Middle East Archives - Page 32 of 42 -

OPEC data shows Saudi oil production cuts will “sharply” tighten global markets

June 13, 2023

World Oil (Bloomberg) – Saudi Arabia’s latest oil production cuts are set to tighten global markets sharply next month, data from OPEC show. Even before the kingdom announced its surprise new measures just over a week ago, the Organization of Petroleum Exporting Countries expected that world inventories would deplete rapidly in the second half amid a post-pandemic recovery in fuel

Oil market yawned over Saudi cut as economic concerns cap prices -Chevron exec

June 9, 2023

Nasdaq NEW YORK – Concern about the global economy dampened the oil market’s reaction to Saudi Arabia’s pledge to cut supplies and has capped prices this year, a Chevron CVX.N executive told Reuters on Thursday. Benchmark Brent LCOc1 crude prices were just below $76 a barrel on Thursday, little changed from where they were before Saudi Arabia announced on Sunday it would cut

Putin, Saudi Crown Prince “praise” OPEC cooperation

June 8, 2023

Oil Price (Bloomberg) – Russia’s President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman talked on OPEC+ cooperation by phone, the Kremlin said. The two leaders “gave high praise to the level of cooperation within the OPEC+ that allows to make timely and effective steps to maintain the balance of oil supply and demand,” according to a statement late

Oil prices edge higher as Saudi cut outweighs bearish backdrop

June 7, 2023

Yahoo Finance LONDON – Oil prices edged higher on Wednesday as Saudi Arabia’s surprise weekend pledge to deepen output cuts outweighed weak Chinese export data and rising U.S. fuel stocks. Brent crude futures were up 36 cents, or 0.5%, at $76.65 a barrel by 0949 GMT while U.S. West Texas Intermediate crude futures gained 37 cents, or 0.5%, to $72.11.

Analysis-Saudi Arabia’s ‘icing on the cake’ oil cut could feed US producers

June 6, 2023

Yahoo LONDON – Saudi Arabia has crafted a complex OPEC+ deal with a view to punishing investors that have bet on falling oil prices but could inadvertently lend long-term support to the rival U.S. energy industry, OPEC+ insiders and market watchers said. On Sunday, Saudi Arabia pledged to cut its oil output by 1 million barrels per day (bpd), or

Dad’s mad: Saudis frustrated with lack of OPEC compliance

June 6, 2023

Oil Price Saudi Arabia agreed to take one for the team this weekend and volunteered to cut another 1 million barrels per day off its crude oil production to keep the market in check—and to punish short sellers. But Saudi Arabia’s Energy Minister has had it up to here with other OPEC members failing to meet their production quotas month

Analysts reiterate calls for $100 oil as Saudi Arabia cuts production

June 5, 2023

Oil Price Brent prices could hit $100 by the end of this year as the new 1 million bpd production cut Saudi Arabia announced on Sunday would further tighten the oil market, analysts said after the OPEC+ meeting this weekend. The OPEC+ producers decided to keep the current cuts until the end of 2024, while OPEC’s top producer and the world’s largest

Saudi pledges big oil cuts in July as OPEC+ extends deal into 2024

June 5, 2023

Reuters STORY: Saudi Arabia on Sunday said it would dramatically cut its crude oil output as part of a deal by OPEC+ nations to tighten supply into 2024 as producers seek to boost falling oil prices. The Saudi energy minister, Prince Abdulaziz Bin Salman Al-Saud, referred to the million-barrel cut as the “Saudi lollipop,” in that it sweetened a deal

Saudi Arabia’s energy minister tells short sellers to ‘watch out’

May 23, 2023

Oil Price Saudi Arabia’s Energy Minister, Prince Abdulaziz bin Salman has warned traders, again, against shorting oil futures, less than two weeks before the OPEC+ panel on production policy meets on June 4. Prince Abdulaziz bin Salman promised oil speculators back in 2020, “I’m going to make sure whoever gambles on this market will be ouching like hell.” The OPEC+

Saudi Arabia, Russia may cut production, but don’t expect exports to plunge

May 19, 2023

Oil Price After releasing its impressive oil consumption data for March 2023, the latest production figures from the Joint Organisations Data Initiative (JODI) show that Saudi oil exports rose slightly from 7.45 million bpd to 7.52 million bpd in February. The data also shows a slight increase in Saudi production to 10.46 million bpd ahead of the surprise production cut, which was

Aramco appoints new upstream, downstream leadership to drive global portfolio

May 18, 2023

World Oil (WO) – Aramco has appointed Nasir K. Al-Naimi as President of its Upstream business, and Mohammed Y. Al Qahtani as President of its Downstream business, both reporting along with Aramco’s Executive Vice Presidents to the company’s President & CEO. The newly created positions and appointments, approved by the Board of Directors, will be effective from July 1, 2023

Saudi Aramco sees slowed progress on planned IPO of trading unit – sources

May 11, 2023

Nasdaq RIYADH – Saudi Aramco 2222.SE has seen progress slow for the planned initial public offering (IPO) of its energy trading unit, two sources with knowledge of the matter said on Thursday. Bloomberg earlier reported the oil giant would postpone the IPO, citing people with knowledge of the matter. Reuters reported in June last year that Aramco would merge Aramco Trading with Motiva

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