Rosneft Strikes First Oil In Eastern Arctic

Russia’s Rosneft announced its first crude oil finds in the Eastern Arctic, in the Laptev Sea. The company did not detail any reserve estimates for the well—its first offshore well in the eastern Arctic—but noted that its 28 licenses in the Russian Arctic shelf have combined reserves estimated at 34 billion tons of oil equivalent, or 249.22 billion barrels. According to the company’s press release on the find, the license plot where it struck oil spans almost 17,218 sq km at depths of up to 32 meters. Since 2014, when…

Analyst: Expect $30 Oil In 2018 Unless OPEC Deepens Cuts

Oil prices could plunge to US$30 a barrel in 2018 and maintain that low price for some two years, if OPEC fails to make steeper output cuts, Fereidun Fesharaki, chairman of oil and gas consultancy FGE, said at a conference on Monday. The current OPEC cuts could be enough to keep the price of oil at around US$50 per barrel for the rest of this year, Fesharaki said at the International Association for Energy Economics conference in Singapore, as quoted by Platts. But next year, new supply is expected to overtake demand growth if OPEC doesn’t…

Saudis Foil Attack By Unknown Enemy On Offshore Oil Field

After last week’s attack on several vessels in the Bab Al Mandab, Middle East offshore oil operations again have been hit. According to Saudi Arabia’s national news agency SPA an attack on a major offshore oil field has been prevented. Saudi military sources have reported that the Al Marjan offshore oilfield was attacked by three boats “bearing red and white flags”. Warning shots have been fired, one vessel has been captured, while two others have escaped on Friday. The Saudi military reported that the captured boat “was…

The Worst Mining Nation On The Planet?

Further to the last item above, things are looking ever-tougher for the South African mining sector. As I’ve discussed in the past, the fall of South Africa over the last decade has been phenomenal. With the nation going from world’s top gold producer, to now barely breaking the top 10. Anecdotally, it’s well known that miners here are hurting. With myriad stories reporting on the financial hardships faced by producers, employees and government. Those declining mining finances are driving the government to seek a bigger share…

PA set to dissolving Palestinian Committee of Prisoners’ Affairs

Under pressure from the US and Israel, the Palestinian Authority (PA) is said to be considering dissolving the Palestinian Committee of Prisoners’ Affairs. A Palestinian news source, which has been blocked by the PA, reported that President Mahmoud Abbas was considering dissolving the committee and merging it with another office. Ma’an News Agency cited the Gaza based Al-Resalah news site, before its website was taken down, as reporting “trustworthy” Palestinian sources saying that the Palestinian president was officially considering dissolving the committee and “merging it with one of the main branches or offices of the occupied West Bank-based Interior Ministry.” It also confirmed that as of mid-morning today, hours after the report was published, the website of Al-Resalah could not […]

What comes after the battle for Raqqa?

With the advance of the US-backed democratic Syrian forces in Raqqa attempting to free the city from Daesh forces, discussions are focusing on the possible post-liberation scenarios. This is not necessarily due to Raqqa’s position as the Daesh capital in Syria, but what its liberation could mean on the regional and international levels and the impact it will have in the demarcation of the new map of Syria. Almost two weeks since the start of the battle for Raqqa, there have been many questions; the expectation is that the fight will be long and difficult, especially with regard to the belief that Daesh will hand control of the city to Syrian democratic forces unless it finds another way out. The […]

Iranian FM arrives in Algeria

Iranian Foreign Minister Javad Zarif yesterday arrived in Algeria on a two-day visit which will see him visit three North African countries. Zarif was received by his Algerian counterpart, Abdelkader Messahel, local radio reported. “Given regional and international developments, we need to consult with Algeria” Zarif said upon his arrival. “Algeria and Iran have consultations on the international level, as well as with regards to strengthening cooperation between Islamic countries and non-aligned countries, and in this context we need more consultation and coordination,” he said. Read: Senior Iranian official visits Qatar Zarif is also due to visit Tunisia and Mauritania. On Saturday, Iranian media quoted Iranian Foreign Ministry spokesman, Bahram Qasimi, as saying that the visits aim “to develop bilateral […]