Saudi Arabia Reduced Oil Production by a Quarter
Saudi Arabia has reduced oil production by 2.8 million barrels, or 26%, to 8 million barrels per day due to the conflict in the Middle East caused by the attack by the United States and Israel on Iran, Reuters reported, citing sources. “The world’s largest oil exporter, Saudi Arabia, has …
SLB Partially Scales Back Operations in the Middle East Due to Escalation
The world’s largest oilfield services company SLB (formerly Schlumberger) has begun partially scaling back its operations and has also suspended transit shipments in the Middle East due to the escalation of the situation, according to the company’s press release. The United States and Israel on February 28 began carrying out …
The United States Seeks Access to Iran’s Oil Resources, Tehran Said
The United States seeks to gain access to Iran’s oil resources, said Esmail Baghaei, spokesperson for the Iranian Ministry of Foreign Affairs. “As for what the goal of the United States is, there is no doubt — no one has ever doubted that the goal of the United States is …
Vladimir Putin Allowed the Suspension of Oil Production Tied to the Strait of Hormuz
Vladimir Putin stated that a full rerouting of Middle Eastern oil supplies without the Strait of Hormuz will not be possible. The Russian president noted that the strait is “effectively closed,” and oil production in the region risks coming to a complete halt. A full redirection of Middle Eastern oil …
American Oilfield Services Company Turns Its Gaze to the Middle East
On the eve, the American drilling rig manufacturer Helmerich & Payne announced plans to acquire British competitor KCA Deutag International Ltd., which has enough projects in the Middle East. Helmerich & Payne is not one of the “big four” oilfield services companies, for it the acquisition of a company for …