Russian Energy Minister and Saudi counterpart could meet
The Russian Energy Minister has said he could meet his Saudi Arabian counterpart before a planned oil producers meeting later this month.
Saudi Arabia
Saudi Arabia plans $2trillion megafund for post-oil era
Saudi Arabia is getting ready for the twilight of the oil age by creating the world’s largest sovereign wealth fund for the kingdom’s most prized assets.
Oil erases 2016 gains as Saudis say output freeze hinges on Iran
Oil erased its gains for the year in New York as Saudi Arabia’s deputy crown prince said the kingdom will only freeze production if Iran and others follow suit.
Saudi Arabia plans $2 trillion megafund for post-oil era: Deputy Crown Prince
Saudi Arabia is getting ready for the twilight of the oil age by creating the world’s largest sovereign wealth fund for the kingdom’s most prized assets.
Saudi Arabia to sell stake in parent of state oil giant by 2018
Saudi Arabia plans to sell a stake “of less than 5 percent” in the parent of its state-owned oil company, the kingdom’s deputy crown prince said, revealing details of a listing that could make it the world’s biggest publicly traded firm.
Trump would consider halting US oil purchases from Saudis unless it provides troops to fight IS
Republican presidential candidate front-runner Donald Trump has said he would consider stopping US oil purchases from Saudi Arabia unless the Saudi government provide troops to fight Islamic State (IS).
Saudi Aramco starts production from Hasbah field
Saudi Aramco has started producing natural gas at the offshore Hasbah field.
Saudi Arabia tells foreign banks to disclose finances
Saudi Arabia is telling international banks to publicly disclose financial statements for the first time as the kingdom’s regulator seeks to boost transparency.
Saudi Arabia’s oil chief prepares for a world after fossil fuels
Even as it pumps near-record quantities of oil, Saudi Arabia is getting ready for a time when the world will no longer need its biggest export.
Gulf pay rises lowest in a decade
Average private sector pay rise across the six countries of the Gulf Cooperation Council is set to be lower in 2016 than at any time over the past 10 years, despite the rising cost of living caused by cuts in government subsidies, according to a new survey.
Saudi Arabia sets Asian oil benchmark at highest since October
Saudi Arabia, the world’s largest crude exporter, raised the price formula for shipments of its benchmark grade to Asia for April to the highest since October, while lowering prices for all cargoes to the US. State-owned Saudi Arabian Oil Co. set the official selling price for Arab Light crude shipments to Asia at a 75 cent- discount to the regional benchmark, the company said in an e- mailed statement. That’s more expensive, by 25 cents, than March shipments. The decision is the reverse of that predicted by local traders and refiners: six surveyed had expected the exports to be made cheaper, by 50 cents.
Saudi Arabia faces a new oil Titan once battle with shale is won
Even if Saudi Arabia wins its struggle with U.S. shale producers over market share, it will face a new billion-barrel adversary.
Shale drillers halt Bakken fracking as Saudis send gloomy note
One day after Saudi Arabia’s oil minister said it was time for high-cost producers to call it quits, two Bakken shale drillers announced they’re doing just that.
Saudis tell oil producers to cut costs or get out of the business
The world’s most powerful oilman brought a harsh message to Houston for executives hoping for a rescue from low prices: high-cost producers - many of them sitting in the room - need to either “lower costs, borrow cash or liquidate."
For OPEC, path from oil freeze to output cuts is far from clear
Saudi Arabia said its accord with Russia to cap oil production was “the beginning of a process,” but the path from a freeze to the output cuts needed to eliminate a global surplus is far from clear.
Iran to increase oil exports Opec envoy says
Iran has snubbed a proposal agreed to by four oil powerhouses to cap their crude output if other producers do the same, with a senior official saying Tehran has no intention of freezing production levels.
Russia looks to other producers to join production freeze
Russia has agreed with Opec members Saudi Arabia, Qatar and Venezuela to freeze oil production levels if other producers do the same.
Saudi, Russian oil ministers said to plan talks in Qatar
Saudi Arabia’s oil minister plans to meet with his Russian counterpart in Doha on Tuesday to discuss the oil market, according to a person familiar with the talks. Ali al-Naimi, the most senior oil official of the world’s biggest crude exporter, will speak with Russia’s Alexander Novak in the Qatari capital, according to the person, who asked not to be identified because the talks are private.
Why a Russian-Saudi deal on cutting oil output remains elusive
With oil trading near $30 a barrel, calls for orchestrated output cuts to quell global oversupply have intensified this week. Trouble is, none of the world’s largest producers, most notably Russia and Saudi Arabia, have shown they’re ready to make a move.
Saudis unbowed by oil crash with no spending cut before IPO
The world’s biggest oil producer is spending as much now as it did before the crash in crude prices, signaling no surrender in Saudi Arabia’s battle with rivals.
Oil drops as Saudis to maintain spending, China diesel use falls
Oil dropped after Saudi Arabia, the world’s biggest crude exporter, said low prices won’t reduce its spending on energy projects and China’s diesel consumption dropped for a fourth consecutive month. Futures dropped as much as 4.6 percent in New York. Saudi Arabian Oil Co., also known as Saudi Aramco, is maintaining its investment plans despite the rout in the crude market, Chairman Khalid Al-Falih said Monday. Diesel use in China dropped 5.6 percent in December compared with a year earlier and gasoline consumption grew at the slowest pace in more than two years.
Platts Survey: OPEC’s production down
OPEC’s production in the month of December fell by 130,000 barrels per day, according to the latest Platts survey.
Iran’s Supreme Leader condemns Saudi embassy attack
Iran’s Supreme Leader Ayatollah Ali Khamenei said a mob attack on the Saudi embassy in Tehran earlier had “hurt” the Islamic Republic, in a speech that also praised officials who secured the lifting of sanctions over the weekend. Saudi Arabia cut diplomatic and commercial ties with Iran after protesters stormed the mission in response to the execution by Saudi authorities of a prominent Shiite cleric on Jan. 2, deepening tensions between two powers on opposing sides in many of the region’s conflicts.
Saudi growth at 14-year low as oil prices tumble
Saudi Arabia’s economy is set to grow this year at the slowest pace since 2002 as the oil-price plunge drains the kingdom’s finances, according to projections released by the International Monetary Fund and HSBC.
Chinese President Xi Jinping to visit Saudi Arabia, Iran and Egypt
Chinese President Xi Jinping is set to visit Saudi Arabia, Egypt and Iran later this month.