Tag Archives: Saudi Arabia

Several buyers in Asia are looking to buy spot oil cargoes from Russia, Africa, Brazil, or the United States after the world’s top crude exporter, Saudi Arabia, unexpectedly raised its official selling prices for its crude going to Asia in July. At least three refiners in Asia are looking to …

Following a suspense-filled weekend in Vienna, where OPEC oil ministers attempted to downplay media attention, global oil markets remain uncertain about the direction of oil prices. The recent “surprise” oil production cut announced by Saudi Arabia’s Minister of Energy, Prince Abdelaziz bin Salman, has failed to restore confidence in the …

Saudi Arabia will make a deep cut to its output in July on top of a broader OPEC+ deal to limit supply into 2024 as the group seeks to boost flagging oil prices. Saudi’s energy ministry said the country’s output would drop to 9 million barrels per day (bpd) in …

Crude oil prices rose by more than 1% in early trade today following the OPEC+ meeting that took place Sunday. At that meeting, Saudi Arabia said it would voluntarily cut its oil production by another 1 million barrels daily next month in a bid to prop up global oil prices. …

Days ahead of the key OPEC+ meeting on June 4, the leading producers in the group, Saudi Arabia and Russia, are at odds about output policy. Riyadh has grown increasingly frustrated with Russia, which apparently hasn’t kept its end of the deal and isn’t reducing oil production as pledged, complicating …

Russia would prefer its partners of the OPEC+ group to leave oil production unchanged when it meets next week, as Moscow is okay with the current oil prices and production quotas, sources with knowledge of the Russian position told Reuters on Friday. OPEC+, which will hold a meeting on June …

Foreign and joint investments in Saudi Arabia’s industrial sector have reached more than 542 billion Saudi riyals ($144.53 billion) as the Arab world’s largest economy focuses on attracting more investments and diversifying its economy away from oil. The total foreign and joint investments represent 37 per cent of the industrial …

China’s crude oil imports from Russia rose 8.6 per cent in April from a year earlier, as larger private refiners also embarked on purchases of the discounted fuel. Arrivals from Russia – including seaborne shipments and supplies via pipelines – totalled 7.1 million tonnes or 1.73 million barrels per day …

China’s Baoshan Iron & Steel Co. has joined forces with Saudi Aramco and the kingdom’s sovereign wealth fund to set up a steel plant in the Middle Eastern nation as the two countries deepen commercial ties. The complex in Ras Al-Khair will churn out up to 1.5 million tons of …

Saudi Arabia and the United Arab Emirates have increased purchases of Russian oil products, Russia’s trade representatives to these countries said at the National Oil and Gas Forum. Russia significantly increased exports of oil products, primarily diesel and fuel oil, to Saudi Arabia in 2022, the trade representative to the …