Tag Archives: Saudi Arabia

The group of oil producers known as OPEC+, including Saudi Arabia and Russia, are likely to agree to cut production at a meeting scheduled for Thursday as long as the United States joins in cutting output, three OPEC+ sources told Reuters. A previous production-cut deal ended last month after Russia …

Global crude oil prices fell sharply on Monday morning, as uncertainty loomed in the market after Saudi Arabia and Russia postponed to April 9 a meeting about a potential pact to cut production, Reuters reported. The prices of West Texas Intermediate and Brent crude traded over $3 lower before slightly …

Saudi Arabia’s foreign and energy ministers on Saturday denied Russia’s claim that the Kingdom abandoned the OPEC+ deal, leading to a collapse in world oil prices. In a statement carried by the Saudi Press Agency (SPA), Foreign Minister Prince Faisal bin Farhan said “a statement attributed to one of the …

Oil held near $20 a barrel as Saudi Aramco’s output surged above 12 million barrels a day, but Russia said it would refrain from further production hikes.

Saudi Arabia showed no sign of bowing to pressure from President Donald Trump to dial back the oil-price war with Russia as the kingdom pushed crude supply to record levels.

President Donald Trump said the U.S. would meet with Saudi Arabia and Russia with the goal of staunching an historic plunge in oil prices.

Crude oil futures jumped 10% on Thursday after U.S. President Donald Trump said he expected Saudi Arabia and Russia to reach a deal soon to end their oil price war. Brent crude futures rose more than 11% in early trade. By 0958, Brent was up 8.97%, or $2.22, to $26.96, …

US President Donald Trump said he was ready to help resolve an escalating oil price war between Russia and Saudi Arabia that has helped push crude benchmarks to 17-year lows. The threat of a global recession triggered by the coronavirus pandemic had already hammered prices when Riyadh said last month …

Traders and refiners expect Saudi Aramco to cut pricing for its flagship crude to the lowest in at least two decades, escalating a price war with rival suppliers even as the coronavirus throttles global demand. The world’s biggest oil exporter is expected to slash its official pricing for May sales …

Oil prices collapsed to their lowest levels in decades in March amid coronavirus concerns and OPEC+’s failure to reach a deal on production cuts, which prompted Riyadh and its allies to open the taps. Refineries in the United States and Europe are rejecting to accept any more Saudi Oil, even …