Canada ruffles a few feathers From Reuters/Globe and Mail Saudi Arabia’s foreign minister asked Canada to apologise for demanding the release of Saudi women’s rights activists and stop treating the kingdom as “a banana republic” if it wanted to resolve a diplomatic dispute between the two countries. In August, Saudi Arabia froze new trade with Canada, blocked grain imports, expelled
From FreightWaves On Tuesday, Elon Musk tweeted that he was considering taking Tesla Motors (NASDAQ: TSLA) private at $420 per share, an overall valuation of $82B, which would make the electric car maker the most valuable private company in the world. In a subsequent post on Tesla’s blog, Musk clarified his thinking: “As a public company, we are subject to
From Reuters Oil prices rose about 1 percent on Tuesday as the market shifted focus to the possibility of increased Chinese demand, drawing attention away from trade tensions between that country and the United States after a series of tariffs imposed by both countries. Brent crude was up 76 cents at $73.82 a barrel by 12:27 p.m. EDT (1627 GMT).
Despite the surprise moderate build in U.S. crude oil stockpiles, analysts are worried of an impending price spike to $150 or more. Prices Today Crude oil stocks rose by 1,245 MBBL last week to 417,881 MBBL from 416,636 MBBL. This is 17% below the 502,914 MBBL that was in storage at this point last year, and is 2% below the
From The Houston Chronicle Saudi Arabia and Russia reaffirmed an agreement between OPEC and its allies, which they say will mean increasing oil production by 1 million barrels a day. Their joint announcement came days after U.S. President Donald Trump said he’d received assurances from Saudi Arabia that the kingdom could boost output by double that amount. The White House
From Bloomberg Under U.S. pressure, kingdom boosts production by 330,000 b/d Libyan, Venezuelan losses mean total OPEC output holds steady. Saudi Arabia’s biggest oil-production surge in five years was only enough to keep OPEC’s output steady last month, as losses elsewhere in the group piled up. The kingdom is delivering on its promise to try and tame crude prices, boosting
Saudi Aramco and National Oilwell Varco, Inc. (NYSE: NOV) have signed a shareholder agreement to form a joint venture partnership. The JV is to establish an integrated world-class on-shore rig and equipment manufacturing and aftermarket facility in Ras Al-Khair, Saudi Arabia. NOV will own a 70% interest in the joint venture, while Saudi Aramco will own 30%. Deals such as
From Reuters President Donald Trump lashed out at OPEC with a warning to stop manipulating oil markets and piled pressure on U.S. ally Saudi Arabia to raise supplies to compensate for lower exports from Iran. Trump said in a tweet on Saturday that Saudi Arabia’s King Salman bin Abdulaziz Al Saud had agreed to produce more oil. The White House
[EDITOR’S NOTE: this is the final installment of the OAG360 story in which Helen El Mallakh, director of the International Research Center for Energy and Economic Development (ICEED), discusses the changing political scene and the shifting geopolitical sands that are challenging the balance of oil producers in the Middle East. El Mallakh was keynote speaker at the Energy Finance Discussion
“The Middle East shapes energy politics, energy crises, and it has a huge impact on geopolitics” – Helen El Mallakh Ahead of the upcoming 174th OPEC meeting in Vienna, Austria, (scheduled for Friday, June 22, and immediately followed by the fourth OPEC/non-OPEC ministerial meeting Saturday), Helen El Mallakh, director of the International Research Center for Energy and Economic Development (ICEED)
From Reuters Russia and Saudi Arabia are pushing OPEC and its allies to raise oil output steeply from July to meet growing demand and cover supply outages in Venezuela and Libya despite opposition from several members of the producer group including Iran. “Oil demand usually grows at the steepest pace in the third quarter … We could face a deficit
From CNBC Oil prices are continuing to hover around 2014 highs, with market watchers waiting to see what happens when U.S. sanctions are re-imposed on Iran. It remains to be seen whether major oil producers like Saudi Arabia and Russia will step into the breach to stop prices soaring after an expected dip in Iranian supply, a top analyst told
