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News

With glut almost gone, Opec still cuts more than oil pact demands

A global oil glut has been virtually eliminated, figures published by Opec showed, thanks to an Opec-led pact to cut supplies that has been in place since January 2017 and due to rising global demand.

Bahrain may enter world’s top 10 list of oil producers

BAHRAIN could become one of the world’s top 10 oil producers following the discovery of at least 80 billion barrels of tight oil offshore. It potentially puts Bahrain ahead of Russia in terms of the size of its proven oil reserves, while another 10 to 20 trillion cubic feet of deep gas has also been found at the country’s onshore oilfield.

Bahrain is betting on 80 billion barrels of oil to help clear its budget deficit

A new, massive oil discovery in Bahrain could help the island kingdom dramatically improve its economic and fiscal strength, according to analysts at Moody's credit ratings agency. In early April, Bahrain's Oil Minister Sheikh Mohammed bin Khalifa Al Khalifa announced its biggest discovery of hydrocarbon deposits in decades, estimated to be at least 80 billion barrels of tight oil and between 10 and 20 trillion cubic feet of deep natural gas. Found off Bahrain's west coast, if it is verifi