Tag Archives: Saudi Arabia

Headlines are currently screaming at readers: “Oil markets starved of essential Russian and Saudi barrels.” And yet, only a few weeks ago the world was awash with Saudi and Russian oil as global demand tanked because of the coronavirus disease (COVID-19) pandemic. The US president appealed to the two biggest …

Saudi Aramco raised crude pricing for August sales of all its grades to Asia as global supply cuts and reviving demand buoy the oil market. The state producer in Saudi Arabia increased its official selling price for flagship Arab Light crude to buyers in Asia to a premium of $1.20 …

Saudi Arabia and Kuwait have restarted production at the Al-Khafji oil field in the neutral zone between the two countries, Turkey’s Anadolu Agency reported, citing a statement by the acting CEO of the Kuwait Gulf Oil Company. The official Twitter account of the company posted an update yesterday, saying (via …

Saudi Arabia and Kuwait are “working very hard” to reopen the onshore Wafra oil field in the Neutral Zone shared between both countries, a source directly involved in the project said June 21. There is no restart date yet, the person told S&P Global Platts. Arab news agency Attaqa reported …

Aramco on Wednesday announced the successful completion of its share acquisition of a 70 per cent stake in Saudi Basic Industries Corporation, SABIC, from the Public Investment Fund, PIF, the sovereign wealth fund of Saudi Arabia, for a total purchase price of SAR 259.125 billion (US$ 69.1 billion), equating to …

Saudi Arabia and Iraq have agreed to coordinate with all oil producing countries to restore balance to the oil market, according to the official Saudi Press Agency (SPA). SPA said the accord came during a meeting between Saudi Minister of Energy Prince Abdulaziz bin Salman and Iraqi Deputy Prime Minister …

Saudi Aramco is the first major global oil producer to see its stock recover to the level it traded at before the price war between Russia and Saudi Arabia. Aramco climbed 3.1% in Riyadh on Tuesday, advancing for a record sixth day alongside an extended increase in the price of …

Saudi Arabia and the UAE introduced the five percent Value Added Tax (VAT) in January of 2018, a first for the Persian Gulf region which had long prided itself on its tax-free, cradle-to-grave welfare system. On the same day, Saudi Arabia announced a petrol price hike of 127 percent.

Kuwait and Saudi Arabia agreed to stop production from the Al-Khafji crude oil field – part of their shared Neutral Zone – as of June 1, according to a source with knowledge of the situation. The shutdown comes just months after both countries agreed to resume production at the Neutral …

Russia and Saudi Arabia’s energy ministers agreed to stabilize the oil market.