Tag Archives: Saudi Arabia

Oil prices settled lower on Friday, reversing earlier gains to post their biggest weekly declines in months amid turmoil in global financial markets stemming from fears of a banking crisis. Brent, the benchmark for two thirds of the world’s oil, slid 2.32 per cent, or $1.73, to settle at $72.97 …

Tehran and Riyadh have exchanged views regarding OPEC and OPEC+ policies to ensure stability in the world oil markets, Iran’s oil minister said. “All decisions concerning global oil markets over the last few months have been made by pooling minds with OPEC’s de facto leader and closer collaborations are on …

Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz confirmed that the OPEC+ agreement in October 2022, which lowers production by two million barrels per day (bpd) until 2023-end, will continue until December 23, 2023. The minister said in an interview with Energy Intelligence that the impact of the …

Russia is accelerating its exports of diesel to Saudi Arabia by both direct shipments and ship-to-ship transfers, Reuters reported on Friday, quoting trade sources and shipping data from Refinitiv. Using STS loadings, Russia is shortening the routes for tankers headed to Africa and Asia after Moscow is now banned from …

Saudi Arabia’s oil giant Aramco will supply next month the full contracted volumes of crude to at least four refiners in North Asia, sources familiar with the plans told Reuters on Friday. Earlier this week, Saudi Arabia raised the official selling prices (OSPs) for most of its crude going to …

Saudi Arabia and Russia reaffirmed close cooperation in the OPEC+ oil cartel, and discussed Ukraine, grains and Syria at a foreign ministers’ meeting Thursday. Saudi Foreign Minister Prince Faisal bin Farhan said he spoke with his Russian counterpart about “the importance of deep coordination between the Kingdom and Russia in …

India’s imports of crude oil from Russia soared to a record 1.6 million barrels per day in February and is now higher than combined imports from traditional suppliers Iraq and Saudi Arabia. Russia continued to be the single largest supplier of crude oil, which is converted into petrol and diesel …

Saudi Arabia’s Aramco is considering an investment in a liquefied natural gas (LNG) facility outside the kingdom, as global demand for the fuel soars following Russia’s invasion of Ukraine. The state energy company is in early discussions with LNG plant developers to procure a stake and secure supplies through an …

Saudi Arabia’s receipts from oil sales abroad fell for a sixth straight month but still capped a year that saw the kingdom rack up the highest annual income during Mohammed bin Salman’s time as crown prince and de facto ruler. The second-biggest windfall in Saudi history gives the crown prince …

OPEC remains flexible and can alter its oil-production strategy if market conditions change, according to Saudi Arabia’s energy minister. “We are flexible enough to adjust OPEC decisions if needed,” Prince Abdulaziz bin Salman said at a conference in the kingdom on Monday. He reiterated that the group’s policies are determined …