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 …
Read More »Russia’s Flagship Crude Gets a Boost from Saudi Production Cuts
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 …
Read More »Saudis Slash Oil Supply to Some Buyers after Pledged OPEC+ Curbs
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 …
Read More »U.S. Shale Upended Global Crude Flows
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, …
Read More »Asian Buyers Rush to Secure North Sea Oil after Saudi Surprise Cut
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 …
Read More »Oil Up on Inventory Fall, Protests in US
Oil prices were up on Thursday over a more-than-expected decline in US crude oil inventories and on clashes between supporters of US President Donald Trump and the police in the Capitol in Washington, Anadolu Agency reported. International benchmark Brent crude was trading at US$54.80 per barrel at 0706 GMT for …
Read More »Saudis Raise Asia and U.S. Oil Prices After Shock Output Cut
Saudi Arabia raised pricing for oil customers in Asia and the U.S. after its shock move this week to cut output sent crude prices climbing. A day after its unilateral decision to slash oil production by 1 million barrels a day next month and in March, the kingdom opted to …
Read More »Goldman Sees Surprise Saudi Cut as Signal Oil Demand to Weaken
Saudi Arabia’s decision to cut oil production probably reflects expectations for demand to weaken further as coronavirus lockdowns return around the world, according to Goldman Sachs Group Inc. The kingdom’s pledge to lower output by 1 million barrels a day in February and March was surprising for several reasons, Goldman …
Read More »Saudi Energy Minister Urges OPEC+ Discipline as Some Members Seek Output Gains
Saudi energy minister Prince Abdulaziz bin Salman delivered a stark warning to his OPEC+ counterparts, urging the coalition to stay disciplined with their crude production or risk upending the oil market’s recovery fostered by their historic output cuts since May. “Now as we see light at the end of the …
Read More »Saudi Cabinet Stresses Commitment to Support Oil Market Stability after Joint Committee Meeting with Russia
The Saudi cabinet said it reviewed on Tuesday the results of a Saudi-Russian joint governmental committee meeting, in which the two countries reaffirmed commitment to the cooperation pact between petroleum producing countries and the declaration of the OPEC+ group to support the stability of global oil markets, a cabinet statement …
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