OPEC+ cuts branded a ‘fudge’ by analyst
Production cuts of 1.2 million barrels a day agreed by Opec and its allies fall short of what was needed to rebalance the market, an analyst has said.
Saudi Arabia
OPEC deal in balance as Saudi Arabia, Russia meet for talks
As ministers from OPEC and its allies arrive in Vienna for crucial talks, all have made clear they agree on the need for a cut in oil production. But none have explained how they’ll turn that desire into a reality.
Oil dips as Saudis say OPEC cut still up in the air
Oil gave up some earlier gains after Saudi Arabia’s oil chief indicated OPEC and allied producers have yet to reach consensus on whether supply curbs are in order.
The Saudi dilemma: To cut or not to cut
To cut and push up prices or not to cut and preserve market share, this is the question that Saudi Arabia is facing ahead of this year's December OPEC meeting. It seems like just yesterday when OPEC met in 2016 and decided to cut production by 1.8 million barrels daily, including from Russia, to reverse the free fall of oil prices. At the time, it worked because everyone was desperate. Now, many OPEC members are both desperate while not yet recovered from the 2014 blow. Saudi Arabia is not an exception.
Saudi leadership of OPEC shaky after Qatar’s surprise exit
Qatar’s “surprise” decision to withdraw from OPEC raises questions about the loyalty of the cartel’s remaining members, analysts said.
Ades gets Weatherford rigs deal over the line
Ades International Holding has completed the acquisition of eleven onshore rigs from Weatherford International in Saudi Arabia.
Oil market hinges on Saudi dilemma: Bust budget or anger Trump?
The choice facing Saudi Arabia at next week’s OPEC meeting is dramatic: cut oil production and enrage Donald Trump, or keep pumping and risk ultra-low prices blowing up its economy.
Energy companies lead US stocks lower after oil price plunge
The steepest drop in oil prices in more than three years put investors in the US in a selling mood, extending a losing streak for the S&P 500 index to a fourth day.
Saudis see need for major oil supply cut as fears of a glut grow
Saudi Arabia said OPEC and its allies should reverse about half the increase in oil output they made earlier this year as fears of shortages are supplanted by concerns about oversupply and collapsing prices.
Prospect of OPEC cuts reins in oil market bears
Oil climbed after a record run of losses as Saudi Arabia said it will reduce crude sales in December and speculation rose that OPEC and its allies will cut output next year.
Hedge funds back off on oil as Saudis signal OPEC to open spigot
Saudi Arabia is scaring hedge funds.
Total CEO steps into the eye of Saudi storm as other bosses balk
Total SA boss Patrick Pouyanne proved once again that he’ll go where other business leaders fear to tread.
Saudi parades $50bn of deals in bid to save summit
Saudi Arabia showcased international deals worth about $50 billion as the kingdom tried to put the best possible gloss on a flagship investment summit shunned by global business leaders after the killing of Jamal Khashoggi.
Oil dips on stockpile concerns, Saudi production pledge
Oil faltered below $70 a barrel as Saudi Arabia said it has no intention of using its oil wealth as a political tool and as American crude stockpiles were seen gaining for a fifth week.
Scotland axes plan for Saudi trade post
The Scottish Government has U-turned on plans to recruit a trade specialist to drive up business between Saudi Arabia and domestic energy firms.
Oil trades below $70 as US-Saudi tensions grow
Oil traded near the lowest level in a month after a more-than-expected gain in American stockpiles overshadowed tensions between the U.S. and Saudi Arabia over a missing critic of the kingdom.
Oil rises as Saudi Arabia vows to hit back against any sanctions
Oil gained above $72 a barrel as top OPEC producer Saudi Arabia threatened to retaliate against any punitive measures over the disappearance of journalist and government critic Jamal Khashoggi.
Saudi Crown Prince’s 2021 Aramco IPO deadline is daunting test
One of the biggest-ever mergers in the oil industry. The largest corporate bond sale on record. The most lucrative initial public offering in "human history." The timetable: two and a half years.
Oil drops on Saudi assurance and hopes for US waivers on Iran
Oil in London extended losses for a third day on signs that the potential impact of impending U.S. sanctions on Iranian supplies may be mitigated.
Oil extends longest quarterly rally in a decade on supply risks
Oil in London extended gains after the longest quarterly rally in a decade as a slowdown in American drilling added to supply risks while the U.S. and Saudi Arabia discussed market stability.
Brent near $79 as Saudis signal comfort with higher prices
Brent oil traded near the highest level in a week after Saudi Arabia was said to be content with the global benchmark crude breaking above $80 a barrel.
A Saudi-Iran oil war could break up OPEC
When OPEC and Russia shook on increasing crude oil production by a million barrels daily to stop the oil price climb that had begun getting uncomfortable for consumers from Asia to the United States, there was no sign of what was to come just two months later: slowing demand in Asia, ample supply, and a brewing price war between Saudi Arabia and Iran.
Saudi Arabia and Iran reignite the oil price war
The rivalry between Saudi Arabia and Iran is becoming increasingly evident in the oil pricing policies of the two large Middle Eastern producers. The two countries are currently reigniting the market share and pricing war ahead of the returning U.S. sanctions on Iranian oil.
Saudi fund in talks to invest in Tesla buyout deal
Saudi Arabia’s sovereign wealth fund is in talks that could see it becoming a significant investor in Tesla as part of Elon Musk’s plan to take the electric car maker private, according to people with knowledge of the fund’s plans.
Sparrows registered to operate in Saudi Arabia
Aberdeen energy service firm Sparrows Group has secured a commercial registration to operate in Saudi Arabia.