Saudi Arabia
News
July 08, 2021
Bahrain needs crude prices above $88 a barrel to balance its budget this year, according to the International Monetary Fund, the highest breakeven price in the six-member Gulf Cooperation Council and far above current levels around $75.
News
July 07, 2021
The state-controlled firm created a new team to review its assets last year, soon after the coronavirus pandemic triggered a plunge in energy prices and strained its balance sheet. Aramco raised $12.4 billion by selling leasing rights over oil pipelines to a U.S.-led group of investors in April.
News
July 06, 2021
Rally-to-rout oil price gyrations show how the cartel’s internal rifts threaten the stability of the global economic recovery amid concerns about inflation, and tarnished the group’s self-image as a reliable steward of the oil market.
News
July 06, 2021
Oil jumped to the highest in more than six years after a bitter fight between Saudi Arabia and the United Arab Emirates plunged OPEC+ into crisis and blocked a supply increase.
News
July 05, 2021
The group’s oil ministers were unable to reach a compromise, keeping current production limits in place for August and depriving the market from the extra barrels it needs as demand recovers from the pandemic.
News
July 02, 2021
The United Arab Emirates said it won’t accept a plan by other members of OPEC+ to extend the group’s agreement to curb oil production beyond April 2022, unless it’s allowed to have a higher baseline for its own cuts.
News
July 02, 2021
A high-stakes game of oil diplomacy pits Saudi Arabia against long-time ally Abu Dhabi. And the result of their fight will shape not just the price of oil for the next year, but the future of the global energy industry.
News
July 01, 2021
A preliminary deal struck on Thursday to increase oil production by 400,000 barrels per day was thrown into chaos when the United Arab Emirates threatened to block the deal without a higher output quota for itself.
News
July 01, 2021
Saudi Arabia and Russia have a tentative deal to gradually increase OPEC+ oil output in the coming months, delegates said. The proposal under discussion would add about 2 million barrels a day to the cartel’s output from August to December.
News
June 28, 2021
Physical oil markets are screaming for more supply. Prices are rising in the North Sea, the key region that’s central to the value of many oil transactions, while differentials for Nigerian grades have also made notable gains.
News
June 24, 2021
The global oil market is calling out for a substantial increase in supplies, but OPEC+ is expected to provide only a fraction of what consumers are demanding.
News
June 23, 2021
Saudi Arabia’s Energy Minister said the OPEC+ alliance has a role in “taming and containing” inflationary pressures, just hours after Brent crude surged back above $75 a barrel.
News
June 22, 2021
Oil retreated after hitting $75 a barrel in London for the first time in more than two years, as Russia and other OPEC+ nations were said to consider increasing production.
News
June 22, 2021
Moscow is considering making a proposal that the group should ease a global supply deficit by increasing output, according to Russian officials familiar with the matter. Other OPEC+ nations are also discussing a potential supply hike in August, although specific numbers haven’t been mentioned.
News
June 18, 2021
China’s Silk Road Fund and Hassana Investment Co., controlled by the Saudi Arabian government, joined a group investing $12.4 billion in Saudi Aramco’s oil pipelines.
News
June 11, 2021
Prince Abdulaziz bin Salman has battled to keep short-sellers at bay for more than a year, famously warning speculators in September not to bet against him, and more recently lambasting the view that the world should stop investing in oil to protect the climate.
News
June 04, 2021
Saudi Arabia increased oil prices for customers in its main market of Asia by more than expected after crude surged above $70 a barrel and OPEC forecast that global demand would heavily outstrip supply over the rest of the year.
News
June 03, 2021
If the world were to follow the International Energy Agency’s controversial road map, which said investment in new fields would have to stop immediately to achieve net-zero carbon emissions by 2050, “the price for oil will go to, what, $200? Gas prices will skyrocket,” said Russian Deputy Prime Minister Alexander Novak.
News
June 03, 2021
Whichever company wins would partner with Egypt’s sovereign wealth fund in taking joint full ownership of Wataniya Petroleum, a fuel distribution firm that has more than 200 filling stations and is run by the North African nation’s military.
News
June 01, 2021
OPEC+ stuck to its plan to hike oil output in July, but Saudi Arabia’s energy minister kept the market guessing as to whether the group will add more supply later this year to keep pace with the accelerating global recovery.
News
May 28, 2021
For the first time in decades, oil companies aren’t rushing to increase production to chase rising oil prices as Brent crude approaches $70. Even in the Permian, the prolific shale basin at the center of the U.S. energy boom, drillers are resisting their traditional boom-and-bust cycle of spending.
