From Bloomberg Saudi Arabia sliced its crude supply to plants located on the U.S. Gulf Coast, the world’s largest refining center, by more than half from a year ago. And shipments may grind to a complete halt soon. The Middle East’s largest producer is making good on its pledge to reduce deliveries to its biggest American customers in an effort
From Reuters Saudi Aramco’s chief executive said on Tuesday the oil industry is facing “a crisis of perception” and the views of some observers that the end of oil is near with the rise of electric vehicles are illogical and not based on fact. Amin Nasser, CEO of the national oil company of the world’s top crude-exporting country, told an
From Bloomberg The oil crash came and went but the debt pile it left across the Gulf is still growing, leaving the region’s energy-dependent economies more vulnerable next time a crisis strikes. All but debt-free before crude prices nosedived in 2014, many Gulf governments tried to borrow their way through while making only cautious and halting efforts to cut spending
From The Wall Street Journal Saudi Arabia and its Persian Gulf allies are backing a formal partnership with a 10-nation group led by Russia to try to manage the global oil market, according to OPEC officials, in an alliance that would transform the cartel. The move, which some OPEC officials say would help put a floor on oil prices, comes
From Bloomberg America’s journey to preeminence in the global oil trade is about to hit another milestone. Propelled by the shale-oil boom, the U.S. is already producing more crude than either Russia or Saudi Arabia, who until recently vied for the top spot. By mid-year America will go one better. At the moment, Saudi Arabia could raise production all the
From Reuters Saudi Arabia is expected to announce a slight rise in its crude oil and gas reserves on Wednesday after being independently audited, according to a source familiar with the matter. Saudi Arabia’s reserves of easily recoverable oil have long been the world’s largest. For almost 30 years – despite rising production, large swings in oil prices and improved
From Bloomberg OPEC, Russia and other oil producers will continue to trim production next year to balance the market, according to Saudi Arabian Energy Minister Khalid Al-Falih. “We will meet in April and I’m certain that we will extend it,” Al-Falih told reporters in Riyadh, referring to the next meeting of OPEC+ members to discuss whether to extend the December
From ABC/Reuters Riyadh has delivered a clear rebuke to Washington after the US Senate called for an end to military support for the war in Yemen and blamed Crown Prince Mohammed bin Salman for the murder of journalist Jamal Khashoggi. Key points: The Saudis say the Senate’s claims are unsubstantiated The House of Representatives will block any further action against
From Bloomberg After flooding the U.S. market in recent months, Saudi Arabia plans to slash exports to the world’s largest oil market in the coming weeks, in an effort to dampen visible build-ups in crude inventories. U.S. refineries given notice to expect lower shipments from Saudi in January; cut could test 30-year low American-based oil refiners have been told to
From Bloomberg Saudi Arabia is pumping more crude than at any time since its first barrel was extracted 80 years ago, responding to pressure from U.S. President Donald Trump to keep driving oil prices lower. Saudi daily output reached 11.2 million barrels a day, from 10.8-10.9 million barrels earlier this month, according to a person familiar with the matter, who
From The Wall Street Journal Saudi Arabia’s top government-funded think tank is studying the possible effects on oil markets of a breakup of OPEC, a remarkable research effort for a country that has dominated the oil cartel for nearly 60 years. The effort coincides with new pressures on the Saudi government, including from the U.S., where President Trump has accused the
From Bloomberg Total SA boss Patrick Pouyanne proved once again that he’ll go where other business leaders fear to tread. The storm in Saudi Arabia caused by the killing of dissident journalist Jamal Khashoggi was too much for the chief executive officers of Siemens AG and BlackRock Inc., who pulled out of an investment conference in Riyadh this week. But
