Saudi Arabia
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.
News
January 22, 2021
Iraq plans to cut oil output in January and February to make up for breaching its OPEC+ quota last year, according to the state company that markets the nation’s crude.
News
January 20, 2021
Traders have piled into oil this year, with output cuts from Saudi Arabia helping drive prices to the highest since February.
News
January 19, 2021
Two weeks ago, the world’s biggest crude exporter stunned energy traders by announcing that -- rather than restore halted production as planned -- it would slash supplies by a further 1 million barrels a day. On Tuesday, the International Energy Agency slashed forecasts for world oil demand in the first quarter as countries hunker down to contain new coronavirus outbreaks.
News
January 19, 2021
India's oil minister and the Organization of Petroleum Exporting Countries’ top official publicly jousted over the cartel’s policy shift at a conference hosted by the Atlantic Council on Tuesday.
News
January 15, 2021
Mubadala Investment Co., Abu Dhabi National Oil Co. and ADQ have formed an alliance to produce hydrogen using natural gas and renewable energy and market it overseas as well as in the United Arab Emirates, ADQ said in a statement.
News
January 13, 2021
Saudi Aramco will supply less crude as part of long-term contracts next month, giving some Asian processors 20%-30% less than they had sought, according to company officials who received the notices but asked not to be identified as the information is private.
News
January 11, 2021
There have been signs across the oil market of traders expecting tighter supplies following the Saudi cuts. The shape of the Brent futures curve returned to backwardation earlier this week, meaning more immediate prices are trading at premiums.
News
January 11, 2021
“The market has now reached a price level that potentially doesn’t reflect current fundamentals,” said Ole Hansen, head of commodities strategy at Saxo Bank A/S. “Oil could be next in line” to suffer from a stronger dollar after other commodity prices came under pressure.
News
January 11, 2021
The Houthis are backed by Iran in Yemen’s civil war and have been blamed for several missile strikes and other attacks on Saudi Arabia, some of which they’ve claimed responsibility for.
News
January 08, 2021
The prince's plan to diversify the economy of the world’s largest crude exporter spans more than 10,000 square miles in a remote area of Saudi Arabia's northwest. It’s described on its website as “a bold and audacious dream” that will become a hub for new technologies and businesses.
News
January 08, 2021
Government-owned Abu Dhabi National Oil Co. set Murban crude at a premium of 75 cents a barrel to the regional benchmark, according to a notice from the producer.
News
January 08, 2021
The second-largest OPEC member, Iraq increased Basrah Light crude to buyers in Asia by 70 cents a barrel, to a $1.10 premium over the regional benchmark, according to a price list from the state oil marketer.
