag: Saudi Arabia

Russia is slowly decreasing its oil production following the OPEC+ deal and is on track to reach approximately the fifth of the way towards its pledged cut on January, according to Bloomberg. Russian data reveal that the nation's output has already decreased by more than 30.000 barrels per day, similar to October's levels, asreported by Alexander Novak, Energy Minister.

Output cuts in oil-rich Alberta and Saudi Arabia result to leaving heavy-crude refiners from the Gulf of Mexico to Asia in a challenging position. The Saudis are expected to mostly focus on paring output of heavy crude as they lead efforts to rebalance the global market, according to Bloomberg. Although curtailments in Canada have driven local prices at a record in almost a decade, others as Arab Heavy and Heavy Louisiana Sweet are also gaining a powerful position. 

As part of a blockchain pilot program, between Saudi Customs and IT partner Tabadul, Saudi Arabia’s cross-border trade platform FASAH has been integrated with Maersk and IBM’s TradeLens service. The pilot blockchain program aspires to connect FASAH, a Saudi Arabia’s national platform which connects all government and private entities involved in cross border trade, with TradeLens for selected services to ensure immutability, traceability, reduced reconciliation, auditability, and compliance.

Ahead the OPEC meeting to be conducted in Vienna this week, energy consultant Wood Mackenzie examined the current landscape around the oil production supply and demand taking into consideration the role of US, Russia and other leader countries, as well as the potential influence of Qatar's withdrawal from the group, noting that the move will likely not affect significantly the supply.

U.S. Maritime Advisory 2018-014 informs of a continued GPS interference by vessels and aircraft operating in the Eastern Mediterranean Sea It is causing the alternation of GPS signals and affects the navigation and communication of vessels. GPS interference is causing the loss or the alternation of GPS signals affecting bridge navigation, GPS-based timing and communications equipment.   

According to the US Maritime Administration, GPS interference has been reported near Jeddah Port, Saudi Arabia, near the position 21-29N, 039-09E on October 15th and 18th, 2018. These incidents have not been confirmed, but according to MARAD, this interference is resulting in either inaccurate positions or no position.

Pakistan invited Saudi Arabia to become the third partner in the Belt and Road initiative of major infrastructure projects inside Pakistan, as Pakistan’s information minister said last week. Fawad Chaudhry mentioned that he expects Saudi Arabia to invest in Pakistan in a major way.

OPEC received about $567 billion in net oil export revenues in 2017, an increase of 29% from revenues in 2016. Increases in both crude oil prices and in net OPEC oil exports increased revenues in 2017, and EIA expects that revenues will continue to increase in 2018, according to EIA’s August Short-Term Energy Outlook.

A Saudi-led military coalition thwarted attacks by the Houthis. Namely, the movement used explosives-laden speedboats against commercial vessels, according to a Saudi-led coalition’s spokesman. Earlier this week, the Houthis informed that they conducted an operation in Saudi waters, during which they hit a military target.

Saudi Arabia announced a temporary halting of all oil shipments through the Red Sea shipping lane of Bab al-Mandeb, after Houthis attacked two Saudi Very Large Crude Carriers in the Red Sea. Saudi Arabia may have proceeded to this move to persuade its Western allies that the Houthis are more dangerous than they think.