An inventory build of 4.2 million barrels (MMBO) pushed down the price of West Texas Intermediate (WTI) by nearly 3% in Thursday trading, increasing the United States’ crude stockpile to more than …
Last week, the Saudi Arabian government was rumored to be creating a division specializing in monitoring government spending. Today, the Financial Times reports that OPEC’s chief …
Saudi Arabia, a nation dependent on oil exports for 80% of budget revenues, 45% of gross domestic product and 90% of export earnings, is rumored to be creating a government division …
Last November, OPEC sparked the decline in crude oil prices that would see both international benchmark Brent crude, and U.S. benchmark WTI crude, lose more than 50% of their value. The group decided to move away …
Members of OPEC are beginning to cut their own prices relative to one another as the competition over share of global markets, particular Asia, continues to intensify. Traditionally, members of …
As competition in Asia has become increasingly fierce as producers look to gain the largest possible foothold in the world’s fast growing markets. The fight for market share is …
Russian oil output hit 10.74 million barrels a day in September, the highest level of production seen in the country since the fall of the Soviet Union, reports The Wall street Journal. …
OPEC production declined in September, led by lower output in the group’s three-biggest producers, according to a survey conducted by Bloomberg. The survey was taken of oil …
Saudi Arabia has withdrawn as much as $70 billion from global asset managers as low oil prices continue to put financial pressure on OPEC’s largest producer, according to financial services market …
Saudi Arabian Oil Company announced today that acting president and CEO, Amin H. Nasser, will take the helm of the world’s largest energy company on a permanent basis. Nasser was named president …
OPEC once again revised down its expectations for non-OPEC member production growth in its September Oil Market Report, lowering expected output for both 2015 and 2016. The organization projects that for this year, …
Oil prices and rig counts alike fell on Friday, with the former falling by about 2% and the latter reaching its lowest level in more than a decade. A handful of …
Crude oil imports from Saudi Arabia to seven major Asian markets declined 0.7% in the first half of 2015 compared to the same …
The U.S. crude oil benchmark West Texas Intermediate closed today 10.3% higher at $42.56 per barrel. In percentage terms, that is the largest gain seen in WTI prices in one …
In November 2014, OPEC, led by its largest producer Saudi Arabia, decided to cast off its traditional role as swing producer in the global oil market. The decision sent oil …
A recent note from Wells Fargo Equity Research highlights the continued unresponsiveness of production in the face of low oil prices, but the analysts say they expect the market to rebalance in 2016. …
Saudi Basic Industries Corp. (ticker: TADAWUL:2010), or Sabic, plans to expand investment in U.S. shale gas projects through joint ventures, according …
The Organization of Petroleum Exporting Countries (OPEC) released its Oil Monthly Report (OMR) for July, predicting economic growth would continue to drive oil …
OPEC continued to produce well above its target of 30 MMBOPD in June, according to information compiled by Reuters. The information, based on shipping data and …
Goldman Sachs and Citi Group predict that Saudi Arabia will likely start to push production to its daily maximum of 11 MMBOPD in the second half of 2015, reports Bloomberg…
Imports of medium-grade crude oil to Gulf Coast refineries were down 45% in the first quarter of 2015 compared with the first quarter of 2014, reports the …
Rig counts from the Organization of Petroleum Exporting Countries (OPEC) sank to the lowest level since June 2013, according to data from Baker Hughes. The drop comes despite Venezuela adding 13 rigs to its fleet. The remaining 10 members in …
OPEC continued to increase production in May, following its November plan to defend market share. OPEC output increased by 67 MBOPD from April to …
The Organization of Petroleum Exporting Countries (OPEC) is scheduled to meet for the first time in 2015 on June 5 in Vienna. Assumptions point to the meeting being a terse exchange between the 12 members in an attempt to fulfill …
From FOX News:
The Saudi king on Wednesday removed his half-brother from the post of crown prince, replacing him with his nephew, and elevated his son to the position of deputy crown prince in the most significant repositioning of power …
Saudi Arabia increased oil production to 10.3 MMBOPD in March, setting a 12-year high for production in the country. Saudi Oil Minister Ali al-Naimi said the Kingdom will continue producing …
The United States remained the world’s top producer of petroleum and natural gas hydrocarbons in 2014, according to Energy Information Administration (EIA) estimates. U.S. petroleum production increased …
Oil markets were closed last Friday, but prices fell in electronic trade after reports of a framework Iranian nuclear deal raised concerns of added supply to an already over-supplied market. …
OPEC supply for the month of March 2015 reached 30.63 MMBOPD from a revised 30.07 MMBOPD in February, according to a survey based on shipping data …
The most recent report from Baker Hughes (ticker: BHI) shows the fifteenth straight week of declining rig counts in the United States, but rig counts in Saudi Arabia …
