Tag Archives: Saudi Arabia

Oil price hit their low for the year Friday as U.S. production continued to grow.

The kingdom is considering slashing oil production by up to 1.4 million barrels per day (bpd) with OPEC members.

Aramco signed five new crude oil supply agreements with five Chinese customers in Shanghai in early November.

OPEC and 10 non-OPEC partners. led by Russia. will meet December 6-7 to decide on output policy.

Iran is OPEC’s third-largest producer. providing more than 2 percent of global oil output.

Saudi Arabia and its allies are now considering cutting output by 1 million to 1.4 million barrels per day.

Saudi Arabia has said that if it does not get U.S. assistance to build reactors it may turn to other international partners.

Reduced Saudi oil imports tend to reflect in lower weekly U.S. inventories.

Aramco’s Research and Development Center won the Breakthrough Research of The Year for their Project.

The Saudi tactic to send reduced volumes to the States succeeded last year.