Post Tagged with: "Saudi Arabia"

Source: CNBC

Trump tells CNBC he spoke to Putin, MBS and expects Saudis, Russia to announce 10 million barrel cut

CNBC


President Donald Trump expects Russian President Vladimir Putin and Crown Prince of Saudi Arabia Mohammed Bin Salman to announce a deal on a production cut, the president said to CNBC.

The president is expecting a cut of 10 million …

Source: Reuters

Russia, U.S. hold energy talks, as Trump complains about oil cheaper than water

Reuters


WASHINGTON/MOSCOW (Reuters) – U.S and Russian energy officials held rare talks about oil after crude prices crashed to levels last seen about two decades ago, while President Donald Trump said oil that was cheaper “than water” was hurting the …

April 1, 2020 - 11:30 am Closing Bell Story‎, Commodity Pricing
Source: Reuters

Oil retreats from session highs, one day after sinking to 18-year lows

CNBC


Oil prices rose on Tuesday after U.S. President Donald Trump and Russian President Vladimir Putin agreed to talks aimed at stabilizing energy markets, with benchmarks climbing off 18-year lows hit as the coronavirus outbreak cut fuel demand worldwide.

U.S.

Source: CNBC

Saudi Arabia announces $32 billion in emergency funds to mitigate oil, coronavirus impact

CNBC


Saudi Arabia’s government unveiled stimulus measures amounting to 120 Saudi billion riyals ($32 billion) on Friday to support an economy hit by the double blow of the coronavirus crisis and dramatically lower oil prices.

The sum includes Riyadh’s 50

March 20, 2020 - 1:00 pm Crude Oil News, Economy, Energy News, International
Source: Reuters

Saudi Arabia, Iraq say they won’t compensate for oil freight rate jump: documents

Reuters


NEW DELHI/SINGAPORE/MOSCOW  – Saudi Arabia and Iraq have said they are unable to provide freight rebates for crude oil shipments under default contract terms due to a record rise in tanker rates, documents seen by Reuters showed on Thursday.…

Source: CNBC

An oil price war is here to stay, analysts warn — even as prices tumble to nearly two-decade lows

CNBC


An oil price war between Saudi Arabia and Russia will most likely accumulate over the course of the year, energy analysts have told CNBC, with no end in sight until 2021 at the earliest.

International benchmark Brent crude traded

Source: Reuters

The losers — and even bigger losers — of an oil price war between Saudi Arabia and Russia

CNBC


An intensifying oil price war between Saudi Arabia and Russia has created “very painful” market conditions for the world’s largest crude producers, analysts have told CNBC, with many braced for sliding revenues over the coming months.

International benchmark Brent

Source: CNBC

Saudi Arabia, Russia oil dispute is about the ‘restructuring of supply,’ says a strategist

CNBC


The oil price rout this week may be a chance for the industry to restructure and could ultimately be a positive for the market, a strategist said on Wednesday.

The oil markets tanked Monday, plunging over 20% following a …

Source: Reuters

Saudi Arabia, Russia raise stakes in oil standoff

Reuters


DUBAI/MOSCOW – Saudi Arabia will raise its crude supply to a record high in April, the kingdom announced on Tuesday, as it ratcheted up a standoff with Moscow over market share and appeared to reject Russian overtures for new …

Source: Houston Chronicle

Saudi Arabia should follow Russia, even if it kills OPEC

Houston Chronicle


Is it really over? So soon?

Russia’s unwillingness to go along with Saudi Arabia’s emergency supply cut fuels speculation the whole OPEC+ thing is done. I don’t agree. OPEC+ has always been largely a marketing and political tool. …

Source: Reuters

Oil prices plunge by a third as Saudi-Russian pump war looms

Reuters


LONDON – Oil prices lost as much as a third of their value on Monday in their biggest daily rout since the 1991 Gulf War as Saudi Arabia and Russia signalled they would hike output in a market already …

Source: Reuters

OPEC backs biggest oil cut since 2008 crisis, awaits Russia

Reuters


VIENNA  – OPEC agreed on Thursday to cut oil output by an extra 1.5 million barrels per day (bpd) in the second quarter of 2020 to support prices that have been hit by the coronavirus outbreak, but made its …

March 5, 2020 - 11:00 am Closing Bell Story‎, Crude Oil News, Energy News, OPEC
Source: CNBC

Global oil demand to peak around 2040 or ‘much sooner,’ IMF says

CNBC


Global oil demand will peak around 2040 – or “much sooner” – the International Monetary Fund (IMF) said in a new report on the future of oil.

The IMF said that this could have a “significant” impact on oil-exporting

Source: CNBC

Russia’s reluctance for a production cut exposes possible crack in three-year-old OPEC alliance

CNBC


Russia’s reluctance to jump on board a bigger OPEC production cut may signal a potential fissure within the oil producer alliance, known as OPEC plus.

Led by Saudi Arabia, other OPEC producers and Russia were considering an emergency meeting …

Source: Houston Chronicle

OPEC+ in second day of talks as Saudis push for emergency cut

Houston Chronicle


OPEC+ officials gathered in Vienna for a second day of debate on the impact of the coronavirus, a process that could result in an emergency ministerial meeting where Saudi Arabia would push for an oil-production cut.

The price …

February 5, 2020 - 10:00 am Commodity Pricing, Crude Oil News, Energy News, OPEC
Source: Reuters

Saudi Arabia opens talks on possible February OPEC+ meeting after oil price slide

Reuters


LONDON/MOSCOW/DUBAI  – Saudi Arabia has opened talks with OPEC and allied oil producers about moving their upcoming OPEC+ policy meeting to early February from March, four OPEC+ sources said, after a swift slide in oil prices alarmed Riyadh.

Worries …

January 30, 2020 - 3:30 pm China, Closing Bell Story‎, Crude Oil News, Energy News, OPEC
Source: Houston Chronicle

OPEC output falls as Gulf nations step up delivery of oil cuts

Houston Chronicle


OPEC’s output declined last month as several Persian Gulf producers stepped up their implementation of cutbacks aimed at balancing global oil markets.

Saudi Arabia, Iraq and the United Arab Emirates reduced production in December, the final month of …

Source: Reuters

OPEC sees small 2020 oil deficit even before latest supply cut

Reuters


LONDON – OPEC on Wednesday pointed to a small deficit in the oil market next year due to restraint by Saudi Arabia even before the latest supply pact with other producers takes effect, suggesting a tighter market than previously …

December 11, 2019 - 11:30 am Closing Bell Story‎, Crude Oil News, Energy News, International, OPEC
Source: Houston Chronicle

Saudi Aramco raises $25.6 billion in world’s biggest IPO

Houston Chronicle


Saudi Aramco raised $25.6 billion from the world’s biggest initial public offering, closing a deal that became synonymous with the kingdom’s controversial crown prince and his plans to reshape the nation.

The state-owned oil giant set the final …

December 6, 2019 - 12:30 pm Capital Markets, Closing Bell Story‎, Energy News, International
Source: Reuters

Saudi, Russia push through deeper new oil cuts

Reuters


Saudi Arabia and Russia spearheaded a deal on Friday in which OPEC and its allies committed to some of the deepest oil output cuts this decade aiming to avert oversupply and support prices.

The group of more than 20 …

Source; Houston Chronicle

If OPEC+ announces a new cut, it may not be what it seems

Houston Chronicle


Speculation is mounting that OPEC and its allies may agree to a deeper production cut at their meeting in Vienna on Thursday, but market watchers shouldn’t take any such announcement at face value.

Even a sizable “new” cut …

Source: Reuters

OPEC, Russia debate deeper oil cuts as new glut looms

Reuters


MOSCOW/VIENNA – OPEC and its allies led by Russia are gearing up to approve deeper oil production cuts this week to prevent a new glut and a collapse on oil prices with OPEC member Iraq saying the move was …

December 4, 2019 - 1:00 pm Closing Bell Story‎, Energy News, International, OPEC
Source: Houston Chronicle

Oil could fall below $40 unless OPEC deepens cuts: Report

Houston Chronicle


Crude oil prices are expected to plunge to $40 a barrel in 2020 unless OPEC and Russia agree to deepen – and not just extend – their production cuts, according to a new report from the Norwegian research …

December 3, 2019 - 10:30 am Closing Bell Story‎, Crude Oil News, Energy News, International, OPEC
Source: Reuters

Saudi Arabia wants OPEC+ to deepen oil cuts due to Aramco IPO

Reuters:


DUBAI/LONDON/MOSCOW – OPEC and its allies plan to deepen oil cuts and have the deal in place so it runs at least until June 2020 as Saudi Arabia wants to deliver a positive surprise to the market before the …

Source: Reuters/Jason Lee

OPEC+ faces ‘major challenge’ from competitors’ surging output: IEA

Reuters


LONDON- The Organization of the Petroleum Exporting Countries and its allies face stiffening competition in 2020, the International Energy Agency said on Friday, adding urgency to the oil producer group’s policy meeting next month.

“The OPEC+ countries face a …

Source: Reuters

Russia’s Putin: Saudi Arabia taking tough stance on OPEC deal

Reuters


Russian President Vladimir Putin said on Thursday that Saudi Arabia was taking a tough stance on the output deal between OPEC and its allies because of Saudi Aramco’s initial public offering, but that Moscow respected Riyadh’s interests.

Speaking to …

FILE PHOTO: India's Prime Minister Narendra Modi speaks during the 2019 United Nations Climate Action Summit at U.N. headquarters in New York City, New York, U.S., September 23, 2019. REUTERS/Carlo Allegri

India’s Modi says Saudi to invest in India’s downstream oil, gas projects

Reuters


Prime Minister Narendra Modi said on Tuesday Saudi Arabia will invest in downstream oil and gas projects in India as part of a strategic partnership between the two countries, a move that would also help the world’s top oil …

October 29, 2019 - 8:35 am Closing Bell Story‎, Downstream, Energy News, International
FILE PHOTO: Workers are seen at the damaged site of Saudi Aramco oil facility in Abqaiq, Saudi Arabia, September 20, 2019. REUTERS/Hamad l Mohammed/File Photo

Exclusive: U.S. carried out secret cyber strike on Iran in wake of Saudi oil attack: officials

Source: Reuters


The United States carried out a secret cyber operation against Iran in the wake of the Sept. 14 attacks on Saudi Arabia’s oil facilities, which Washington and Riyadh blame on Tehran, two U.S. officials have told Reuters.

The …

October 16, 2019 - 9:55 am Closing Bell Story‎, Energy News, International
Oil Falls 1% as U.S.-Iran Optimism Faces U.S.-China Trade Deal Hopes

Oil Falls 1% as U.S.-Iran Optimism Faces U.S.-China Trade Deal Hopes

From Reuters


Oil prices fell 1% on Monday on the outlook for increased supply of Iranian crude after France’s president lifted hopes for a deal between Washington and Tehran, but losses were limited by optimism surrounding a U.S.-China trade deal.…

Oil Spills Into U.S.-China Trade War, Prices Slump

Oil Spills Into U.S.-China Trade War, Prices Slump

From Reuters


China on Friday said it would impose tariffs on U.S. crude oil imports for the first time, sending prices down nearly 4% to two-week lows as the escalating bilateral trade war fed worries over a slowdown in global …