Category: Saudi Arabia

RIYADH (Reuters) – Saudi King Salman appointed a new heir and made his young son second in line to rule on Wednesday, a major shift in power within the ultra conservative Saudi elite at a time of almost unprecedented regional turmoil. By making Interior Minister Mohammed bin Nayef, 55, crown prince and Defence Minister Mohammed bin Salman, 30, deputy crown prince, King Salman has effectively decided the line of succession for decades to come in the world’s top oil exporter. The reshuffle also cements relations with the United States. Prince Mohammed bin Nayef, who replaces Prince Muqrin, the successor chosen by the late King Abdullah before his death in January, enjoys closer personal ties with U.S. officials than almost any other senior royal, diplomats have said. In another big shift, Salman replaced veteran Foreign Minister Prince Saud al-Faisal, who had served in the role since October 1975, with the […]

Click here to view full article at www.reuters.com

TEHRAN — A senior Iranian general said on Monday that the leadership of Saudi Arabia , a regional rival, was on the edge of collapse and would be toppled soon, “God willing.” Saudi-led bombardments on Yemen are “shameless and rude and an affront to all Islamic values,” the head of the 150,000-strong Islamic Revolutionary Guards Corps, Gen. Mohammad Ali Jafari, said during a speech in Tehran. Last week, Saudi Arabia announced a halt to its operations in Yemen, which started a month ago, only to restart bombing a day later . Over 1,000 people have been killed after the Houthi rebels, who are financially supported by Iran , swept through Yemen, taking advantage of years of infighting among Sunni leaders. A coalition of Arab countries, led by Saudi Arabia, is trying to push the Houthis back using airstrikes. “The traitor Saudi Arabia is following the path of Israel,” General […]

Click here to view full article at www.nytimes.com

Saudi officials see oil as a center piece of global economic momentum, telling China more oil is available if needed. Photo by Stephen Shaver/UPI NEW YORK, April 27 (UPI) — Crude oil prices edged higher in Monday trading after Saudi officials said Monday there would be ample oil on hand to meet China’s growing demand. Brent crude oil edged up a fraction of a percent in Monday trading to $65.37 per barrel for the June contract. Brent crude oil, which topped $100 per barrel in June 2014, remains traded in a bear market, but gained nearly 18 percent since the start of April . Crude oil prices remain depressed in a market favoring the supply side. Saudi Arabia has maintained a high level of oil production despite the slump, arguing it needs to protect its market share in an economy in flux because of the glut of U.S. oil. […]

Click here to view full article at www.upi.com

KHOBAR, Saudi Arabia (Reuters) – Saudi Arabia’s high crude oil production policy is based on the status of global demand and the top oil exporter is keen to maintain its market share, the kingdom’s deputy oil minister said on Monday. Speaking to reporters in Saudi Arabia, Prince Abdulaziz Bin Salman Bin Abdulaziz described the oil market as "excellent", suggesting the OPEC heavyweight was comfortable with current global conditions. "As the minister mentioned, the kingdom responds to demand and supplies oil to wherever the demand is and whoever asks for it," he said. "We care about our market share, we care about maintaining our customers and we care about the stability of the market." Prince Abdulaziz was referring to previous comments made by Saudi Oil Minister Ali al-Naimi who said last week that the kingdom was producing near-record levels of crude in April at around 10 million barrels per day. […]

Click here to view full article at www.reuters.com

SEOUL (Reuters) – Oil Minister Ali al-Naimi says Saudi Arabia is producing near record levels of crude in April, underscoring the kingdom’s willingness to defend market share at a time when oil markets have staged a fragile recovery. There are worries that growing production from Saudi Arabia and other members of the Organization of the Petroleum Exporting Countries (OPEC) could snuff out a recent rebound in oil prices, particularly with economic growth in key oil consumer China the slowest in six years in the first quarter. OPEC had said its overall output surged to 30.79 million barrels per day in March, up 810,000 bpd from the previous month, with demand higher than expected due to lower prices. Naimi said that oil production in Saudi Arabia, the world’s biggest crude exporter, was "around 10 million" bpd in April. "I have said many times we will always be happy to supply […]

Click here to view full article at www.reuters.com

SEOUL (Reuters) – Oil Minister Ali al-Naimi says Saudi Arabia is producing near record levels of crude in April, underscoring the kingdom’s willingness to defend market share at a time when oil markets have staged a fragile recovery. There are worries that growing production from Saudi Arabia and other members of the Organization of the Petroleum Exporting Countries (OPEC) could snuff out a recent rebound in oil prices, particularly with economic growth in key oil consumer China the slowest in six years in the first quarter. OPEC had said its overall output surged to 30.79 million barrels per day in March, up 810,000 bpd from the previous month, with demand higher than expected due to lower prices. Naimi said that oil production in Saudi Arabia, the world’s biggest crude exporter, was "around 10 million" bpd in April. "I have said many times we will always be happy to supply […]

Click here to view full article at www.reuters.com

Saudi Arabia Oil Output Rises To Highest In 30 Years As US Output Levels Of thumbnail Saudi Arabian oil production has increased to its highest level in three decades, just as U.S. output is expected to drop from its 30-year high. Fearing a loss of global market share, the oil-rich kingdom has kept its crude oil spigots open despite a U.S. oil boom that’s contributed to a glut driving prices to about half what they were a year ago. The Organization of Petroleum Exporting Countries (OPEC) said Thursday that Saudi Arabia’s March daily crude oil output averaged 10.29 million barrels per day, an increase from the previous month of 658,800 barrels per day. The increase is equivalent to more than half of the oil coming out of the northern Bakken formation that’s at the center of the U.S. oil extraction boom, according to Bloomberg . “Crude oil output increased mostly […]

Click here to view full article at peakoil.com

Saudi Arabia produced 10.3 million barrels per day in the month of March, a 658,000 barrel-per-day increase over the previous month. That is the highest level of production in three decades for the leading OPEC member. On top of the Saudi increase, Iraq boosted output by 556,000 barrels per day, and Libya succeeded in bringing 183,000 barrels per day back online. OPEC is now collectively producing nearly 31.5 million barrels per day, well above the cartel’s stated quota of just 30 million barrels per day. The enormous increase in production comes into a market that is still dealing with extraordinarily low prices. The move could be interpreted as a stepped up effort on behalf of Saudi Arabia to maintain market share at all costs. More output will prolong the slump in oil prices, which will force even more U.S. shale production out of the market. The signs of success […]

Click here to view full article at peakoil.com

Saudi Arabia boosted crude production to the highest in three decades in March, with a surge equal to half the daily output of the Bakken formation in North Dakota. The kingdom boosted daily crude output by 658,800 barrels in March to an average of 10.294 million, according to data the country communicated to the Organization of Petroleum Exporting Countries’ secretariat in Vienna. The Bakken formation, among the fastest-growing shale oil regions in the U.S., pumped 1.1 million barrels a day in February, according to data from the North Dakota Industrial Commission. Oil prices have rallied about 16 percent in New York this month on stronger fuel demand and as a record decline in U.S. rigs fanned speculation that the nation’s production will slow from its highest pace in three decades. Prices collapsed almost 50 percent last year as Saudi Arabia led OPEC in maintaining production in the face of […]

Click here to view full article at www.bloomberg.com