Saudi Arabia, the world’s largest crude exporter, may propose an eventual OPEC production cut of 1 million barrels of oil a day that may take effect in 2016, Energy Intelligence Continue Reading
Saudi Arabia and its Gulf allies will reject calls from fellow OPEC members to cut oil output, Iran said on Wednesday, two days before the group meets amid falling prices Continue Reading
Saudi Arabia will discuss all issues at the OPEC meeting on Friday and listen to concerns of other members, said the nation’s Oil Minister Ali al-Naimi. “We have a meeting Continue Reading
Saudi Arabia’s oil minister Ali al-Naimi, under pressure to take action to prop up crude prices at this week’s OPEC meeting, took a conciliatory tone on Tuesday, saying the kingdom Continue Reading
Ali al-Nimr – whose case sparked a global outcry – is reportedly among those at risk of execution Amnesty International has expressed alarm at reports that the authorities in Saudi Continue Reading
Saudi Crown Prince Mohammed bin Salman said in a Nov. 25 interview that the government may lower energy and water subsidies while adding a value added tax on cigarettes and Continue Reading
A pumpjack brings oil to the surface in the Monterey Shale, California, April 29, 2013. Brent settled steady and U.S. crude slightly lower on Monday after prices were whipsawed by volatility as Saudi Arabia pledged to work toward oil price stability but traders worried about a global supply glut and signs of rising U.S. stockpiles. Crude rallied early after Saudi Arabia pledged to work toward oil price stability. A run-up in U.S. gasoline and ultralow sulfur diesel (ULSD) futures also boosted the petroleum complex. But prices gave back gains on signs of a growing glut. Market intelligence firm Genscape reported a build of 2.2 million barrels at the Cushing, Oklahoma delivery point for U.S. crude futures for the week ended Nov. 20, traders who saw the data said. Analysts polled by Reuters forecast that data would probably show crude inventories across the United States rose by 1.1 million barrels […]
Saudi Arabia’s world oil leadership position is under duress. Although this huge Arabian Desert peninsula had been sparsely, tribally populated, when the Ottoman Empire was crumbling by the end of World War I, a combination of positive factors vaulted Saudi Arabia (named after its founder Ibn Saud) into a world oil power leadership position: 1) Five oversized oilfields in the early 1920’s, the largest ever up to that point, shot the Saudis into an oil leadership position, which it has never vacated. 2) By teaming up with the world’s largest American-dominated oil producers in the formation of the Arab/American Oil Company (Aramco), it gained political power from the recognition of incoming President Franklin D. Roosevelt in 1934. This relationship became so powerful that FDR, just before he died in 1945, issued a statement announcing King Ibn Saud as his chosen political leader for all “Mideast decisions,” in the World […]
The logo of the Organization of the Petroleum Exporting Countries (OPEC) is pictured at its headquarters in Vienna, Austria, August 21, 2015. Saudi Arabia’s cabinet said on Monday it was ready to cooperate with OPEC and non-OPEC countries to achieve market stability, days before OPEC meets to review its year-long policy of not supporting prices. Oil prices jumped $1 a barrel after the comments, even though they repeated what Saudi Oil Minister Ali Naimi said in a speech last week. The Organization of the Petroleum Exporting Countries meets on Dec. 4. "The council (of ministers) … stressed the kingdom’s role in (achieving) the stability of the oil market and its continuous readiness and efforts to cooperate with all OPEC and non-OPEC countries to maintain the stability of the market and prices," the cabinet said. OPEC has been urging non-member producers such as Russia to join it in cutting supply […]
