Tag Archives: Saudi Arabia

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 …

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 …

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 …

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 …

Saudi Arabia is looking to boost its overseas investments and expand its global footprint in several sectors including industrials and services over the coming years, said Minister of Energy Prince Abdulaziz bin Salman. Several companies, such as Saudi Aramco, SABIC, and ACWA Power, in addition to other private companies, are …

China’s crude oil imports from the U.S. soared 13 fold in November from a year earlier to the third highest on record, customs data showed on Dec. 25, as companies accelerated energy purchases set out under a trade deal with Washington. China’s U.S. oil imports hit 3.61 million tonnes, about …

Saudi Arabia’s oil exports to China increased by 43% month-on-month (MoM) in November 2020 to reach 8.48 million tons, or 2.06 million barrels per day (bpd). Accordingly, the Kingdom, the world’s second biggest economy, restored its position as the largest oil supplier to China, Reuters reported. Russia came second, with …

The OPEC+ group may prolong its current strategy to manage oil markets until the end of 2022 in order to keep speculators “on their toes”, Saudi energy minister Prince Abdulaziz bin Salman and Russian deputy prime minister Alexander Novak said in a joint press conference Dec. 19. The show of …

Saudi Arabia said on Tuesday the COVID-19 outbreak has made predicting the oil market “increasingly challenging,” warning that oil market fluctuation is a major challenge for the economy. The world’s biggest oil exporter has cut oil output this year as part of a deal with OPEC and other producers to …

Oil prices rose on Monday, pushing Brent back above $50 a barrel, buoyed by hopes that a rollout of coronavirus vaccines will lift global fuel demand while a tanker explosion in Saudi Arabia jangled nerves in the market. Brent crude futures for February rose 67 cents, or 1.3%, to $50.64 …