Many refiners in Europe and the U.S. are refusing to take more Saudi crude being offered at cut-rate prices, according to Saudi officials and oil traders, threatening the sustainability of Continue Reading
Saudi Arabia has promised a flood of cheap oil to Europe as it aims to hit its former ally Russia in its own backyard, but it looks like demand for Continue Reading
The US is urging Saudi Arabia to back off its oil price war with Russia, with Secretary of State Mike Pompeo calling Crown Prince Mohammed bin Salman on Tuesday. The Continue Reading
In a week’s time, Saudi Arabia is set to turn its taps to the max and unleash a surge of crude oil that refiners increasingly say they don’t want nor Continue Reading
US Secretary of State Michael Pompeo is applying verbal pressure to Saudi Arabia, encouraging the Middle Eastern country who started the oil price war to “rise to the occasion” and Continue Reading
Saudi Arabia will impose a nationwide curfew starting on Monday after reporting a jump of almost a quarter in coronavirus cases, while the United Arab Emirates will suspend all passenger Continue Reading
Saudi Arabia could book a budget deficit of as much as $61 billion this year under the double blow of the coronavirus pandemic and the global oil glut, research from Continue Reading
Saudi Finance Minister Mohammed al-Jadaan speaks at the meeting of G20 finance ministers and central bank heads. SPA Saudi Arabia’s Finance Minister Mohammed al-Jadaan said he estimated the country’s budget Continue Reading
Saudi Aramco vowed there will be no disruption in its oil and gas supplies to customers even as international borders have closed and transportation venues cut off. Receive daily email Continue Reading
U.S. President Donald Trump is facing increasing calls from some U.S. senators and congressmen to pressure Saudi Arabia into ending the oil price war, with one of his own Republican Continue Reading
Saudi Arabia and Russia must have anticipated an oil price crash when they broke up their three-year-long bromance to push up oil prices. Two weeks later and nearly 4 million Continue Reading
The United States believes Saudi Arabia’s flooding of global oil markets compounds the global economic crash at a time of a crisis caused by coronavirus and intends to send a Continue Reading
Since 2016, as an informal leader of the 13-strong non-OPEC group, Russia has been instrumental in the pricing of oil as Saudi Arabia, leading producer in the Organization of Petroleum Continue Reading
WTI dropped into the low $20s on Wednesday, and the near-term outlook is grim. Oil lobbyists have pushed Congress for help, and a group of Republican Senators pleaded in a Continue Reading
Saudi Arabia will continue to supply a record 12.3 million barrels per day (bpd) to the oil market in the coming months, as per order from the energy ministry, the Continue Reading
Saudi Arabia’s Ministry of Energy has instructed Aramco to continue to supply 12.3 million b/d of crude to the market “during the coming months,” according to an announcement on the Continue Reading
Saudi Arabia said on Tuesday that mosques would no longer receive worshippers for the customary five daily prayers or the weekly Friday congregation, aimed at limiting the spread of the Continue Reading
After having instructed Aramco to boost production to unseen levels, Saudi Arabia now plans to boost oil exports in May to a record 10 million barrels per day, causing oil Continue Reading
A dozen U.S. Republican Senators are urging the world’s top oil exporter Saudi Arabia to review plans to significantly boost oil supply to the market and lower oil prices while Continue Reading
Saudi Arabia has repeated the blunder it made in November 2014 by increasing oil production during an oil-price collapse. In 2014, it led to a depression in the oil industry. Continue Reading
As Saudi Arabia and Russia began an all-out oil price war for market share, the shipping industry is going through a supertanker run and charter rates for very large crude Continue Reading
Saudi Aramco can pump crude at its maximum 12 million b/d capacity for a year without any new investment, its CEO said Monday, as the world’s largest oil producer girds Continue Reading
Saudi Arabia will continue to pump oil at increased levels through May, Saudi Aramco Chief Executive Amin Nasser said on Monday during an earnings call, according to Reuters. Nasser added Continue Reading
Saudi Aramco, the world’s largest crude oil exporter, said Sunday its 2019 profit fell 21% to $88.2 billion due to lower oil prices and reduced output. It reduced 2020 estimated Continue Reading
Those with a functioning memory may have thought that last week’s decision by Saudi Arabia to maximise oil production to crash oil prices and bankrupt U.S. shale producers was an Continue Reading
The world’s top oil exporter Saudi Arabia is going after Russia’s oil market share in Europe with deeply discounted Arab Light crude at up to three times the usual volumes, Continue Reading
In just 24 hours, Saudi Arabia’s crown prince launched an oil-price war with Russia and sidelined a domestic rival to cement his power at home. But his surprise actions on Continue Reading
Saudi Arabia on Wednesday unveiled plans to boost its oil-production capacity to help fight a price war with Russia, as other producers launched attempts to mediate a truce. The capacity Continue Reading
Even before the collapse of the OPEC+ talks last Friday, Saudi Arabia’s finance ministry had asked government agencies to propose a 20-30 percent cut in their budgets due to the Continue Reading
Shale billionaire Harold Hamm wants to file a complaint with the US Department of Commerce against Saudi Arabia for “illegal” dumping of crude. (Bloomberg) — Shale billionaire Harold Hamm intends Continue Reading
Saudi Arabia is unleashing a wave of crude toward Europe, traditionally the backyard for Russian oil sales, pledging to supply regional refineries with as much as triple their usual intake Continue Reading
A popular post on Russian social media this week depicts Karl Bryullov’s apocalyptic painting “The Last Day of Pompeii”, with Igor Sechin, head of Russia’s biggest oil company, added to Continue Reading
Saudi Arabia’s state-run shipping company has hired multiple very large crude carriers to carry all the extra oil it plans on exporting next month—a rare move indeed for the shipping Continue Reading
DUBAI, United Arab Emirates (AP) — Saudi Arabia’s oil company Aramco said Wednesday it will increase production capacity to 13 million barrels per day, up from 12 million per day, Continue Reading
Saudi Arabia fired another salvo in its oil-market war with Russia on Wednesday, unveiling plans to boost its oil-production capacity to a record 13 million barrels a day. The capacity Continue Reading
It was always a marriage of convenience, whatever the pledges of devotion, but when Russia and Saudi Arabia parted ways late last week after a dispute over oil production, it Continue Reading
As the world watches an oil price war unfold between Russia, OPEC, and US shale, another major crisis is looming in the Middle East. Saudi Arabia is facing multiple existential Continue Reading
Iran is positioning itself to benefit from the fallout from Saudi Arabia’s latest disastrous handling of the global oil markets. The Kingdom’s ability to metaphorically shoot itself in the foot Continue Reading
Saudi Arabia has announced it will slash its official selling prices for crude by between $4 and $8 per barrel, Arab News reports , to be in effect from April Continue Reading
At least three buyers of Saudi Arabian oil requested between 30% and 50% more supplies than they had originally planned in April after the world’s biggest exporter slashed its prices, according Continue Reading
Saudi Arabia escalated its oil price war with Russia on Tuesday, with its state-owned company pledging to supply a record 12.3 million barrels a day next month, a massive production Continue Reading
The sudden upheaval in the oil markets may claim victims around the world, from energy companies and their workers to governments whose budgets are pegged to the price of crude. Continue Reading
First he ordered the detention of at least four senior members of his own royal family . The next day he plunged Saudi Arabia into a price war with Russia Continue Reading
Saudi Arabia’s oil and gas giant, Aramco, has been given the go-ahead to launch the Jafurah shale gas field project, which will be the biggest shale gas development outside the Continue Reading
Shares of Saudi state oil company Aramco 2222.SE slumped below their initial public offering (IPO) price on Sunday for the first time since they began trading in December after OPEC’s Continue Reading
Shares in Saudi Aramco ( 2222.SE ) plunged 10% in opening trade on Monday, following a sharp drop in oil prices after Saudi Arabia slashed its official selling prices for Continue Reading
Saudi authorities began releasing officials and royal family members questioned in a security clampdown, as the government sought to end speculation about the health of King Salman by publishing photographs Continue Reading
Oil prices crashed by as much as 30 percent after Saudi Arabia fired the first shots in a price war, in crude’s biggest one-day fall since the early 1990s Gulf Continue Reading
DUBAI (Reuters) – Saudi Arabia has detained two senior members of the Saudi royal family – Prince Ahmed bin Abdulaziz, the younger brother of King Salman, and Mohammed bin Nayef, Continue Reading
Saudi Arabian authorities detained two of the kingdom’s most prominent figures for an alleged coup attempt, further consolidating the power of the king’s son, Crown Prince Mohammed bin Salman, and Continue Reading
