Tag Archives: Saudi Arabia

Key questions for the OPEC+ meeting will be whether Saudi Arabia rolls back its voluntary cut of 1 million bbl/d and whether there is room for an additional increase in supply from the whole oil producer group. Saudi Arabia and Russia have differences over a potential deal among OPEC+ oil …

A masterplan for Pakistan’s largest oil city, including a $10 billion Aramco oil refinery project, is underway and expected to be ready before the end of the year, Pakistani officials said this week. The proposed mega oil city will be developed on 88,000 acres of land in the Gwadar district …

Saudi Arabia and Russia are once again heading into an OPEC+ meeting on opposite sides of a crucial debate about the oil market. Riyadh is publicly urging fellow members to be “extremely cautious,” despite prices rebounding to a one-year high. In private, the kingdom has signaled it would prefer that …

Saudi Arabia and Russia would like to continue their coordination to support oil market stability, the leaders of the two most influential members of the OPEC+ production pact said during a telephone conversation this week. Russia’s President Vladimir Putin and Saudi Arabia’s Crown Prince Mohammed bin Salman exchanged views on …

OPEC and its allies can celebrate their success in steadying world oil markets when they gather this week. But the coalition will soon be faced with some tough choices. Last month’s pledge by Saudi Arabian Energy Minister Prince Abdulaziz bin Salman to slash production by a further 1 million barrels …

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 …