The latest U.S. State Department advisory simply warned: “Do not travel to Iraq” From the Washington Post BEIRUT — Two Saudi Arabian oil tankers and a Norwegian ship were damaged over the weekend near the Persian Gulf in what Saudi Arabia claimed Monday was an “act of sabotage,” further heightening regional tensions with Iran. There was no immediate indication as to who
From The Wall Street Journal Saudi Arabia has pledged to boost oil output if needed, as the Trump administration starts banning all Iran oil exports on Thursday. But behind the scenes, Riyadh and Washington face a potentially weekslong showdown over the number of extra barrels the kingdom would supply to global markets to keep crude prices stable. The U.S. is pushing to
Aramco’s bond prospectus lifts the tent on unrivalled metrics By Richard Rostad, analyst, Oil & Gas 360 Saudi Aramco’s bond prospectus, released this week, provides a wealth of information on the largest oil company in the world. Stretching nearly 470 pages, the prospectus illustrates everything from expected natural gas demand in the kingdom to the dangers of missiles falling on
From Reuters Saudi Arabia is threatening to sell its oil in currencies other than the dollar if Washington passes a bill exposing OPEC members to U.S. antitrust lawsuits, three sources familiar with Saudi energy policy said. They said the option had been discussed internally by senior Saudi energy officials in recent months. Two of the sources said the plan had
From Bloomberg It was a state secret and the source of a kingdom’s riches. It was so important that U.S. military planners once debated how to seize it by force. For oil traders, it was a source of endless speculation. Now the market finally knows: Ghawar in Saudi Arabia, the world’s largest conventional oil field, can produce a lot less
From Bloomberg OPEC’s crude production slid for a fourth month as Saudi Arabia pressed on with output curbs aimed at balancing global markets, and as an economic crisis in Venezuela escalated. Despite pressure from U.S. President Donald Trump to keep oil supplies flowing and put a lid on rising prices, the Saudis and other members of the cartel remain resolved to restrain
From Bloomberg The world’s biggest oil-exporting region may lose billions of dollars in annual revenue when an obscure United Nations requirement for ships to burn cleaner fuel takes effect next year. Saudi Arabia, Iraq and other Middle Eastern suppliers of heavy, high-sulfur crude could take a hit as refiners favor lighter, low-sulfur grades that they can process more easily into
From Reuters Budget needs are forcing Saudi Arabia to push for oil prices of at least $70 per barrel this year, industry sources say, even though U.S. shale oil producers could benefit and Riyadh’s share of global crude markets might be further eroded. Riyadh, OPEC’s de facto leader, said it was steeply cutting exports to its main customers in March
From Bloomberg Four months ago, Saudi Arabia’s devotion to its decades-old oil partnership with the U.S. was stronger than ever. President Donald Trump was poised to choke off crude exports from the kingdom’s political nemesis, Iran. And the Saudis, shunned by other nations after the murder of journalist Jamal Khashoggi, were readily obliging the White House with record supplies. But
From Stratfor President Donald Trump’s current enthusiasm for Saudi Arabia notwithstanding, the relationship between the United States and perhaps its most important ally in the Middle East is undergoing a significant transformation. U.S. political pressure on Saudi Arabia is rising, led by a growing congressional discomfort over the Saudi-led intervention in Yemen and the circumstances surrounding the murder of journalist Jamal Khashoggi, but
Overall production down 221 MBOPD By Richard Rostad, analyst, Oil & Gas 360 OPEC production fell sharply in February, with several major producers reporting declines according to OPEC’s Monthly Oil Market Report. Overall oil output dropped by 221 MBOPD in 2019, bringing total group production to 30.5 MMBOPD. This is the lowest reported output since February 2015, according to Bloomberg.
From Bloomberg Saudi Arabia will supply its clients with significantly less oil than they requested in April, extending deeper-than-agreed production cuts into a second month, a Saudi official familiar with the policy said. The move is the latest sign Riyadh is determined to regain control of the oil market as prices remain well below the level that many OPEC members need to
