Saudi Arabia Archives - Page 10 of 30

OPEC reportedly reaches compromise on oil production after dispute with UAE

July 14, 2021

CNBC DUBAI, United Arab Emirates — The Organization of Petroleum Exporting Countries on Wednesday arrived at a deal after a nearly two-week standoff over its future oil production levels, according to reports by the Wall Street Journal and Reuters. The temporary but unprecedented gridlock that began in early July saw the United Arab Emirates reject a coordinated oil production plan for the group

Oil slips after reaching multi-year highs on OPEC+ dispute

July 6, 2021

Bloomberg OPEC+ infighting has deprived the oil market of extra supply and sent crude surging to a six-year high in New York. It’s too early to tell whether the breakdown of the cartel’s meeting on Monday could escalate into a conflict between Saudi Arabia and the United Arab Emirates as bitter and destructive as last year’s price war. Here are

Aramco sees major hydrogen market forming amid historic pressure test for Big Oil

June 28, 2021

CNBC Saudi Arabia’s oil giant Aramco is stepping up efforts to promote initiatives in hydrogen technology and investments to reduce carbon emissions, after a harrowing investor smackdown for Big Oil. “Hydrogen is real,” Aramco Chief Technology Officer Ahmad Al Khowaiter told CNBC in an interview Sunday, after a day of presentations from Aramco executives and industry partners to highlight the

Saudi’s April oil exports more than double yr/yr to $13.8 billion

June 24, 2021

Reuters DUBAI – The value of Saudi Arabia’s oil exports in April climbed 109% to 51.7 billion riyals ($13.79 billion) from a year earlier while non-oil exports rose by 46.3%, official data showed on Thursday. Oil exports made up 72.5% of total exports, up from 64.8% in April 2020 and 70% in March. Non-oil exports rose to 19.6 billion riyals

Saudi Arabia’s April crude exports slip to 10-month low

June 17, 2021

Reuters Saudi Arabia’s April crude oil exports fell to their lowest level since June 2020, official data showed on Thursday. Crude exports from the world’s top exporter slipped to 5.408 million barrels per day (bpd) from 5.427 million bpd in March, while crude output edged lower to 8.134 million bpd in April from 8.138 million bpd the previous month, data

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

June 4, 2021

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 crisis. Policymakers are under immense pressure to deliver on promises made as part of the Paris Agreement, a landmark accord widely

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

April 12, 2021

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 remained rangebound in the past three weeks, as growing expectations of surging U.S. economic activity are balanced by the slow

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

March 15, 2021

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. The switch in supplies, triggered by lower U.S. crude demand, coincided with Saudi Arabia’s voluntary extra 1 million barrel per

OPEC expects most of 2021 oil demand recovery in second half

March 11, 2021

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 the market. In a monthly report, the Organization of the Petroleum Exporting Countries said demand will rise by 5.89 million

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

February 22, 2021

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 group next week. The Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, are likely

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

February 1, 2021

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 per day (bpd) in the fourth quarter of 2020 driven by higher demand and lower supplies from producers outside the

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

January 20, 2021

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 last year even as the coronavirus crisis hammered global appetite. Chinese imports rose 7.3% to a record of 542.4 million

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