Tag Archives: Saudi Arabia

Oil prices rose on Monday, boosted by the start of Saudi Arabia’s production cut of 1 million barrels per day (bpd) and with positive reports on the new coronavirus vaccines. International benchmark Brent crude was trading at $55.38 per barrel at 0654 GMT for a 0.65% rise after closing the …

Saudi Crown Prince Mohammed bin Salman said Thursday the kingdom will sell more shares of energy giant Aramco in the coming years, following the world’s biggest public listing in 2019. “There will be Aramco share offerings in the coming years, and this cash will be transferred to… the Public Investment …

Saudi Arabia is planning to introduce new ways of oil and gas exploitation, Minister of Energy Prince Abdulaziz bin Salman said, during a ceremony to launch the energy ministry’s new identity today, Jan. 25. The Kingdom is working under the hydrocarbon demand sustainability program, seeking to replace oil petroleum liquids …

Saudi Arabia, the world’s biggest oil exporter, beat Russia to keep its ranking as China’s top crude supplier in 2020, Chinese government data showed on Wednesday. Oil demand in China, the world’s top oil importer, remained strong last year even as the coronavirus crisis hammered global appetite. Chinese imports rose …

Suddenly, the outlook for oil prices has changed dramatically. From a situation at the end of last year when there was talk of Brent crude “stuck” at $50-$55 per barrel, many experts are now looking for upward of $60 in 2021, with some of the more bullish targeting $65 by …

Saudi Arabia, the world’s biggest oil exporter, beat Russia to keep its ranking as China’s top crude supplier in 2020, government data showed on Wednesday. China’s oil demand remained strong last year even as the COVID-19 pandemic hammered appetite for fuel elsewhere. The world’s top oil importer, brought in a …

Russia’s flagship crude is rising in price in Europe in the wake of Saudi Arabia’s surprise oil production cuts. The nation’s Urals crude sold at a slight discount of 70 cents a barrel to benchmark Dated Brent in northwest Europe on Jan. 15, a increase of almost $1 from an …

Saudi Arabia slashed crude oil supplies to at least nine refiners in Asia and Europe after the kingdom volunteered to cut its production by 1 million barrels a day for February and March. Aramco will supply less crude as part of long-term contracts next month, giving some Asian processors as …

The U.S. removed the ban on American crude oil exports to countries other than Canada in 2015, unleashing a new force on the global oil market to be reckoned with. Soaring shale production over the past half-decade has not only helped America to reduce its reliance on foreign oil imports, …

Saudi Arabia’s surprise announcement that it would cut 1 million barrels per day (bpd) beyond its share of OPEC+ cuts in February and March has refiners in Asia scrambling to secure supplies from Europe, with record purchases of North Sea cargoes in one day. Saudi Arabia caught the market by …