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Saudi Arabia Crude Exports Fall to 6 Million Barrels Per Day in April

FILE PHOTO: An Aramco oil tank is seen at the Production facility at Saudi Aramco's Shaybah oilfield in the Empty Quarter, Saudi Arabia May 22, 2018. REUTERS/Ahmed Jadallah/File Photo
FILE PHOTO: An Aramco oil tank is seen at the Production facility at Saudi Aramco's Shaybah oilfield in the Empty Quarter, Saudi Arabia May 22, 2018. REUTERS/Ahmed Jadallah/File Photo
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Saudi Arabia Crude Exports Fall to 6 Million Barrels Per Day in April

FILE PHOTO: An Aramco oil tank is seen at the Production facility at Saudi Aramco's Shaybah oilfield in the Empty Quarter, Saudi Arabia May 22, 2018. REUTERS/Ahmed Jadallah/File Photo
FILE PHOTO: An Aramco oil tank is seen at the Production facility at Saudi Aramco's Shaybah oilfield in the Empty Quarter, Saudi Arabia May 22, 2018. REUTERS/Ahmed Jadallah/File Photo

Saudi Arabia's crude oil exports fell to 6 million barrels per day from 6.413 million bpd in March, data from the Joint Organizations Data Initiative (JODI) showed on Monday.
The decline in Saudi exports comes in line with the OPEC+ agreement to cut production, in order to maintain market stability.
OPEC+ has implemented a series of output cuts since late 2022 to support the market amid rising output from the United States and other non-member producers and worries over demand as major economies grapple with high interest rates.
OPEC+ members are currently cutting output by a total of 5.86 million barrels per day (bpd), or about 5.7% of global demand. Those include 3.66 million bpd of cuts, which were due to expire at the end of 2024, and voluntary cuts by eight members of 2.2 million bpd.
On June 2, OPEC+ agreed to extend most of its deep oil output cuts well into 2025 as the group seeks to shore up the market amid tepid demand growth, high interest rates and rising rival US production.
OPEC+ will also gradually phase out the cuts of 2.2 million bpd over the course of a year from October 2024 to September 2025. Eight countries, including Russia, had already pledged to cut production.
Monthly export figures are provided by Riyadh and other members of the Organization of the Petroleum Exporting Countries (OPEC) to the Joint Organizations Data Initiative (JODI), which published them on its website.
 

 

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Business

Turkmenistan, China Launch Expansion of World’s Second-largest Gas Field

Former Turkmen president Gurbanguly Berdymukhamedov and Chinese Vice Premier Ding Xuexiang applaud during a ceremony launching the fourth of seven planned development phases at Galkynysh gas field, the world's second-largest gas field in the Karakum desert about 400 kilometres (250 miles) east of the capital Ashgabat, on April 17, 2026. (Photo by AFP)
Former Turkmen president Gurbanguly Berdymukhamedov and Chinese Vice Premier Ding Xuexiang applaud during a ceremony launching the fourth of seven planned development phases at Galkynysh gas field, the world's second-largest gas field in the Karakum desert about 400 kilometres (250 miles) east of the capital Ashgabat, on April 17, 2026. (Photo by AFP)
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Turkmenistan, China Launch Expansion of World’s Second-largest Gas Field

Former Turkmen president Gurbanguly Berdymukhamedov and Chinese Vice Premier Ding Xuexiang applaud during a ceremony launching the fourth of seven planned development phases at Galkynysh gas field, the world's second-largest gas field in the Karakum desert about 400 kilometres (250 miles) east of the capital Ashgabat, on April 17, 2026. (Photo by AFP)
Former Turkmen president Gurbanguly Berdymukhamedov and Chinese Vice Premier Ding Xuexiang applaud during a ceremony launching the fourth of seven planned development phases at Galkynysh gas field, the world's second-largest gas field in the Karakum desert about 400 kilometres (250 miles) east of the capital Ashgabat, on April 17, 2026. (Photo by AFP)

Turkmenistan and China broke ground Friday on works to expand production at the giant Galkynysh gas field, strengthening Beijing's already dominant position in the secretive Central Asian nation's energy sector.

The former Soviet republic, which holds the world's fourth-largest gas reserves, has exported nearly all its production to China since 2009, when the Central Asia-China pipeline opened.

In the middle of the desert, former president Gurbanguly Berdymukhamedov -- who effectively runs the country alongside his son, President Serdar Berdymukhamedov -- formally inaugurated the launch of the fourth of seven planned development phases at Galkynysh.

The ceremony was attended by Chinese Vice Premier Ding Xuexiang, an AFP correspondent saw.

"Turkmen gas is a symbol of happiness -- it is present in every Chinese household," Ding said.

The event featured songs and dances celebrating Turkmen-Chinese friendship, staged with the lavish pomp typical of Turkmenistan's state-sponsored events.

Gurbanguly Berdymukhamedov, officially titled "Hero-Protector" and vested with sweeping powers, presided over the gathering.

Galkynysh, in the Karakum desert about 400 kilometers (250 miles) east of the capital Ashgabat, has been producing gas since 2013 and is the world's second-largest gas field, according to the British consulting firm GaffneyCline.

Expansion works are being carried out by the state-owned China National Petroleum Corporation (CNPC).

On a visit to Ashgabat the day before the ceremony, CNPC chairman Dai Houliang said "the friendship between China and Turkmenistan is as deep as the roots of a tree."

Business

$27 Billion City to be Built East of Cairo

The project covers approximately 2.4 million square meters of land. Asharq Al-Awsat
The project covers approximately 2.4 million square meters of land. Asharq Al-Awsat
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$27 Billion City to be Built East of Cairo

The project covers approximately 2.4 million square meters of land. Asharq Al-Awsat
The project covers approximately 2.4 million square meters of land. Asharq Al-Awsat

Egypt's Talaat Moustafa Group (TMG) will build a new 1.4 trillion Egyptian pound ($27 billion) mixed-use city east of Cairo, CEO and Managing Director Hisham Talaat Moustafa said at a press conference on Saturday.

The project, called The Spine, is to be developed in partnership with ⁠the National Bank ⁠of Egypt, with a paid-up capital of 69 billion Egyptian pounds ($1.3 billion).

The project, to be built as a Special Investment ⁠Zone with TMG's Madinaty, covers approximately 2.4 million square meters of land, combining residential, commercial, hospitality, retail, entertainment, and public green space within a single continuous urban environment.

The investment is equivalent to roughly 1% of Egypt's GDP, according to Moustafa, and is ⁠projected ⁠to generate approximately 818 billion Egyptian pounds in tax revenues for the state budget over time.

The project is expected to create more than 55,000 direct jobs and hundreds of thousands of indirect positions.

Business

Türkiye Says Iran Gas Pipeline Contract Nearing Expiry, No Talks Yet on Extension

Türkiye's Minister of Energy and Natural Resources Alparslan Bayraktar - REUTERS/Umit Bektas
Türkiye's Minister of Energy and Natural Resources Alparslan Bayraktar - REUTERS/Umit Bektas
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Türkiye Says Iran Gas Pipeline Contract Nearing Expiry, No Talks Yet on Extension

Türkiye's Minister of Energy and Natural Resources Alparslan Bayraktar - REUTERS/Umit Bektas
Türkiye's Minister of Energy and Natural Resources Alparslan Bayraktar - REUTERS/Umit Bektas

Türkiye's long-term contract for importing natural gas from Iran is due to expire in the coming months, and the two countries could hold talks on a possible extension, though no negotiations are under way yet, Türkiye's energy minister said on Saturday.

The agreement, due to expire in July, provides for delivery of 9.6 billion cubic metres of gas a year, but actual flows have often fallen short, Reuters reported.

Türkiye imported 7.6 bcm from Iran last year, accounting for 13% of total gas imports. Regulator data show the pipeline last hit the contracted volume in 2022.

"According to our forecast, we might need this gas pipeline or the gas flow from Iran for the security of supply of Türkiye. There is no negotiation right now ongoing. I think they are busy with so many other things. But we might sit and discuss a potential extension," Alparslan Bayraktar told reporters on the sidelines of a diplomacy forum in the southern Turkish province of Antalya.

"But we haven't started a negotiation during the current circumstances in the region," Bayraktar said, referring to the Iran war.

Bayraktar also said Türkiye was seeking to diversify natural gas supplies, including through Russian liquefied natural gas.