Saudi Arabia continues its plan to protect market share Saudi Arabia today cut prices of its oil to customers in major markets including Europe, Asia and the Mediterranean in the hopes of defending its market share. The move is seen as a reaction to Iran’s return to global oil markets. Saudi Arabia discounted even its best-quality crude, similar in quality
OPEC production expected to stabilize A recent analyst note from KLR Group indicated that oil and gas markets could balance in 2017 as OPEC production begins to stabilize and U.S. production rolls off. Saudi Arabia’s oil production is expected to stay at about 10.4 MMBOPD, while Iran gradually ramps up production and Iraq’s output moderates. The crash in oil prices
Russia and Saudi Arabia may be more flexible on supply – Iraqi minister Both U.S. benchmark WTI and international benchmark Brent crude oils rose above the $32 mark today as new hope for a supply deal emerged. Iraqi Oil Minister Adel Abdel Mahdi said he saw “some flexibility” from Saudi Arabia and Russia for a deal to reduce output amid
The cost of insuring Saudi debt more than doubled in the last 12 months Investors looking for security on Saudi Arabia’s debt are looking at rates similar to what they would pay for Portugal, which carries a junk credit-rating, seven levels below Saudi Arabia’s Aa3 investment grade at Moody’s Investors Service. The cost of insuring the kingdom’s debt more than
Last week, a Saudi crown prince dropped a bombshell in an under-the-radar interview that was published in The Economist. He said that the kingdom was looking into spinning off Aramco, or some portion of it, to raise cash. Comments regarding a potential initial public offering (IPO) from the world’s largest oil company were received with shock and laughter from the
Would this result in the most valuable company in the world? ExxonMobil’s perch atop the oil and gas industry’s food chain may be on notice. Stricken by the effects of the commodity downturn which it caused, oil-dependent Saudi Arabia appears to be open to almost any source of income to soften the sting of the kingdom’s 2015 record deficit of
An expert on relations between the two countries weighs in on this week’s clash in an exclusive Oil & Gas 360® interview Relations continued to worsen this week between Iran and Saudi Arabia in the Middle East, with Iran claiming that Saudi Arabia intentionally struck its embassy in Yemen with an airstrike late Wednesday night. Yemen has served as a
Survey forecasts price of Arab Light OSP to Asia increasing $0.25-$0.60 per barrel Saudi Arabia plans to increase the price of its crude oil to Asia next month. The increase of OPEC’s largest producer’s official selling price (OSP) of its benchmark Arab Light to Asia comes in response to robust demand for its crude in Asian markets and to higher
PRIX Index predicts little change in the exports of the world’s 20 largest exporters due to politics Oil exports are expected to remain static in the world’s 20 largest exporters according to the latest release of the PRIX global index. The PRIX index forecasts political developments that can affect oil exports from the world’s 20 largest exports based on a
Diplomatic ties cut in the Middle East Oil prices were up Monday morning as tension between nations in the Middle East continue to rise. Saudi Arabia’s execution of Shia Muslim cleric Nemer al-Nemer on Saturday ignited rage in Tehran, where the Saudi Arabian embassy was attacked. Saudi Arabia, along with Bahrain, Sudan and the U.A.E., have downgraded political ties with
Kingdom Hikes Petrol Prices to Offset Record 15% Budget Deficit Saudi Arabia knew there would be repercussions for its market-share-over-price strategy. The effects were apparent in its 2016 budget, released on December 28, 2015. In the first full year of sub-$50 oil prices in roughly a decade, Saudi posted a record deficit of approximately $98 billion (367 billion riyals) in
OPEC shows no signs of slowing oil production Oil prices fell lower today as OPEC showed no signs of changing its policy of defending market share, which the group started on Thanksgiving Day of last year. U.S. crude benchmark WTI fell below $40 per barrel early today, down more than 2% from its closing price of $41.08 yesterday. The price
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