In a surprise move, Saudi Arabia’s Energy Minister Khalid al-Falih said on Sunday that he believed the oil market would balance itself in 2017 even if producers did not intervene, adding that keeping output at [ More … ]
OPEC is moving closer toward finalizing this month its first deal since 2008 to limit oil output, with most members prepared to offer Iran significant flexibility on production volumes, after Iran refused to reduce its [ More … ]
Iran hopes non-OPEC Russia and OPEC heavyweight Saudi Arabia can agree to coordinate on possible actions on the global oil market, as both countries’ ministers met on Sunday. “I hope the two sides can reach an [ More … ]
Days after the Saudi oil company Aramco informed Egypt that it would suspend petroleum aid, the Egyptian prime minister told Reuters today that his country received a $2 billion central bank deposit from Saudi Arabia [ More … ]
Following Egypt’s vote on the Russian draft resolution in the United Nations Security Council, Saudi Arabia and Egypt have started an unofficial war of words on media and social networking sites. However, Egyptians and Saudi [ More … ]
OPEC agreed on Wednesday modest oil output cuts in the first such deal since 2008, with the group’s leader Saudi Arabia softening its stance on arch-rival Iran amid mounting pressure from low oil prices. “OPEC [ More … ]
The United Arab Emirates will back a global deal to freeze or reduce oil production, which would help boost prices for OPEC nations, reported Reuters. This decision comes while the OPEC countries are meeting for [ More … ]
Iranian President Hassan Rouhani said Tehran supports any move to stabilize the global oil market and lift prices, the Iranian oil ministry news agency SHANA quoted him as saying on Sunday. “Instability and falling oil [ More … ]
Kuwait’s crude oil exports to Japan fell 8% in July from a year earlier to 5.93 million barrels, or 191,000 barrels per day (bpd), down for the third straight month, government data showed, reported Kuwait [ More … ]
On Tuesday August 16, Daesh (the self-proclaimed IS) targeted the Qatif police station in the Eastern Province of Saudi Arabia killing a police guard. This attack is a continuation of Daesh’s operations in the Gulf [ More … ]
Saudi Arabia has a new problem to worry about: borrowing costs. A bunch of ugly warning signs have been bubbling up in Saudi Arabia lately. The economy grew at just a 1.5% clip in the [ More … ]
Saudi Arabia just made it much more likely that OPEC and other oil producers will take action if crude prices weaken. The word that the cartel will meet on the sidelines of an energy conference [ More … ]
Saudi Arabia said it pumped 10.67 million barrels of oil per day (bpd) in July, its biggest monthly output. Saudi oil production usually peaks in the summer, and it’s a sign it won’t curb output [ More … ]
Saudi Arabia and Iran are giving no ground in their market share war, just days after OPEC announced an informal meeting to discuss ways to stabilize falling prices. Oil’s return to a bear market last [ More … ]
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 [ More … ]
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