Saudi Arabia Archives - Page 14 of 30

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

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

January 30, 2020

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 over the economic impact of China’s coronavirus have rattled global markets, helping send the price of crude down to around

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

January 2, 2020

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 a round of restrictions by the cartel before it presses on with new — and even deeper — curbs this

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