Jessica Obeid

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Saudi and foreign investors attend the kingdom's Global Competitiveness Forum in 2016 in Riyadh. Photo: Getty Images.

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At the OPEC meeting held in Vienna on 22 June, Saudi Arabia successfully pushed for an increase in oil production, despite opposition from Iran, Iraq and other smaller producers within the organization. But this victory may yet prove hollow, as the kingdom’s biggest challenge when it comes to balancing production and prices is domestic.

On the one hand, keeping oil prices low helps secure Saudi Arabia’s market share, satisfy the US and increase pressure on Iran. On the other, it is in its interests to keep potential revenues at a level that will maximize the value of its intended initial public offering (IPO) of a stake in Saudi Aramco, the world’s largest oil company, as well as boost the prospects of Vision 2030 – the wide-ranging economic diversification plan closely associated with Crown Prince Mohammed bin Salman.…  Seguir leyendo »

An oil tanker on the outskirts of Beirut. Photo: Getty Images.

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‘Congratulations to the Lebanese people (…) on Lebanon entering the club of oil countries,’ tweeted the country’s energy minister, Cesar Khalil, after Lebanon’s first petroleum licensing round finally took place last fall. On 14 December 2017, the Lebanese government approved the bid by a consortium of three companies – France’s Total, Italy’s Eni and Russia’s Novatek – for two offshore blocks, after process had been held up for three years while political parties were in deadlock over the nomination of the president and the approval of key legislation.

Political expectations are high that discoveries will be made and the legislature is reviewing draft bills establishing a sovereign wealth fund and a national oil company.…  Seguir leyendo »