Tag Archives: Saudi Arabia

Saudi Arabia’s energy minister held talks with counterparts from China and India, two of the kingdom’s biggest oil customers, amid a standoff with the U.S. over OPEC+’s decision to cut production. Prince Abdulaziz bin Salman held an online meeting with China’s National Energy Administrator Zhang Jianhua, during which they agreed …

Minister of Energy Prince Abdulaziz bin Salman and Japan’s Minister of Economy, Trade and Industry Yasutoshi Nishimura underscored the significance of supporting the stability of global oil market by promoting dialogue and cooperation between producing and consuming countries. During a meeting via video conference on Wednesday, the ministers affirmed that …

The United Arab Emirates believes that OPEC+ made the right technical choice when it agreed to cut production, and the unanimous decision had nothing to do with politics, UAE Energy Minister Suhail al-Mazrouei said, according to Reuters. “We fully trust and believe in the technical credibility of OPEC and OPEC+. …

Saudi Arabia rejected statements criticising the Kingdom as “not based on facts”, after last week’s OPEC+ decision to cut its oil production target despite US objections, saying it served the interests of both consumers and producers. This decision was adopted through consensus, took into account the balance of supply and …

The world’s largest crude oil exporter, Saudi Arabia, left the official selling price of its flagship Arab Light grade unchanged for November loadings compared to October, sources familiar with the latest pricing told Reuters on Thursday. Saudi Arabia’s Arab Light will sell in November to Asia at a premium of …

Saudi Arabia is budgeting for Brent oil at around $76 a barrel next year, according to Al Rajhi Capital, an outlook in line with current forward prices but far more bearish than expected by analysts. The Finance Ministry said in a preliminary budget statement on Friday that it projects revenues …

Arabian Drilling Co., a Saudi oilfield-services firm partly held by Schlumberger NV, hired Goldman Sachs Group Inc, HSBC Holdings Plc and SNB Capital to manage its IPO in Riyadh, seeking to join a steady stream of Gulf firms tapping equity markets. The firm will sell 26.7 million shares, or a …

Saudi Arabia cut oil prices for customers in Asia and Europe as coronavirus lockdowns and sagging economies cool energy demand in the two regions. State-controlled Saudi Aramco lowered its key Arab Light grade for next month’s shipments to Asian refineries from a record to $5.85 a barrel above the Middle …

OPEC’s united front on possible action grew stronger, as more nations endorsed Saudi Arabia’s view that supply curbs may be needed to stabilize world oil markets. Within 48 hours of comments from Saudi Arabian Energy Minister Prince Abdulaziz bin Salman that OPEC might have to curtail production, fellow members Iraq, …

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 …