Saudi Arabia Archives - Page 14 of 29

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

OPEC sees small 2020 oil deficit even before latest supply cut

December 11, 2019

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 thought. In a monthly report, OPEC said demand for its crude will average 29.58 million barrels per day (bpd) next

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

December 6, 2019

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 price of its shares at 32 riyals ($8.53), valuing the world’s most profitable company at $1.7 trillion. It received total

Saudi, Russia push through deeper new oil cuts

December 6, 2019

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 producers agreed to an extra 500,000 barrels per day (bpd) in cuts for the first quarter of 2020, taking the

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

December 5, 2019

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 like the 400,000 barrel-a-day reduction Iraq’s Oil Minister Thamir Ghadhban was suggesting wouldn’t necessarily remove any oil from the market.

OPEC, Russia debate deeper oil cuts as new glut looms

December 4, 2019

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 supported by key members. Non-OPEC Russia also said it was expecting a constructive meeting as OPEC leader Saudi Arabia presses

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

December 3, 2019

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 firm Rystad Energy. The Organization of the Petroleum Exporting Countries and their allies, led by Russia, are meeting Thursday and Friday

Oil rises as OPEC, allies gear for deeper output cuts- oil and gas 360

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

December 2, 2019

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 listing of Saudi Aramco, two sources familiar with the talks said. The deal being discussed by the Organization of the

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

November 15, 2019

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 major challenge in 2020 as demand for their crude is expected to fall sharply,” the Paris-based agency said in a

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

November 14, 2019

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 reporters in Brazil at a summit for BRICS countries, Putin said Moscow should continue to work with OPEC and that

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

October 29, 2019

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 exporter find a stable outlet for its crude. Modi, who is on a two-day visit to Riyadh to participate in

Premium Content