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
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
