Saudi Arabia
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.
News
January 08, 2021
In a year that brought the U.S. shale industry to its knees, the Brazilian state-run giant pumped an all-time-high 2.3 million barrels a day of crude, according to a statement Thursday. That’s about the same as OPEC member Kuwait.
News
January 08, 2021
Democratic wins in elections in Georgia mean the party is poised to take control of the Senate, House and presidency, spurring a broad move higher in financial markets. That came after Saudi Arabia pledged earlier in the week to cut production by 1 million barrels a day in February and March.
News
January 07, 2021
State producer Saudi Aramco on Wednesday raised its flagship Arab Light oil to Asia, its biggest market, to $1 above the benchmark used by the company.
News
January 06, 2021
The U.S. didn’t import any Saudi crude last week for the first time in 35 years, a reversal from just months ago when the Kingdom threatened to upend the American energy industry by unleashing a tsunami of exports into a market decimated by the pandemic.
News
January 06, 2021
OPEC+’s agreement, which will see most producers keep output steady while the Saudis cut, prompted a sharp rally in the structure of the oil futures curve as traders anticipated lower supply in the coming months.
News
January 06, 2021
“We are the guardian of this industry,” Saudi Energy Minister Prince Abdulaziz bin Salman said as he announced Saudi's production cut on Tuesday, preserving the OPEC+ deal and sending oil prices to 10-month highs. He emphasized that the decision was made unilaterally by Crown Prince Mohammad bin Salman himself.
News
January 06, 2021
Market conditions that might have triggered U.S. oil explorers to raise output and grab market share in recent years are, this time around, more an opportunity for them to pay down debt or boost dividends.
News
January 05, 2021
The deal, which emerged after two days of talks, sent crude surging to a 10-month high in New York. It appeared to give most members of the group what they wanted -- the additional price support desired by Saudi Arabia and the production boost Russia had been pushing.
News
January 05, 2021
Futures in New York gained toward $48 a barrel after dropping the most in 2 weeks on Monday. Discussions will restart on Tuesday after a majority of members, including Saudi Arabia, opposed Russia’s proposal for another supply hike.
News
January 04, 2021
Talks between OPEC and its allies will continue for a second day after most members, including Saudi Arabia, opposed Russia’s proposal for another output increase in February, following the 500,000 barrels a day being added this month.
News
January 04, 2021
The difference of opinion between Saudi Arabia and Russia, the two de-facto leaders of OPEC+, could make for another tricky meeting. While Russia appeared to be outnumbered, the group typically requires a consensus among all members before concluding talks.
News
January 04, 2021
“At the risk of being seen as a killjoy in the proceedings, I want to urge caution,” Saudi Energy Minister Prince Abdulaziz bin Salman said at the start of the group’s video conference on Monday. “The new variant of the virus is a worrying and unpredictable development.”
News
January 04, 2021
The seizure follows a series of shipping security incidents in the Persian Gulf. The region and the Red Sea have been a hotbed for attacks on vessels in recent years, with tensions flaring between Saudi Arabia and Iran.
News
January 04, 2021
A decline in the dollar is boosting the appeal of commodities that are priced in the currency, while as investors return to their desks at the start of the year, crude has emerged as a favored trade to hedge against a rise in inflation.
News
January 01, 2021
The alliance of producers led by Saudi Arabia and Russia must decide whether it can continue to restore crude supplies without capsizing the price recovery they spent most of 2020 working to achieve.
News
December 24, 2020
Saudi Arabia’s export revenue fell by nearly a quarter in October from a year earlier, driven largely by a slump in global oil prices.
News
December 14, 2020
Tensions in the area have risen as the U.S., a Saudi ally, ramps up sanctions on Iran, which backs the Houthis in Yemen’s civil war.
News
December 11, 2020
Saudi Aramco has hired Moelis & Co. to devise a strategy for selling stakes in some subsidiaries, according to people familiar with the matter. The plan includes raising around $10 billion from a stake sale in Aramco’s pipelines.
News
December 04, 2020
The largest oil price increase in five months indicates Saudi Arabia is confident global energy demand is strong enough to absorb a small boost in output from OPEC+ members next month, and that markets will remain tight even with parts of Europe and the U.S. in lockdown.
News
October 05, 2020
While oil at $50 would represent a 25% rise from current prices, it would still be far below the pre-pandemic level of around $65 and less than Saudi Arabia needs to balance its budget.
