Post Tagged with: "Saudi Arabia"

Source: CNBC

Russia and Saudi Arabia reject calls to end oil and gas spending, call IEA’s net-zero plan ‘unrealistic’

CNBC


LONDON — Two of the world’s largest oil-producing countries plan to defy the International Energy Agency’s recommendations and continue investing in oil and gas, rejecting calls to drastically scale back the use of fossil fuels despite a deepening climate …

Source: Reuters

Oil rises nearly 2% on U.S. vaccine rollout, Middle East tension

Reuters


NEW YORK – Oil prices rose nearly 2% on Monday on optimism over the pace of coronavirus vaccinations in the United States and after the Yemen-based Houthi movement said it fired missiles on Saudi oil sites.

Crude prices have …

Source: Reuters

U.S. becomes India’s second biggest oil supplier, Saudi plunges to No. 4

Reuters


NEW DELHI – The United States overtook Saudi Arabia as India’s second biggest oil supplier after Iraq last month, as refiners boosted cheaper U.S. crude purchases to record levels to offset OPEC+ supply cuts, data from trade sources showed.…

Source: Reuters

OPEC expects most of 2021 oil demand recovery in second half

Reuters


LONDON – OPEC said on Thursday a recovery in oil demand will be focused on the second half of the year as the impact of the pandemic lingers as a headwind for the group and its allies in supporting …

Source: Reuters

Russia, Saudi Arabia at odds over output deal ahead of OPEC+ meeting: RIA cites source

Reuters


MOSCOW  – Saudi Arabia and Russia have differences over a potential deal among OPEC+ oil producers that could ease curbs on supply starting in April, a source told RIA news agency on Monday ahead of a meeting of the …

Source: Reuters

Tight oil market in first half could push crude to $65, says Goldman

Reuters


Oil prices could rise to $65 a barrel by July amid a tight oil market and slow rebound in demand, Goldman Sachs said.

The bank said in a note on Sunday data indicated a deficit of 2.3 million barrels …

Source: Reuters

Saudi Arabia pips Russia to be China’s biggest oil supplier in 2020

Reuters


BEIJING/SINGAPORE – Saudi Arabia, the world’s biggest oil exporter, beat Russia to keep its ranking as China’s top crude supplier in 2020, Chinese government data showed on Wednesday.

Oil demand in China, the world’s top oil importer, remained strong …

Source: Reuters

Oil extends gains after surprise Saudi output cut

Reuters


LONDON -Oil prices extended gains on Wednesday, rising to their highest since late February, after Saudi Arabia announced a big voluntary production cut, and as an industry report showed U.S. inventories fell last week.

Brent crude was up 31

January 6, 2021 - 9:30 am Closing Bell Story‎, Crude Oil News, Energy News, OPEC
Source: Reuters

Saudi Arabia restores diplomatic ties with Qatar after three-year rift

CNBC


Saudi Arabia has reinstated diplomatic relations with Qatar, more than three years after Riyadh and several Arab countries severed ties with Doha.

Kuwait, a mediator for both sides, announced that Saudi Arabia is reopening its airspace, sea and land …

Source: Reuters

Oil jumps 5%, breaks above $50 for the first time since February as Saudi Arabia announces voluntary cuts

CNBC


U.S. benchmark West Texas Intermediate crude futures broke above $50 on Tuesday for the first time since February, boosted by a surprise announcement by Saudi Arabia of a 1 million barrel per day production cut beginning in February and …

January 5, 2021 - 12:30 pm Closing Bell Story‎, Crude Oil News, Energy News, OPEC
Source: Reuters

Saudi Arabia and Russia in tight race to become China’s top oil supplier in 2020

Reuters


SINGAPORE  – Saudi Arabia and Russia are in a tight race to become China’s top oil supplier in 2020, with both countries boosting crude exports to the economic powerhouse even as the coronavirus pandemic hit global demand for oil …

Source: Reuters

Saudi Arabia’s IPO pipeline looks ‘quite busy’: CMA chairman

Reuters


DUBAI/RIYADH – Since Aramco’s record listing last year, Saudi Arabia has seen a big increase in the number of companies looking to make their stock market debut in the kingdom, according to the head of the Capital Market Authority …

November 4, 2020 - 11:00 am Closing Bell Story‎, Crude Oil News, Energy News, Pipeline News
Source: Reuters

Column: OPEC+ set for a three-month output rollover – John Kemp

Reuters


LONDON – Saudi Arabia and Russia will probably agree to extend their oil production cuts and postpone planned increases when they meet for talks with their OPEC+ partners at the end of November.

For tactical reasons, both countries are …

Source: Reuters

Saudi crude exports rise to 5.97 million bpd in August: JODI

Reuters


Saudi Arabia’s crude oil exports rose for a second consecutive month to 5.97 million barrels per day (bpd) in August, from 5.73 million bpd in July, official data showed on Monday.

The country’s crude output rose by 500,000 bpd …

October 19, 2020 - 12:00 pm Closing Bell Story‎, Crude Oil News, Energy News, OPEC
Source: Reuters

Oil prices mixed as OPEC boost countered by Libyan developments

Reuters


LONDON – Oil prices were mixed on Friday after Libyan commander Khalifa Haftar said a blockade on Libyan oil exports would be lifted for one month, countering more bullish signals from an OPEC meeting on Thursday.

 

Brent crude …

Source: Forbes

How Russian and Saudi oil ties to China complicate the post-pandemic world

Forbes


Russia and Saudi Arabia both rely on oil sales to fund a majority of their budgets. In the last five plus years, China has become the biggest customer for both countries. In fact, China is the world’s largest importer

Breakeven crude oil prices are one metric of the economic constraints facing OPEC+ members

Breakeven crude oil prices are one metric of the economic constraints facing OPEC+ members

EIA


Oil & Gas 360 Publishers Note: To help understand the OPEC + members, take a look at the breakeven crude oil prices. Breakeven is is the fiscal breakeven, the minimum price that a country needs to receive per barrel

Saudi Aramco completes $69 billion Sabic deal, extends payment window amid oil hit

Saudi Aramco completes $69 billion Sabic deal, extends payment window amid oil hit

CNBC


Saudi Aramco completed the purchase of its 70% stake in the kingdom’s petrochemical giant Sabic from the Saudi Public Investment Fund, it announced Wednesday, tying the knot on one of the largest ever deals in the global chemicals industry.…

Source: Reuters

OPEC+ panel meeting next week will advise on policy, not decide: sources

Reuters


LONDON/MOSCOW – An OPEC-led panel meeting to review the oil market next week will advise the wider OPEC+ group cooperating on a record supply cut, five OPEC+ sources said, meaning further talks would be needed on whether to extend …

Source: CNBC

Saudi Arabia says ‘no room whatsoever’ for noncompliance over OPEC+ production cuts

CNBC


OPEC kingpin Saudi Arabia and non-OPEC leader Russia said Monday that the success of the energy alliance’s latest production cuts relies on all members complying with the terms of the deal.

The statement comes shortly after OPEC and non-OPEC

Source: Reuters

OPEC+ to meet Saturday on extending cuts, pushing for compliance

Reuters


MOSCOW/DUBAI – OPEC and its allies led by Russia will meet on Saturday to discuss extending record oil production cuts and to push laggards such as Iraq and Nigeria to comply with existing curbs.

The producers known as OPEC+ …

Source: Reuters

Trump administration putting trust in global oil producers ahead of OPEC+ meet

Reuters


WASHINGTON – The Trump administration believes ahead of an expected OPEC+ meeting this week that major oil producers such as Saudi Arabia and Russia will honor their pledges to cut crude production and will not damage the global economy …

Source: Reuters

OPEC+ keen to keep U.S. shale in check as oil prices rally

Reuters


LONDON – When OPEC, Russia and their allies agreed in April to slash oil production, little did they expect that their initiative to prop up collapsing prices would be helped by a swift drop in U.S. output.

Now that …

Source: Reuters

Oil prices rise ahead of OPEC+ meeting on output cuts

Reuters


LONDON  – Oil prices rose on Tuesday to near three-month highs on expectations that major producers would agree to extend output cuts that have shored up prices, during a video conference likely to be held this week.

Benchmark Brent …

Source: Reuters

OPEC, Russia discuss extending oil cuts for 1-2 months: sources

Reuters


DUBAI/MOSCOW – OPEC and Russia are moving closer to a compromise on extending current oil output cuts and are discussing a proposal to roll over supply curbs for one to two months, three OPEC+ sources told Reuters on Monday.…

Saudi and Kuwait to halt neutral zone production in June

Saudi and Kuwait to halt neutral zone production in June

Oil & Gas


The countries will stop production for a month as part of measures to reduce oil output

Kuwait and Saudi Arabia will halt oil production in the neutral zone in June for one month, Abdullah al-Sumaiti, acting head …

May 25, 2020 - 7:47 am Crude Oil News, International
Source: Reuters

Column: Successful OPEC+ output deal fits a pattern – Kemp

Reuters


LONDON – Saudi Arabia and its allies in the expanded OPEC+ group of oil-exporting nations have successfully engineered a prospective deficit in the oil market, boosting spot prices and calendar spreads over the last four weeks.

Front-month Brent futures …

Source: Reuters

Saudi Arabia, Russia committed to oil market stability: statement

Reuters


DUBAI – Saudi Arabia and Russia are firmly committed to achieving oil market stability and expediting a rebalancing of the market, the energy ministers of the two countries said in a joint statement on Wednesday.

Saudi energy minister Prince …

Source: Reuters

Special Report: Trump told Saudis: Cut oil supply or lose U.S. military support – sources

Reuters


WASHINGTON/LONDON/DUBAI – As the United States pressed Saudi Arabia to end its oil price war with Russia, President Donald Trump gave Saudi leaders an ultimatum.

In an April 2 phone call, Trump told Saudi Crown Prince Mohammed bin Salman …

Saudi Arabia and Kuwait start cutting oil output ahead of schedule

Saudi Arabia and Kuwait start cutting oil output ahead of schedule

Oil&Gas


The two nations acted prior to the May 1 deadline set by OPEC+

Saudi Aramco has reportedly started reducing production from 12 million barrels per day (bpd) to hit its target of 8.5 mbpd, Bloomberg reported. It made the …

April 26, 2020 - 5:36 am Crude Oil News, Crude Oil Storage, International, OPEC, Popular 2