Opec production cut made possible by Saudi economic woes
It took the kingdom’s new oil minister, Khalid Al-Falih, just six months to blink, ending the country’s two-year policy of pump-at-will.
Saudi Arabia
Opec confounds analysts with agreement on oil output reduction
Oil held gains after the biggest advance since April as OPEC agreed to reduce production for the first time in eight years, surprising traders who had expected members to maintain output.
Saudi ready to compromise with Iran over production
Saudi Arabia gave the strongest indication yet it’s ready to compromise with regional rival Iran, potentially paving the way for the first limit on oil production in two years, although a deal is unlikely until OPEC’s next meeting in November.
Opinion: Where will oil prices go after Algiers?
Saudi Arabia and Iran may yet come to terms on some sort of production arrangement, but the outcome of the negotiations in Algeria this week may not do much to rescue oil prices. Following the media spectacle, the oil markets may have to shift their attention back to the supply and demand fundamentals, which are not reassuring.
Tables turn on Saudi as Iran comes to fore in oil price battle
Suddenly the tables have been turned on Saudi Arabia.
Oil speculators abandon hope of OPEC reaching supply accord
Oil investors turned bearish at the fastest pace in more than a year as they lost confidence that OPEC will reach a deal with other producers to limit supply at a gathering this week in Algiers.
Oil steadies at $45 on back of Saudi output offer
Oil held near $45 a barrel as Saudi Arabia’s offer to cut output opened the door to a future OPEC deal, even though the kingdom doesn’t expect an agreement this week when members of the group meet.
Algeria says Saudi offered to cut oil output levels ahead of OPEC meeting
Saudi Arabia, the world’s biggest oil exporter, has offered to cut its output to January levels, Algeria’s energy minister said as he prepared to host a meeting of OPEC producers later this week.
Saudis said to meet with Iran for oil talks before Algiers
OPEC members Saudi Arabia and Iran, whose rivalry derailed an oil supply accord earlier this year, met in Vienna a week before the organization holds talks in Algeria.
Saudi, Algerian oil ministers to meet OPEC chief in Paris
The energy ministers of Saudi Arabia and Algeria will meet with OPEC’s top official Friday as major oil producers continue to lay the ground for a potential deal to bolster crude prices in Algiers later this month.
Saudi Arabia said poised to add boutique for Aramco IPO
Saudi Arabian Oil Co. is poised to choose an adviser from a list of boutiques for what could be the biggest initial public offering ever, a major coup for one of the smaller banks in an otherwise sluggish year for listings.
Saudi Arabia said to weigh canceling $20bn of projects
Researchers have created an interactive web tool which can estimate the amount of energy which could be generated by wind or solar farms at any location.
Brent oil holds gains as Saudi-Russia deal falls short of freeze
Brent oil held its gains as investors weighed the pledge by Russia and Saudi Arabia to cooperate to stabilize global crude markets that fell short of specific measures to bolster prices.
Q&A: Saudi stock market steps up bid for foreign cash
For the second time in 15 months, Saudi Arabia is loosening rules on foreigners investing in its almost $400 billion Tadawul Stock Exchange. The goal is to lure funds from overseas as the kingdom overhauls its economy to cut its dependence on oil revenue. Greater access for international investors may boost the chances of Saudi stocks being included in major emerging-markets equity indexes, potentially luring billions of dollars more.
Iraq calls for Saudi amabassador to be replaced
Iraq's foreign ministry has called on Saudi Arabia to replace its current ambassador in Baghdad.
Saudi opens door to energy cooperation talks with China, Japan
The Saudi cabinet has reportedly agreed to enter its ministers into talks over energy cooperation agreements with China and Japan.
Three-day oil price rise grinds to a halt
Oil halted below $46 a barrel after the biggest three-day gain since April.
Saudi, Iran show no sign of scaling back output post-OPEC oil price talks
Saudi Arabia and Iran are giving no ground in their market share war, just days after OPEC announced an informal meeting to discuss ways to stabilize falling prices.
Venezuela’s Maduro says he discussed oil prices with Saudi King
Venezuelan President Nicolas Maduro said he spoke to Saudi Arabia’s king about boosting oil prices and is reaching out to the heads of state of fellow producers Russia, Iran and Qatar as his country reels under the crude crash.
Thousands of Filipino workers left stranded in Saudi Arabia
Thousands of Filipino workers are calling on their government to help them return after being left stranded in Saudi Arabia.
Opinion: If Iran opens its oil sector, will Saudi Arabia be next?
Iran has taken a big step toward bringing foreign investors back into its oil and gas sector. The experience of neighboring Iraq shows it still has a long road to walk, though -- if successful -- there may well be a lesson here for Saudi Arabia on opening up to outside help.
Saudi Arabia said to have offered $4 billion to banks
Saudi Arabia’s central bank offered lenders short-term loans in late June to help ease liquidity constraints, according to five people familiar with the matter.
Saudi firm mulls petrochemicals venture with Exxon affiliate
Saudi Basic Industries Corp (Sabic), one of the world's largest petrochemicals groups, said on Monday it is studying launching a jointly-owned petrochemicals complex with an affiliate of US firm Exxon Mobil (NYSE: XOM). The project will be on the US's Gulf Coast, possibly in Texas or Louisiana, and will include a production facility which will supply ethylene to other units to produce ethylene derivatives, Sabic said in the statement. The two parties will conduct studies and work with state and local officials to help identify a potential site with adequate infrastructure access before making a final investment decision, said Sabic.
As Saudi Arabia plans post oil future, women’s rights must be addressed, new report says
Saudi Arabia’s guardianship system remains the most significant impediment to realising women’s rights in the kingdom, according to a new report.
OPEC sees rising crude demand in 2017 as Saudis pump near record
OPEC forecast higher demand for its crude next year as the global surplus fades, while Saudi Arabia pumped near-record levels amid peak summer consumption.