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Russia raises delaying OPEC+ production increases into 2021

, the people said. OPEC+, led by Russia and Saudi Arabia, was already considering postponing the supply... tranche of production cuts after Saudi Arabia, so any change to the terms of the agreement between...

OPEC+ leaders push to maintain production cuts as oil recovery slows

to guard against the market recovery being undermined by a resurgence of the coronavirus. Saudi... lockdowns, Saudi Arabia has kept up intense pressure on fellow members of the Organization... Wednesday’s meeting, Saudi King Salman bin Abdulaziz called Nigerian President Muhammadu Buhari..., according to state-run Saudi Press Agency. Nigeria, Iraq and several other nations have consistently...

OPEC+ may meet this week to update production limits

+ coalition led by Saudi Arabia and Russia is undertaking record oil-production cuts to prop up prices... million barrels a day, or about 10% of global supply, in May and June. In addition, Saudi Arabia...

Faltering oil demand puts new pressure on OPEC+ production agreements

June. On September 17th, Saudi Arabia and Russia will chair a monitoring meeting to assess whether..., an analyst at research firm Medley Global Advisors LLC. “If I’m OPEC and if I’m Saudi Arabia, I... to enforce rigorous implementation of the curbs. Saudi Energy Minister Prince Abdulaziz bin Salman...

OPEC+ preps for next challenge – how and when to restore oil output

LONDON (Bloomberg) --Saudi Oil Minister Prince Abdulaziz bin Salman likes the idea of OPEC+ acting as the central bank of oil. And he expresses admiration for Alan Greenspan, former chairman of the U.S. Federal Reserve. The challenge now confronting the oil producers’ club is one that’s all too familiar to the Fed: how to avoid a “taper tantrum,” the market panic that ensued when the institution...

A tough summer for oil-dependent nations may foretell their new normal

have also reached out to the IMF. Even Saudi Arabia isn’t immune, rolling out a slew of austerity... their economies. Saudi Arabia is pursuing reform, with its “Vision 2030” program seeking to develop other... the kingdom’s deep pockets, the challenge of reform may prove insuperable. The Saudis may be content...

Sparrows Group appoints Saudi Arabia General Manager to drive growth in Kingdom

LONDON - Sparrows Group has appointed Ali Hassan Al-Kharari as the company’s first Saudi Arabia... in Saudi Arabia since 2016. Last year the business achieved a significant milestone by securing vendor approval status from Saudi Aramco, allowing the company to deliver its full portfolio... an exceptional breadth of knowledge and network in the Saudi Arabian market and is a great addition...

Brent oil passes $43/bbl on climbing equity markets, Saudi price hikes

LONDON (Bloomberg) - Oil rose in London to above $43 a barrel as Saudi Arabia hiked its official... March. Saudi Aramco increased its crude prices to Asia in another sign of recovering demand. Libya’s... There was no settlement Friday due to the Independence Day holiday in the U.S. Saudi Arabia lifted pricing for all... industry that’s struggling to turn a profit. A refiner using Saudi Arabia’s flagship Arab Light crude...

EU leaders push back on wording of Saudi Arabia’s climate plan

(Bloomberg) --European leaders are resisting backing a climate plan pushed by Saudi Arabia that seeks to reduce emissions while capturing and reusing greenhouse gases produced by burning hydrocarbons... meeting this weekend, which is hosted by Saudi Arabia. European Union governments have been resisting... said one view was that CCE could enable Saudi Arabia -- the world’s largest oil exporter -- to shift...

Saudi Aramco CEO says “the worst is behind us” as oil tallies its best quarter in 30 years

on its historic pledge to cut production but almost 10 million barrels a day. Saudi Arabia.... “The worst is behind us,” Amin Nasser, chief executive officer of Saudi Aramco, said in an interview... has hit Big Oil. Saudi Arabia, de facto leader of the OPEC cartel, held a call with fellow member...

Oil falls further as Asian refiners show little interest in Saudi price cuts

(Bloomberg) --Oil fell to its lowest intraday level since July as signs of faltering demand continue to depress prices. Futures in London traded below $42 a barrel after dropping 1.5% on Monday. Only four of 10 Asian refiners surveyed by Bloomberg said they would be trying to buy more Saudi Arabian crude after the kingdom cut pricing for October as consumption remained below pre-virus levels. Abu...

As oil demand sentiments diverge on a national and an operator level, are production plans evolving to keep pace?

Weekly Preview podcast: How prepared is the industry for an oil price rebound?

Industry at a Glance

Crude prices surged in July and hit a two-week high after an explosion in Lebanon suggested geopolitical instability in the region. Between April and June, U.S. oil output fell 1.0 MMbpd, while Saudi Arabia reduced output by 1.0 MMbpd in June to 7.5 MMbpd. The significant supply reduction caused WTI, Brent and Dubai Fateh benchmarks to jump 6% ( to $38/bbl), 7% ($40/bbl) and 8% ($40/bbl...

Industry at a Glance

In June, OPEC reduced oil production to 22.69 MMbpd, its lowest level since the Gulf War in 1991, as the cartel escalated efforts to revive global crude markets, and Covid-19 continued to crush demand. The reductions come after record cuts in May, by Saudi Arabia (–29%) and Russia (–17%), which slashed output to 8.5 MMbopd and 9.4 MMbopd, respectively. The cooperative effort by OPEC+ has doubled...