The World Bank is downgrading its 2016 global growth forecast to 2.4 percent from the 2.9 percent pace projected in January. The move is due to sluggish growth in advanced economies, stubbornly low commodity prices, weak global trade, and diminishing capital flows.
The current oil price environment has had a negative impact on oil investments, hurt energy efficiency and boosted the share of oil produced in the Middle East.
Japan's crude imports from Iran recovered to pre-sanction levels in May, importing 307,691 b/d, up 61.2% year on year and up from 19,161 b/d in April, according to preliminary data released June 30 by the Ministry of Economy, Trade and Industry.
The amount of LNG volume delivered to South Asia (India, Pakistan) from Qatar during the first half of the year climbed almost 50% year on year, taking advantage of weaker demand from East Asia (Singapore, Malaysia, Taiwan, Thailand, Japan, South Korea, China) and higher Qatari output.
Kuwait's budget deficit reflects the impact lower oil prices have had on crude exporters, particularly Gulf Arab monarchies that rely on oil revenues to support generous subsidies, welfare benefits and public sector wages.
China and Saudi Arabia discussed growth prospects and areas of cooperation and found mutual interests in crude oil storage, logistics, infrastructure, industrial development, mining, technology, energy, renewables and sovereign wealth funds, according to the ministry statement.
Saudi Aramco’s IPO is part of a transformation plan, envisaged by the powerbroker deputy crown prince Mohammed bin Salman, which seeks broad-based privatisation to boost employment and diversify the kingdom away from oil. But there is scepticism about whether the country is capable of such an overhaul when its people have grown accustomed to the state providing cradle-to-grave services.
Катарская сторона выразила свою заинтересованность на этом направлении, и мы ожидаем от них предложений по участию в упомянутых проектах, учитывая тот факт, что общий объем инвестиций со стороны эмирата достиг $9 млрд»
Growth in Saudi Arabia's non-oil gross domestic product is expected to slow to 2.8 percent in 2016 from 3.4 percent in 2015, Saudi central bank governor Ahmed al-Kholifey told state television station Ekhbariya.
"The Kingdom's oil policies are rooted in responsibility, and Saudi Arabia is seeking to maintain that balance while also giving heed to moderate prices for producers and consumers,"
With income falling, the 13 members of the Organization of the Petroleum Exporting Countries (OPEC) posted a combined current account deficit of $99.60 billion in 2015, compared with a surplus of $238.10 billion in 2014.
The 400-kilometer pipeline, stretching from Iran to Oman is defined in two onshore and offshore sections. Land part of the gas pipeline extends for 200 kilometers from Rudan to Mobarak Mount in southern Hormozgan province. The seabed section between Iran and Sohar Port in Oman will stretch for another 200 kilometers.
In 2015 global demand for primary energy grew by only 1%, significantly slower than the 10-year average. This reflected continued weakness in the global economy and lower growth in Chinese energy consumption as the country shifts from an industrial to a service-driven economy.
Modi also met Qatari businessmen and encouraged them to invest more in India, calling it "a land of opportunity." The Qatar Investment Authority has several large-scale investments in India, including a more than $1 billion stake in telecommunications company Bharati Airtel. Qatar Airways has expressed interest in expanding its routes to India and in buying a stake in budget airline IndiGo.
"The fact that OPEC agreed on its new management shows they want to regain their coordinating role. The cartel will perform market management again," Alekperov, chief executive of Russian energy firm Lukoil, said after meeting Falih and Iranian Oil Minister Bijan Zanganeh separately in Vienna.