Tag Archives: Saudi Arabia

China is set to import 40% more crude from Saudi Arabia under term contracts in September despite the unilateral production cut of 1 million barrels per day (bpd) of the world’s top crude oil exporter, traders told Bloomberg on Friday. Chinese refiners are estimated to receive as much as 52 …

Happily for Saudi Arabia, it does not take a genius to work out that persuading its OPEC+ brothers to cut their oil production to ramp up prices and then quietly selling additional oil over and above its official quota is a major money spinner. “Saudi Arabia has a long history …

Saudi Arabia’s economy slowed in the second quarter as oil-production cuts and a drop in prices pushed the country from being one of the fastest-growing Group of 20 countries to one of the slowest. Gross domestic product expanded 1.1% on an annual basis, according to preliminary data released by the …

The U.S. Energy Information Administration announced on Sunday an increase in Iraq’s oil exports to the United States, surpassing Saudi Arabia’s exports during the past week. According to the agency’s data, the average U.S. crude oil imports from eight major countries reached 5.487 million barrels per day, decreasing by 770 …

Saudi Arabia is expected to extend a voluntary oil output cut of 1 million barrels per day for another month to include September, five analysts said, to provide additional support for the oil market. In June, OPEC+ agreed on a broad deal to limit oil supply into 2024 and Saudi …

The price of Basra crudes has experienced a slight increase as the week concluded with Saudi Arabia and Russia, the world’s leading oil suppliers, announcing further cutbacks in their oil production. Basra Heavy crude witnessed a marginal rise as the final session closed yesterday, up by 48 cents, to settle …

Prime Minister Fumio Kishida and Saudi Arabia’s Crown Prince Mohammed bin Salman agreed on Sunday to cooperate in sharing technology to aid in the decarbonization and economic diversification of the Middle Eastern nation, while ensuring Japan’s ongoing access to its oil. The two agreed to launch a “strategic dialogue” at …

Oil prices edged higher on Tuesday, recouping some of the losses from the previous session, as traders focused on supply cuts by the world’s biggest oil exporters Saudi Arabia and Russia and a weaker dollar. Brent crude futures rose 23c, or 0.3%, to $77.92 a barrel by 1.53am GMT, and …

At least four buyers of Saudi crude oil from Asia and Europe have changed their plans for future orders after the kingdom announced its latest price hike, Bloomberg has reported, citing unnamed sources. Earlier this week, Saudi Arabia said it would increase the Dubai/Oman premium of its flagship Arab Light …

Saudi Arabia and Russia announced Monday that they would make additional cuts to oil supply as a global economic slowdown hangs over the outlook for energy demand. Saudi Arabia — the world’s biggest exporter of crude oil — said it would extend a cut of 1 million barrels a day …