Saudi Arabia Archives - Page 13 of 29

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

March 20, 2020

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 billion riyals package announced last week to support small and medium-sized businesses. Friday’s announcement introduces a further 70 billion riyals

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

March 19, 2020

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. Changes in supply terms may lead to cancellations of April cargoes by buyers across the world as they weren’t expecting

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

March 18, 2020

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 at $26.01 Wednesday, down around 9%, while U.S. West Texas Intermediate (WTI) stood at $22.73, more than 15% lower. Brent fell to its lowest

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

March 12, 2020

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 crude traded at $32.97 Thursday, down almost 8%, while U.S. West Texas Intermediate (WTI) stood at $30.40, around 7.8% lower. Oil prices have

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

March 11, 2020

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 disagreement on production cuts between OPEC and its allies. Russia declined to lower output last week, and Saudi Arabia announced Saturday that it will offer discounts to its official selling

Saudi Arabia, Russia raise stakes in oil standoff

March 10, 2020

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 talks. The clash of oil titans Saudi Arabia and Russia sparked a 25% slump in crude prices on Monday, triggering

Saudi Arabia should follow Russia, even if it kills OPEC

March 9, 2020

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. Formally ditching it now would merely make obvious the underlying truth: OPEC+ wouldn’t exist in the first place unless OPEC on its

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

March 9, 2020

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 awash with crude after their three-year supply pact collapsed. Despite sliding demand for crude due to the coronavirus, Riyadh made

OPEC backs biggest oil cut since 2008 crisis, awaits Russia

March 5, 2020

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 action conditional on Russia and others joining in. Russia and Kazakhstan, both members of the broader and informal group known

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

February 6, 2020

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 countries, predominantly those in the Middle East whose existing financial wealth could be depleted in the next 15 years if

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

February 6, 2020

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 to cut production in response to the impact of the coronavirus, but it’s not now clear whether that will happen.

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

February 5, 2020

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 of crude has plunged on expectations that the epidemic will squeeze China’s economy and curtail consumption of oil in the

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