OPEC agreed to cut production for the first time in eight years, according to a delegate briefed on the matter that Bloomberg spoke with under conditions of anonymity. The news shot oil prices up more than $3.00 to a high for the day for WTI of $47.45. Sources that asked to remain unnamed due to the sensitivity of the issue
Saudi Arabia hoped to raise at least $10 billion from bond sales next month The Justice Against Sponsors of Terrorism Act (JASTA), which would allow families of 9/11 victims to sue Saudi Arabia in U.S. courts, became law today by virtue of a Senate override of the earlier veto by President Obama. The legislation could interfere with the kingdom’s plans
Oil prices down: Iran and Saudi Arabia say no production deal in Algeria this week Oil prices erased gains from last week on Tuesday as Iran and Saudi Arabia confirmed that there would not be a definitive agreement on OPEC production coming out of the group’s meeting in Algeria this week. “This is a consultative meeting,” Saudi Energy Minister Khalid
U.S. output down 460 MBOPD since May, making Saudi Arabia the largest global oil producer for now As lower oil prices put pressure on U.S. shale expansion, Saudi Arabia has reclaimed the top spot as the world’s largest producer of crude oil, according to the International Energy Agency’s (IEA) monthly report. “Saudi Arabia’s elevated oil production has allowed it to
If signed into law, new legislation would allow families of 9/11 victims to sue Saudi Arabia; but Obama says he will veto the bill when presented The House on Friday passed legislation that allows families of 9/11 victims to sue Saudi Arabia in U.S. courts. The legislation, called the Justice Against Sponsors of Terrorism Act (JASTA), passed unanimously by voice vote,
Low oil prices and economic reform put one-third of Saudi Arabia’s transportation, housing and healthcare projects on hold Low oil prices continue to impact producers around the world, including Saudi Arabia, which spearhead the decision in late-2014 for OPEC to defend market share over price. The kingdom is now considering cutting more than $20 billion of projects, and reducing ministry
The build up to the late September OPEC meeting in Algiers will undoubtedly be filled with rumors and speculation about the intents of OPEC members and the potential to freeze, increase, or decrease production. News of the meeting and the potential for a production freeze has already created a rise of around 13% in oil price. Saudi Arabian Oil Minister
We are seeing signs that are encouraging to our industry, and the industry will come out of the downturn even leaner and stronger, Hein & Associates Managing Partner Jim Brendel told Angie Austin at EnerCom’s The Oil & Gas Conference 21. Brendel conveyed optimism in regard to the current market environment, “The companies with strong balance sheets, we are starting
Saudi Arabia feels real danger from Iran Saudi Arabia and its neighbors in the Persian Gulf play an indisputably important role in global oil and gas markets. Much of the news that comes out about the region fails to capture the nuances that exist between the countries in the Gulf Cooperation Council, however. Speaking Wednesday at EnerCom’s The Oil & Gas
With OPEC out, is this what the new normal looks like for the oil and gas industry? Wednesday’s 1.1 million-barrel build in U.S. crude oil inventories drove West Texas Intermediate crude prices down by roughly a buck. A couple days before, rumors of OPEC having a special meeting to look at possible price support sent markets up a buck and
Supply and demand beginning to cool as oversupply shrinks – IEA, OPEC weigh in The International Energy Agency sees supply and demand coming into balance during the third quarter of the year, according to its August Oil Market Report. From July through September, demand will outpace the supply of crude oil by almost 1 MMBOPD, even as OPEC producers continue
From the Wall Street Journal Under pressure from Russian, Iraqi and Iranian oil exports, Saudi Arabia discounted its crude last weekend to maintain its share of big Asian markets. The price cut, which applies to September purchases, comes after two years of high-volume pumping by Saudi Arabia, the world’s largest oil producer. The kingdom had chosen to feed an oil
