World Oil (Bloomberg) – OPEC signaled it will stay the course as group leader Saudi Arabia extends a production cut aimed at shoring up global oil markets. A monitoring committee comprising the kingdom and other key OPEC nations recommended no changes to the coalition’s supply policy at an online meeting on Friday, according to a delegate, who asked not to be
Nasdaq DUBAI – Saudi Arabia will extend a voluntary oil output cut of one million barrels per day for another month to include September, the state news agency SPA said on Thursday. The agency cited an official source at the ministry of energy as saying the cut can be “extended, or extended and deepened”. The kingdom’s production for September will
Nasdaq SINGAPORE – Saudi Arabia, the world’s biggest oil exporter, may raise its price for Arab Light crude for sale to Asian refiners for a third month as its voluntary output cuts may be extended, further tightening the supply of high-sulphur, or sour, crude. State-owned Saudi Aramco may raise the official selling price (OSP) for its flagship Arab Light crude
Nasdaq LONDON – Russia-Saudi oil cooperation is still going strong as part of the OPEC+ alliance, which will do “whatever necessary” to support the market, Saudi Energy Minister Prince Abdulaziz bin Salman told a conference on Wednesday. Saudi Arabia and Russia, the world’s biggest oil exporters, deepened oil supply cuts on Monday in an effort to send prices higher. Yet the
Oil Price Saudi Arabia could be looking to slash crude oil shipments to the United States from next month to effect a tightening of the world’s most transparent oil market. As the Kingdom prepares to cut unilaterally 1 million barrels per day (bpd) from its crude oil production in July, its crude shipments to the west could be much
Oil Price Saudi Arabia, the world’s top crude oil exporter, saw its crude exports drop to a five-month low in April, a month before the first of the voluntary Saudi cuts began in May, data from the Joint Organizations Data Initiative (JODI) showed on Monday. In April, Saudi Arabia’s crude oil exports slumped by 207,000 barrels per day (bpd) from March, to
Oil Price Newly leaked Pentagon papers showed that Saudi Arabia’s Crown Prince Mohammed bin Salmon threatened the United States with economic calamity over oil production decisions, according to the Washington Post. Relations between U.S. President Biden and Saudi Arabia’s bin Salman have been sour since before President Biden took office, with the latter threatening to make bin Salman a pariah.
Yahoo LONDON – Saudi Arabia has crafted a complex OPEC+ deal with a view to punishing investors that have bet on falling oil prices but could inadvertently lend long-term support to the rival U.S. energy industry, OPEC+ insiders and market watchers said. On Sunday, Saudi Arabia pledged to cut its oil output by 1 million barrels per day (bpd), or
Oil Price Saudi Arabia’s Energy Minister, Prince Abdulaziz bin Salman has warned traders, again, against shorting oil futures, less than two weeks before the OPEC+ panel on production policy meets on June 4. Prince Abdulaziz bin Salman promised oil speculators back in 2020, “I’m going to make sure whoever gambles on this market will be ouching like hell.” The OPEC+
Oil Price After releasing its impressive oil consumption data for March 2023, the latest production figures from the Joint Organisations Data Initiative (JODI) show that Saudi oil exports rose slightly from 7.45 million bpd to 7.52 million bpd in February. The data also shows a slight increase in Saudi production to 10.46 million bpd ahead of the surprise production cut, which was
Oil Price Saudi Arabia received as much as $326 billion in oil revenues for 2022, its biggest oil sales haul in the era of Crown Prince Mohammed bin Salman, although monthly revenues have been lower in recent months after oil prices slid to around $80 per barrel at the end of last year. Saudi Arabia recorded its highest-ever oil revenues back in
World Oil (Bloomberg) — Saudi Arabia’s energy minister said oil production cuts announced last year by OPEC+ show the group’s readiness to be flexible. The kingdom and other members of the OPEC+ coalition have already signaled the group will stick to its current oil production targets for the rest of the year. Prince Abdulaziz bin Salman said that past
