Saudi Arabia
News
March 03, 2021
The leaders of Saudi Aramco and Chevron see the market for oil and gas improving this year, with some momentum in the back half. But that outlook is tempered by the fact that the pandemic has forced some changes to the way that business is conducted.
News
March 02, 2021
It’s not the first time India, one of the biggest buyers of the producer group’s crude, has urged the Organization of Exporting Petroleum Countries and its partners to pump more oil.
News
March 02, 2021
OPEC and its allies have been constricting oil supplies since the pandemic crushed demand almost a year ago. To disperse the lingering stockpile surplus, the Saudis pledged extra crude reductions during February and March.
News
March 01, 2021
The alliance gathers on Thursday and is expected to loosen the taps after prices got off to their best ever start to a year. But it’s unclear how robustly the group will act, with the Saudi Arabian energy minister calling for producers to remain “extremely cautious.”
News
February 26, 2021
With the need for more oil supply evident, traders expect the OPEC+ coalition, led by Saudi Arabia and Russia, will agree to increase crude production when it meets on March 4, reversing some of the output cuts made last year. But it’s unclear if the group will act vigorously enough.
News
February 23, 2021
The world’s largest oil company is mulling asset disposals as a way of maintaining its $75 billion of annual dividend payments, almost all of which go to the Saudi government. That payout -- the biggest of any listed company in the world -- became harder to sustain after the coronavirus pandemic caused crude prices to plunge last year.
News
February 23, 2021
Oil has surged this year after Saudi Arabia pledged to unilaterally cut 1 million barrels a day in February and March, with Goldman Sachs Group predicting the crude rally will accelerate as demand outpaces global supply.
News
February 20, 2021
A robust recovery in demand from the Covid-19 pandemic had pushed prices to the highest settlement in more than a year last Wednesday, and Goldman sees the rally accelerating as consumption outpaces supply from OPEC and shale.
News
February 19, 2021
Ten months after slashing crude production when Covid-19 crushed global demand, OPEC and its allies are still withholding 7 million barrels a day from the market. It's been a sacrifice, and now the group must chart a path forward that won't erase hard-fought oil price gains.
News
February 17, 2021
“I must warn once again against complacency,” Energy Minister Prince Abdulaziz bin Salman said on Wednesday at an online conference held by the International Energy Forum in Riyadh. “The uncertainty is very high and we have to be extremely cautious. The scars from the events last year should teach us caution.”
News
February 10, 2021
While prices continue to surge, some of the biggest moves in the past day have come at the front of the futures curve. Brent’s nearest timespread has surged -- a key sign of market tightness -- while key swaps tied to the physical North Sea market have also increased amid frenzied trading of derivatives late Tuesday.
News
February 04, 2021
State oil producer Saudi Aramco raised prices for all crude oil grades sold to customers in the U.S. and Europe.
News
February 04, 2021
Crude inventories at a key storage hub in the U.S. are now below their five-year average, and nationwide inventories continue to slump, an early indication that Saudi Arabia and allied producers are succeeding in their efforts to eliminate a glut.
News
February 03, 2021
OPEC and its allies have taken a two-month pause while restoring some of the millions of barrels of crude output they halted when the coronavirus emerged to crush fuel demand last spring.
News
February 03, 2021
Tighter crude supplies are bringing traders flocking back to the oil market. Holdings of WTI futures contracts are now at their highest level since April, having jumped by the equivalent of more than 235 million barrels so far this year.
News
February 02, 2021
Last month’s pledge by Saudi Arabian Energy Minister Prince Abdulaziz bin Salman to slash production by a further 1 million barrels a day has buttressed global markets against the latest onslaught from the pandemic.
News
February 01, 2021
OPEC boosted crude production as planned last month, but the increase was tempered by disruptions at long-troubled member nations.
News
February 01, 2021
“There’s a sense that normalcy will occur and it’s looking more certain,” boosting the outlook for oil demand, said Michael Lynch, president of Strategic Energy & Economic Research. Meanwhile, “the Saudi production cuts start today, and people are focused on falling inventories and how the market is tightening.”
News
January 29, 2021
“We have concerns about investment, particularly in light of the pandemic,” OPEC Secretary-General Mohammad Barkindo said at a virtual conference in Iran on Jan. 26. Starving the industry of capital today “could sow the seeds for extreme volatility down the road.”
News
January 25, 2021
Iraq pledged to cut output in January and February after pumping more than its OPEC+ quota last year, and Libyan guards halted some crude exports after a pay dispute. Crude was also buoyed by a renewed climb in global equity markets as investors focused on the prospect of additional stimulus.
News
January 22, 2021
President Biden's focus on fiscal spending, a probable lack of urgency in lifting sanctions on Iran and restrictions on the North American energy industry all combine to support oil prices, Goldman Sachs analysts wrote in a note dated Jan. 21.
