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Saudi discounts oil to Asia, defending market share after OPEC+ cuts

SINGAPORE (Bloomberg) --Saudi Arabia might have just signed off on one of the most notable oil output deals in history, but challenges lie ahead as the kingdom faces keen competition from rival... of eleven refiners across the region surveyed by Bloomberg welcomed Saudi Aramco’s aggressive... that of the month before, they said. Crude from non-Saudi producers in the Middle East is also available...

Saudi prince phones Nigeria to bring them in line with OPEC+ cuts

LONDON (Bloomberg) - Saudi Arabia, de facto leader of the OPEC cartel, held a call with fellow member Nigeria as the organization strives to deliver production cuts aimed at bolstering global crude markets. Saudi Crown Prince Mohammed bin Salman and Nigerian President Muhammadu Buhari discussed...-run Saudi Press Agency reported. It’s unusual for the prince, who is effectively the kingdom’s ruler...

After a record April, U.S. imports of Saudi oil near 35-year low in June

LONDON (Bloomberg) -- After flooding the U.S. with crude earlier this year, Saudi Arabia has all... is sustained in the second half of the month, U.S. imports of Saudi crude could drop to the lowest level in 35 years, helping the American crude market re-balance, according to traders and analysts. “Saudi oil... will have to import from elsewhere and run down stocks,” she added. To be sure, several Saudi...

Saudi’s oil-price war begins as buyers snap up cheap crude

as some of the world’s biggest buyers said they’d try to buy more Saudi crude than planned in April after... try to maximize their purchases from the kingdom, storage capacity permitting. State-run Saudi.... Asia accounts for roughly two thirds of Saudi oil exports, according to the U.S. Energy Information.... Monday is the deadline for Asian buyers to tell state producer Saudi Aramco how much oil they want...

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...

Trump says the U.S., Russia, Saudi Arabia to meet on oil price crash

WASHINGTON (Bloomberg) - President Donald Trump said the U.S. would meet with Saudi Arabia... Tuesday, said he’s raised the issue in conversations with Russian President Vladimir Putin and Saudi... Saudi Arabia and Russia since the collapse of the OPEC+ coalition in early March. Since then, both... war, with Saudi Arabia having already loaded several supertankers with crude headed for Europe...

Trump renews tariff threat on growing Saudi-Russian divide

to protect the domestic oil industry, even as he predicted that Saudi Arabia and Russia would come... reach at the weekend after a diplomatic row between Saudi Arabia and Russia. A gathering of OPEC.... Saudi Arabia, which launched a price war last month with Russia after OPEC+ talks broke down, has... fills up. In the latest maneuver in the price war, Saudi Arabia postponed on Sunday its monthly price...

Mexico-Saudi standoff shifts focus to exports versus production

LONDON (Bloomberg) --As a standoff between Saudi Arabia and Mexico threatens to thwart a historic deal to cut oil production, the solution may be to shift the goalposts: measure exports rather than... a diplomatic compromise, in the view of some negotiators. As diplomatic wrangling between Mexico and Saudi.... Saudi Arabia had initially rejected the idea....

Oil plunges 30% as Saudi-Russian price fight builds

+ alliance triggered an all-out price-war between Saudi Arabia and Russia that is likely to have sweeping... the influence of countries like Saudi Arabia. The fight against climate change may suffer a setback... is sinking deeper into chaos on the prospect of a supply free-for-all. Saudi Arabia slashed its official... failure. The breakup of the alliance effectively ends the cooperation between Saudi Arabia and Russia...

Seeing Saudi action as “oil blackmail”, Putin signals resistance

sees as oil blackmail from Saudi Arabia, signaling the price war that’s roiling global energy markets... to see if Russia or Saudi Arabia will balk at the painful price slump and call a truce. Brent crude... would like to see oil prices higher. Crude prices jumped after Trump’s comments. Russia and Saudi Arabia... redundant by pre-announcing fresh cuts after a chat with Saudi Crown Prince Mohammed bin Salman in Osaka...

Trump expects Saudi, Russian oil production cuts after phone call

WASHINGTON (Bloomberg) - President Donald Trump said he expects Saudi Arabia and Russia to cut oil production by about 10 million barrels after he spoke by phone with Crown Prince Mohammed Bin Salman on Thursday. Trump didn’t specify in a tweet whether the production cut would be per day. He said..., said the Russian president had not spoken to the crown prince. And Saudi Arabia didn’t confirm...

Saudi Arabia and Russia end their oil-price war with output cut agreement

LONDON (Bloomberg) - Saudi Arabia and Russia ended a devastating oil price war on Thursday... in May and June, delegates said, asking not to be identified ahead of an official statement. Saudi... a day, with all members agreeing to cut supply by 23%, one delegate said. “Both Saudi and Russia... January 2021, according to one delegate. Saudi Arabia will apply its reduction to a production...

Oil steadies on Fed action, hope for U.S.-Saudi talks

SINGAPORE (Bloomberg) --Oil rallied for a second day after the Federal Reserve unveiled a sweeping set of measures to support the world’s largest economy, while investors clung to hopes of a U.S.-Saudi Arabian deal to limit output. Futures in New York rose around 5% past $24 a barrel, following.... Meanwhile, U.S. Energy Secretary Dan Brouillette said the possibility of a joint U.S.-Saudi oil alliance...

Daily Brief Podcast: Simon Watkins on Saudi moves, Shale 3.0, and recovering demand

Analyst and author Simon Watkins discusses the real result of Saudi Arabia's production cuts, how recovering global markets impact large and small shale players differently, and what that means for the future of the industry. What were the Saudis' true motivations for production cuts; The cuts' financial impacts to the kingdom, and dwindling options to mitigate them; How U.S. shale's storage...

Saudis, Kuwait agree to restart jointly-held Wafra field on Sunday

KUWAIT (Bloomberg) - Saudi Arabia and Kuwait authorized the restart of oil production at the Wafra..., due to a dispute over Saudi Arabia’s renewal of Chevron Corp.’s concession there. Kuwait and Saudi... runs until the end of March. Chevron, through its subsidiary Saudi Arabian Chevron Inc., “has now... in a statement. The Saudi and Kuwait oil ministries could not be immediately reached. Saudi Aramco declined...