An OPEC deal to curtail oil production and prop up global prices appeared in jeopardy as Iran said it won’t make cuts while Saudi Arabia insisted Tehran must be willing to play a meaningful role in any agreement.
Oil stocks were sliding on Monday after Saudi Arabia pulled out of a meeting with oil producers, raising questions over whether an output deal which could support floundering prices will be struck this week.
OPEC surprised the market in September with a preliminary agreement to reduce supply to 32.5 million to 33 million barrels a day, breaking a two-year policy to pump at full throttle. The news pushed prices above $50 a barrel in New York for the first time since June, but optimism faded as subsequent meetings failed to decide cuts for individual members.
One of the oil world's longest and best kept secrets may finally be revealed. Saudi Arabia is preparing to unveil how much oil it holds, a closely guarded state secret that has been kept quiet for decades.
An Aberdeen firm which makes tools for well-bore cleaning and well abandonment plans to create dozens of jobs in the Middle East after moving into a new office.
Saudi Arabia will clear all delayed payments to private sector companies by the end of the year, bringing to an end a policy that slowed growth in Arab world’s biggest economy.
Saudi Arabia faces the prospect of much deeper -- and financially painful -- oil production cuts after Iraq joined the queue of group members seeking immunity from the deal hatched in Algiers.
Saudi Arabia faces the prospect of much deeper -- and financially painful -- oil production cuts after Iraq joined the queue of group members seeking immunity from the deal hatched in Algiers.
Saudis who switched on a popular talk show last week to listen to officials explain why state employees had their take-home pay cut were in for a shock.
Saudi Arabia’s central bank directed local lenders to reschedule the consumer loans of clients affected by last week’s decision to scrap the bonuses and allowances of many state employees.
The preliminary announcement by OPEC of a deal to cap production between 32.5 and 33 million barrels per day has given a welcome shot in the arm to the upstream market. While the specifics will be announced by OPEC at their November meeting in Vienna, on the face of it, it’s a hugely positive signal for the sector and points to a near term turn in the market.