Tag Archives: Saudi Arabia

OPEC leader Saudi Arabia’s energy minister has said that the oil cartel and its allies have the means to deal with market challenges – including by “cutting production”. “OPEC+ has the commitment, the flexibility, and the means within the existing mechanisms to deal with such challenges including cutting production at …

Uzbekistan’s president has returned from a trip to Saudi Arabia with $14 billion in promised investments, his office says. Of that, $12 billion is earmarked to address chronic energy shortages. The agreements include a pledge for Saudi firm ACWA Power to build a 1.5 GW wind farm in Karakalpakstan. Uzbekistan’s …

Oil prices rose on Tuesday after Saudi Arabia, the world’s largest exporter of crude, said the OPEC+ group can cut output if required to deal with the current volatility in oil markets. Brent, the global benchmark for two-thirds of the world’s oil, was trading 0.51 per cent higher at $96.97 …

The more than 300 apartments in Abdulsalam Almajed’s new Riyadh complex sold in just a month for cash, without him even having to advertise. This is Saudi Arabia, the world’s biggest exporter of oil, so it’s no surprise the property market is red-hot as income from a spike in energy …

The signing last week of a multi-pronged memorandum of understanding (MoU) between the Saudi Arabian Oil Company – formerly the Arabian American Oil Company – (Aramco) and the China Petroleum & Chemical Corporation (Sinopec) is a critical step in China’s ongoing strategy to secure Saudi Arabia as a client state. …

Russia’s share of the Indian oil market is growing at the expense of Saudi imports, Bloomberg has reported, noting Russian oil has been selling at a sizeable discount to Saudi crude. Russia became the second-biggest oil supplier to India in June, after Iraq, which remained the biggest oil supplier to …

Saudi Arabia will raise the price of exported oil for buyers from the US and Asian countries in September, Dow Jones reported citing a press release from state company Saudi Aramco. The price of Arab Light, the main grade supplied to Asia, will increase by $0.5 a barrel. As a …

OPEC+ agreed today, Aug. 3, to raise the production target for September by 100,000 barrels per day (bpd), Reuters reported, citing a member of the group. The decision came during the OPEC+ Joint Ministerial Monitoring Committee’s meeting today, headed by Saudi Energy Minister Prince Abdulaziz bin Salman Al Saud. The …

As the OPEC+ group prepares to roll back all production cuts by the end of next month, analysts and the market are searching for the answer to the million-dollar question shrouded in mystery: How much more oil can Saudi Arabia actually produce? And how much into spare capacity is the …

Iraq and Saudi Arabia are working on sending their crude oil to Europe in an effort to help the continent’s oil refineries which are desperately trying to give up the oil supplies from Russia. According to a report recently published by Bloomberg, more than one million barrels per day of …