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Opec+ ministers look increasingly likely to agree to extend the group's current crude oil supply cuts into the second half of the year when they meet virtually on 2 June. But as ever, when it comes to this iteration of Opec+, an added surprise should never be ruled out.
The rationale for state-controlled Saudi Aramco's decision to launch a secondary public offering is not only to provide funds to the Saudi government for its massive socio-economic transformation plan but also to broaden the company's shareholder base among local and international investors, chief executive Amin Nasser said.
Iraq's oil ministry has called for a meeting with Iraqi Kurdistan ministry of natural resources (MNR) and the international oil companies operating in the Kurdish region "as soon as possible", to reach a deal on resuming north Iraq crude exports via Turkey's Mediterranean Ceyhan port.
Iraq will stick to its pledge to cap crude exports at 3.3mn b/d until the end of the year, regardless of what the Opec+ coalition decides at its June meeting, sources with knowledge of the matter told <i>Argus.</i>
Abu Dhabi's state-owned oil firm Adnoc began diverting its medium sour crude grade Upper Zakum to its Ruwais refinery "for economical reasons" at the end of last year, a source with knowledge of the matter told <i>Argus</i>.