Tag Archives: Saudi Arabia

U.S. drillers added two oil rigs to reach 749 in the week ended Dec. 1. the highest level since late September. according to Baker Hughes.

At $60. the Kingdom and some other Gulf countries (though not Oman and Bahrain) will probably run a current account surplus for 2018.

Rising U.S. production helped fuel a slump in prices.

The group is ``extremely assured. optimistic`` for oil in the short and medium term. with investments flowing back sooner than later.

Last week. news emerged about preliminary plans to build a $20 billion complex to convert crude oil to chemicals.

Russia is the producer everyone is watching ahead of the OPEC meeting.

Saudis want production cuts extended through 2018. while Moscow wants flexibility.

Both OPEC and non-OPEC members are expected to continue the cuts into 2018 to help keep prices rallying.

Oil markets are on track to come into balance next year.

The two companies had agreed in June 2016 to conduct a feasibility study for the project.