DUBAI – Saudi Arabia faces the risk of an economic contraction this year following its decision to extend crude production cuts, highlighting its still heavy reliance on oil as reforms to diversify are slow moving.
Riyadh says it aims …
OPEC is likely to cut oil production again, Pioneer Natural Resources CEO said at a Goldman Sachs Conference in Miami on Thursday.
“Saudi is not going to let Brent stay around $75 a barrel,” Scott Sheffield said, …
(Bloomberg) –Saudi Arabia’s finance minister echoed warnings from the kingdom’s oil officials that a slowdown in fossil-fuel investment globally will cause spikes in energy prices.
“We have very serious concerns that the world could run short of energy …
ABU DHABI (Bloomberg) – Saudi Arabia and the United Arab Emirates signaled OPEC+ will continue raising oil output cautiously and won’t bow to U.S. pressure to pump faster.
President Joe Biden, concerned that gasoline prices at a seven-year …
RIYADH (Bloomberg) –Saudi Aramco said oil-output capacity across the world is dropping quickly and companies need to invest more in production.
It’s a “huge concern,” Chief Executive Officer Amin Nasser said in an interview in Riyadh, Saudi …
(Bloomberg) –Saudi Arabia reduced oil prices for its main buyers, a day after OPEC+ sent crude futures surging by sticking to a plan for slow and steady supply increases.
State firm Saudi Aramco’s cuts for customers in Asia, …
LONDON – Saudi Arabia’s voluntary oil production cut is set to help the oil market navigate through seasonally low oil demand during the first quarter, OPEC’s secretary general told an industry event on Wednesday.
Saudi Arabia, the defacto leader …
LONDON – Oil hit an 11-month high towards $57 a barrel on Tuesday as tighter supply and expectations of a drop in U.S. inventories offset concerns over climbing coronavirus cases globally.
Saudi Arabia plans to cut output by an …
NEW YORK -Oil prices settled higher on Thursday, hitting 11-month peaks, as markets remained focused on Saudi Arabia’s unexpected pledge to deepen its oil cuts and firmer equities, shrugging off political turmoil in the United States.
Brent crude settled …
UBS raised its forecast for Brent oil prices to $60 per barrel by mid-year, following Saudi Arabia’s surprise unilateral production cut and expectations of a sharp recovery in demand in the second quarter on vaccine rollouts and increased travel.…
DUBAI/MOSCOW/LONDON – Saudi Arabia called on fellow OPEC+ members on Tuesday to be flexible in responding to oil market needs as it builds the case for a tighter oil production policy in 2021 to tackle weaker demand amid a …
DUBAI – The value of Saudi Arabia’s June oil exports was down 55% year on year, a drop of $8.7 billion, official data showed on Wednesday.
Compared with May, total exports – including non-oil exports of goods such as …
LONDON – Oil prices rose on Tuesday, boosted by an unexpected commitment from Saudi Arabia to deepen production cuts in June to help drain a supply glut built up during the coronavirus crisis.
Brent crude LCOc1 advanced 78 cents, …
LONDON – Oil prices rose on Monday after leading exporter Saudi Arabia said it will reduce output by 1 million barrels per day (bpd) on top of reductions agreed under an OPEC+ pact, though gains were capped by fears …
Saudi Arabia plans to boost oil exports even further from April to May, reaching a record of more than 10 million barrels a day as the kingdom taps a new field.
The increase in shipments of about 250,000 …
