Brent oil prices rose early on Monday after Saudi Arabia raised its oil price for a third consecutive month, signaling recovering demand. As of 9:26 a.m. EDT on Monday, Brent Continue Reading
First, they said it nicely: play along and cut to your quotas, or we’ll all suffer low oil prices for longer. Then they put their foot down: start cutting deeper Continue Reading
Saudi Arabia raised pricing for August oil shipments to Asia, the U.S. and northern Europe amid signs that energy demand is continuing to recover from its coronavirus-triggered collapse. The move comes Continue Reading
Dozens of U.S. diplomats and their families are leaving Saudi Arabia this weekend amid a surge in new coronavirus cases, drawing into focus the kingdom’s struggle in containing the outbreak Continue Reading
Saudi Arabia has threatened to ignite an oil-price war unless fellow OPEC members make up for their failure to abide by the cartel’s recent production cuts, delegates said. Saudi energy Continue Reading
Iraq is looking to attract investment from Saudi Arabia in one of its natural gas fields, Iraqi Deputy Prime Minister and Finance Minister, Ali Allawi, told Bloomberg , while OPEC’s Continue Reading
The worst in the oil market is over, Amin Nasser, president and CEO of the world’s biggest oil company, Saudi Aramco, says, adding that he is “very optimistic” for the Continue Reading
Saudi Arabia’s Crown Prince Mohammed and the president of Nigeria Muhammadu Buhari, discussed the progress of the OPEC+ oil production cut deal this week in a phone call, the Saudi Continue Reading
Oil demand has rebounded close to 90 million b/d, partly reversing a slump in consumption caused by the COVID-19 pandemic, Saudi Aramco’s president and CEO Amin Nasser has said in Continue Reading
Saudi Arabia’s Energy Minister Prince Abdulaziz claimed last week that the Kingdom will be the world’s biggest hydrocarbon producer “even” in 2050. “I can assure that Saudi Arabia will not Continue Reading
After years of dragging its feet on complying with OPEC oil production quotas, Iraq has taken its biggest steps towards implementing its agreed output cuts, as a campaign of financial Continue Reading
Saudi Arabia’s plans to restrict the number of pilgrims during the annual Hajj pilgrimage to a few thousand will likely dent jet fuel demand in the Arab world’s biggest economy, Continue Reading
Saudi Arabia’s net foreign assets rose in May, reversing three months of declines. The stockpile climbed by 0.2%, or about 3 billion riyals ($800 million), to reach $445 billion, according to Continue Reading
As China imported its highest-ever volume of crude oil in May. Chinese imports of crude oil from OPEC’s largest producer, Saudi Arabia, surged by 94.9 percent on the year and Continue Reading
Singapore — China’s crude oil imports from Saudi Arabia soared 94.9% year on year to 9.17 million mt, or 2.17 million b/d, in May, a new record high for a Continue Reading
Saudi Arabia made good on its promise to flood the market with oil after the collapse of the previous OPEC+ deal in early March. In April, the value of Saudi Continue Reading
The coronavirus pandemic has stalled factories and shut down business around the world, causing a historic drop in oil demand just as production was reaching new highs. WSJ explains the Continue Reading
The world’s top oil exporter, Saudi Arabia, is creating a tourism development fund with an initial investment of US$4 billion as part of efforts to diversify away from oil and Continue Reading
Saudi Arabia said on Monday it will bar arrivals from abroad to attend the haj this year due to the coronavirus, allowing only a limited number of Saudi citizens and Continue Reading
Saudi Arabia came under a missile and drone attack from Iran-backed Yemen rebels that targeted the capital, Riyadh, and other cities, state-run Saudi Press Agency reported. Saudi air defenses intercepted Continue Reading
Saudi Aramco , the world’s biggest oil exporter, has begun cutting hundreds of jobs as it looks to reduce costs after a slump in energy prices, according to people familiar Continue Reading
Saudi Arabia is significantly cutting its crude oil exports to the United States this month, with shipments likely to hit a 35-year low and reducing the overhang in U.S. oil Continue Reading
Following the demand and oil price crashes, Saudi Arabia has idled offshore rigs and postponed the start of a US$18-billion expansion project, Bloomberg News reported on Wednesday, citing sources familiar Continue Reading
After flooding the U.S. with crude earlier this year, Saudi Arabia has all but cut off the taps to the American oil market. The kingdom has exported just one cargo to Continue Reading
Saudi state oil giant Aramco has finalized the purchase of a majority stake in petrochemicals major Sabic on the Saudi stock market, Reuters reported , buying over 2 billion shares Continue Reading
Saudi Arabia’s oil giant Aramco has cut the crude oil shipments loading in July to at least five of its customers in Asia, Reuters reported on Monday, quoting sources familiar Continue Reading
Saudi Arabia shocked the markets this week when it said it would not keep up the voluntary portion of the cuts–the extra cuts beyond the official OPEC+ agreement–past June. The Continue Reading
Saudi Arabia is considering cancelling the hajj pilgrimage season for the first time since the kingdom was founded in 1932, after cases of coronavirus in the country topped 100,000. “The issue Continue Reading
Saudi Arabia exported crude oil worth some $40 billion during the first quarter of the year, down by 21.9 percent, or $11 billion, on the first quarter of 2019, Reuters Continue Reading
Saudi Arabia sees signs of “thriving” demand in the oil market after the collapse triggered by the pandemic, the kingdom’s oil minister said on Monday. Prince Abdulaziz bin Salman said Saudi Continue Reading
Saudi Arabia has instigated two oil price wars in the last decade and has lost both. Given its apparent inability to learn from its mistakes it may well instigate another Continue Reading
Saudi Arabia’s export revenue was Riyal 197.84 billion ($52.69 billion) in Q1 2020, down 20.7% from the same quarter in 2019, mainly due to a 21.9% decline in oil export Continue Reading
Saudi Arabia increased prices for some crude exports by the most in at least two decades, doubling down on a strategy to bolster the oil market after OPEC+ producers extended Continue Reading
A deal to extend record OPEC+ output cuts was going smoothly — until Saudi Arabia and Russia discovered just how much some of their allies had been cheating. In private conversations, Saudi Continue Reading
Saudi Arabia made some of the biggest price increases for crude exports in at least two decades, doubling down on its strategy to bolster the oil market after OPEC+ producers Continue Reading
The number of coronavirus cases in Saudi Arabia exceeded 100,000 on Sunday following a rise in new infections over the past ten days. The Saudi Ministry of Health reported 3,045 Continue Reading
Saudi Arabia is set to unwind the extra production cuts it pledged last month, increasingly confident that the grand bargain agreed by oil producers in April to reduce supply has Continue Reading
Saudi Arabia and Russia have reached a preliminary agreement to extend the current level of the OPEC+ production cuts by one month, provided that the laggards in compliance ensure over-compliance Continue Reading
OPEC+ hopes to reduce global storage volumes with their production cuts, and hopes to extend them through at least, the summer. OPEC’s regular meeting in Vienna is coming up and Continue Reading
Saudi Arabia’s net foreign reserves fell by about $21bn in April after Riyadh transferred billions of dollars to its sovereign wealth fund to finance its overseas spending spree. Figures released by Continue Reading
Saudi Arabia, the world’s largest crude exporter, has taken steps to revive economic growth hurt by the COVID-19 pandemic and oil price crash, including making an unprecedented transfer of government Continue Reading
Saudi Arabia transferred 150 billion riyals ($40 billion) from its central bank to its sovereign wealth fund as it went on an investment spree seeking to take advantage of recent Continue Reading
Saudi Arabia and several other members of OPEC are discussing the possibility of extending the current level of OPEC+ production cuts to the end of the year to support the Continue Reading
US oil imports surged last week, with almost half of the extra crude arriving from Saudi Arabia, as foreign producers took market share from the struggling American shale patch. The federal Continue Reading
Russia and Saudi Arabia agreed to closely coordinate on the OPEC+ output cuts deal, two weeks ahead of a crucial meeting of the group. The talks between President Vladimir Putin and Continue Reading
Russia became the top crude oil supplier to China last month, overtaking Saudi Arabia with an average of 1.75 million bpd versus 1.26 million bpd for Saudi Arabia, Reuters has Continue Reading
Saudi Arabia and other Persian Gulf Arab countries are seeing a sharp spike in coronavirus cases, prompting governments to reimpose some restrictions that had been lifted late last month ahead Continue Reading
Even before the latest slew of announcements regarding the agreement by Saudi Arabia’s flagship oil and gas company, Aramco, to acquire a 70 percent stake in the Kingdom’s key petrochemicals Continue Reading
Saudi Arabia knows about head-spinning change. “One day there was nothing, the next day there was everything,” a business student, Noura Khalid, 23, said in Riyadh in December, describing how Continue Reading
Saudi Arabia’s sovereign wealth fund is planning to borrow about $10 billion by pledging some of its stakes in SoftBank Group Corp.’s technology investment vehicle, according to people familiar with the matter. The Public Continue Reading
