Saudi Arabia’s finance minister has warned the kingdom needs to make “extreme” spending cuts to manage the economy during the COVID-19 crisis and oil price crash. “It is very important Continue Reading
Saudi Basic Industries Corp. is suspending new capital expenditure after an oil-price slump and coronavirus-related lockdowns pushed the company into a 950 million-riyals loss ($253 million) in the first quarter. Sabic, as Continue Reading
Saudi Arabia’s outlook was cut to negative from stable by Moody’s Investors Service as the crash in oil prices and the pandemic sent the kingdom’s reserves plunging to their lowest Continue Reading
U.S. President Donald Trump was so intent on saving the American oil industry that he told the Saudi crown prince that unless the Kingdom stopped the oil price war and Continue Reading
A fleet of supertankers carrying Saudi oil will add to the growing congestion at U.S. ports in coming weeks at the same time producers are shutting in output as they Continue Reading
With the Covid-19 pandemic reducing global oil demand by devastating numbers, oil storages are filling quickly in the US, forcing producers to start shutting output in the country and creating Continue Reading
We’re only in late April, but already Mohammed bin Salman’s banner year is unraveling. After a failed boycott of neighboring Qatar, a disastrous military campaign in Yemen and international condemnation over the gruesome Continue Reading
The Chinese word ‘crisis’ consists of the characters for ‘danger’ and ‘opportunity’. The unprecedented situation in global energy markets has provided traditional producers with an opportunity to displace incumbents in Continue Reading
OPEC’s top producer and the world’s top oil exporter, Saudi Arabia, has already started cutting its oil production ahead of the official start of the new OPEC+ pact on May Continue Reading
President Donald Trump is considering all options available to him to make the Saudis pay for the oil price war as the crash that followed has done significant damage to Continue Reading
