Saudi Arabia ///
Saudi Arabia, which is marshaling a potential deal with global crude producers to limit output, is said to have lifted sales to the world’s second biggest oil consumer after cutting the pricing for its supply.
Ali Al-Naimi, the former Saudi oil minister and architect of the 2014 pump-at-will OPEC policy that’s roiled markets since, drew the conclusion during his final years in office that there was "zero" chance of countries outside the group joining in production cuts.
Saudi Aramco has signed a series of Memoranda of Understanding (MoU) with 18 Turkish industrial enterprises, adding new potential partners to the company’s slate of future capital projects, promoting diversification and infrastructure enhancement in support of Saudi Vision 2030.
Saudi Arabia, the biggest oil exporter, sees its crude reserves of 266.5 Bbbl lasting 70 more years and hasn’t sought an independent consultant to review the figures, according to a bond prospectus seen by Bloomberg News.
Oil rose to a one-year high in London as Saudi Arabia expressed optimism that OPEC will work out a deal with other producers and Russia said it would back an accord.
The oil-price could recover to $60/bbl by the end of 2016, said Saudi Arabia’s Energy Minister, just weeks after agreeing to cut supply for the first time in eight years.
The global upstream oil and gas industry needs to move away from a “business as usual” approach and capitalize on opportunities to transform itself to be at the forefront of the world’s energy industry.
Suddenly the tables have been turned on Saudi Arabia.
OPEC members aren’t likely to reach a supply deal in Algiers next week, but an agreement to boost prices could be drawing closer after Saudi Arabia signaled for the first time in two years that it’s willing to cut production.
Oil rebounded to head for a weekly gain after Saudi Arabia was said to have offered to reduce production if Iran agreed to freeze its output.
Saipem has been awarded new contracts and extensions to existing contracts in the onshore drilling segment in the Middle East and South America. The awards have an overall value of $430 million.
Saudi Aramco has successfully responded to a minor fire at its oil terminal facility in Ras Tanura.
Saudi Arabia’s oil exports climbed in July to a record level for that month, as the kingdom curbed the amount of crude it burns to generate energy domestically, according to the Joint Oil Data Initiative.
Calfrac Well Services, the Canadian oilfield services provider, is considering expansion opportunities into two of the world’s largest producing regions.
Saudi Arabia told OPEC that its oil production dropped by 40,000 bpd in August to 10.63 MMbpd as the group debates a deal to curb output to shore up prices.
There is currently no need to limit oil output, Saudi Energy Minister Khalid Al-Falih said on Monday, after signing an energy agreement with his Russian counterpart Alexander Novak.
HANGZHOU, China (Bloomberg) -- Global oil-market stability is impossible without the cooperation of Russia and Saudi Arabia, the world’s biggest crude producers, the kingdom’s influential deputy crown prince said, speaking with Vladimir Putin ahead of an OPEC meeting later this month.
Saudi Arabia, the world’s biggest oil exporter, won’t boost output to capacity and flood the market, the kingdom’s Energy Minister Khalid Al-Falih said weeks before OPEC meets to discuss ways to stabilize prices.
When the OPEC nations last met with Russia to agree an output freeze, back in April, it was Saudi Arabia that shot down the deal -- refusing to take part without Iran.
Saudi Arabia kept its spot as China’s biggest oil supplier for the first seven months this year after pumping record output in July, even as Russia threatens to overtake the kingdom in their contest for sales to the world’s largest energy consumer.