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Texas oil regulator accuses Saudi Arabia and Russia of dumping crude on U.S. markets

excessive dumping of crude oil by Saudi Arabia and Russia and take appropriate action. "For much of 2019 and early 2020, Saudi Arabia shipped relatively little crude to America, with average arrivals... oil and gas industry, Saudi Arabia shipped 1.3 million barrels a day to our nation, roughly four...

Saudi oil minister admonishes OPEC+ quota cheaters

(Bloomberg) --Saudi Arabia showed its determination to stop OPEC+ members cheating on their production quotas, delivering a thinly veiled dressing-down to its closest ally in the region, the United Arab Emirates. Prince Abdulaziz bin Salman, the Saudi energy minister, forcefully condemned cartel members that try to get away with pumping too much crude. While he didn’t name any countries...

Saudis focus oil shipments on China during production cuts

LONDON (Bloomberg) --An early look at Saudi Arabia’s crude exports for May shows that historic... back on its feet from the coronavirus. Saudi flows to the Asian nation were about 2.1 million barrels... daily exports to China breached the 2 million mark. By contrast, overall Saudi crude shipments... two eras as the coronavirus turns the oil market on its head. Saudi Arabia is leading...

Saudis cut Asian crude allocations 40% to comply with OPEC+

SINGAPORE (Bloomberg) - Saudi Arabia reduced the amount of crude it will supply next month to seven... extension of its cuts to help underpin the market recovery, with Saudi Arabia following the pledge..., the officials said. For at least two Indian processors, supplies from Saudi will be 20%-25% lower than their nominations, they said. Saudi Aramco declined to comment on the supply allocations. The reductions...

Aramco relies on new bonds to meet dividend obligations

(Bloomberg) --Saudi Aramco, the world’s biggest oil company, is set to return to the bond markets... to generate enough cash to fund the investor payouts, almost all of which go to the Saudi government... took on debt to pay for its $70 billion acquisition of Saudi Basic Industries Corp., a chemical maker... at 2%. The state-controlled energy firm, which sold shares on the Saudi stock exchange last year...

Aramco sharpens focus on its portfolio with new management structure

LONDON (Bloomberg) - Saudi Aramco reshuffled its senior management and created a division focused on “portfolio optimization” as the world’s biggest oil producer adapts to low crude prices and seeks new ways to raise cash. The Saudi state energy company appointed Senior Vice President to lead... by the wayside, he said. Aramco planned that domestic project with chemical maker Saudi Arabian Basic...

Saudis suspend work, delay expansions as oil demand weakens

DUBAI (Bloomberg) - The world’s biggest oil exporter is hitting the brakes in developing some of its crude and natural gas deposits, idling two offshore drilling rigs as the coronavirus batters energy use. State-run producer Saudi Aramco has suspended work at the two platforms for about a year... about the kingdom’s supply of natural gas, much of which is found in crude reservoirs. Saudi Arabia...

Saudis cut oil prices for U.S. and Asian delivery as virus uncertainty builds

(Bloomberg) --Saudi Arabia cut most oil pricing for its customers in Asia and the U.S. as a resurgence in the coronavirus clouds the outlook for energy markets. State producer Saudi Aramco decreased... by Saudi Arabia, agreed with Russia and other producers in April to pump less oil to prop up... what most members of the cartel, including Saudi Arabia, need to balance their budgets. Aramco cut...

Aramco sells $8 billion in bonds to cover world’s biggest dividend

(Bloomberg) --Saudi Aramco returned to the debt markets for the first time since April of last year... $75 billion this year. Almost all of those will go to the Saudi Arabian government, which needs... on the Saudi government’s equivalent bonds. Tuesday’s deal was also helped by the more bullish... took on loans to pay for a $69 billion acquisition of Saudi Basic Industries Corp., a chemical maker...

Weak oil futures driving pressure on Saudis to cut prices

, Saudi Arabia and other top Middle East producers are coming under heavy pressure to cut the price... their September pricing. Traders and refiners in Asia and Europe expect Saudi Arabia to cut its so... in the market,” said Bjornar Tonhaugen, head of oil markets at consultant Rystad Energy. “Saudi Arabia... nations almost always follow. Every month Saudi Arabia issues official selling prices, effectively...

Aramco maintains dividend, shrugs off 45% profit drop and rising debt

(Bloomberg) --Saudi Aramco failed to generate enough cash to cover its dividend, yet left... to rise. The Saudi Arabian state energy firm’s free cash flow was $12.4 billion between July... for the Saudi government, whose budget deficit is expected to widen to 12% of gross domestic product... offering. That promise, combined with a $69 billion acquisition of chemicals maker Saudi Basic Industries...

Saudis send a message to the oil market with reduced U.S. deliveries

SYDNEY (Bloomberg) --Saudi Arabia is continuing to divert its oil away from America’s shores... to the U.S., and import data show that deliveries in August were likely the lowest in decades. For Saudi.... Saudi crude exports to the U.S. dwindled to about 177,000 barrels a day in August, tracking data show... The U.S. imported 355,000 barrels of Saudi crude, or about 51,000 barrels a day, in the week through Aug...

Saudis boost crude export prices to support OPEC+ efforts

DUBAI (Bloomberg) --Saudi Arabia made some of the biggest price increases for crude exports... extended historic output cuts. The steepest jump will hit July exports to Asia, state producer Saudi... for Saudi crude erase almost all of the discounts the kingdom made during its brief price war with Russia. The sharp price increases show that Saudi Arabia is using all the tools at its disposal...

Saudis hike oil prices to key markets on rising energy demand

DUBAI (Bloomberg) - Saudi Arabia raised pricing for August oil shipments to Asia, the U.S.... it in cutting supply to re-balance the market. State producer Saudi Aramco lifted the official selling... Aramco reduced prices by as much as $1 a barrel. Saudi Arabia and Russia have led the OPEC+ cartel’s...+ is “on the right track” but still has “a long way to go” before re-balancing oil markets, Saudi Energy...

Cheating on oil production quotas stalls this week’s OPEC+ meeting

LONDON (Bloomberg) - A meeting between OPEC and its allies is unlikely to happen this week as Saudi... wouldn’t be tapered from July 1 as planned. Extending Cuts While a consensus had emerged between Saudi... that talks scheduled for June 9-10 may not happen either, the people said. Saudi Arabia has long urged... a day, or about 10% of global supply, for May and June. Saudi Arabia, Kuwait and the United Arab...