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Saudis add 1 MMbbl to output cut to help stabilize oil prices

LONDON (Bloomberg) --Saudi Arabia announced an extra voluntary oil-production cut of 1 million.... If Saudi Arabia makes good on its pledge, its production will drop to the lowest since mid-2002, according to data compiled by Bloomberg. The cut is particularly symbolic as it brings Saudi production below... markets,” an official at the Saudi Ministry of Energy said. Riyadh also asked state-owned oil...

Undercutting rivals helps Saudis grow share in key oil markets

exporters seeking to preserve their share of a diminished market. Saudi Arabia, the world’s biggest... than last month’s crude exports. Saudi Arabia was the only one of OPEC’s top four producers to boost... share in Asia.” China Recovery. State oil producer Saudi Aramco slashed its official selling prices... to that region for June. That helped Aramco to place its crude even amid a surge in supply. Saudi exports...

Saudis unleash oil exports for April, as promised

LONDON (Bloomberg) --Saudi Arabia has made good on its pledge to ramp up oil exports in April... in February, despite American pressure to end the price war. Saudi Arabia earlier this month slashed its... of March, Saudi Arabia was exporting at a rate of around 7 million barrels a day, but that jumped.... In an interview on “Fox & Friends,” he said Russia and Saudi Arabia “both went crazy...

Saudis pledge huge oil supply increases to European refiners

LONDON (Bloomberg) --Saudi Arabia is unleashing a wave of crude toward Europe, traditionally... their usual intake from the kingdom. The Saudi shipments, coupled with unprecedented discounts, are turning... price battle between Riyadh and Moscow. Saudi Arabia is offering its flagship Arab Light crude... crude allocations from state-owned Saudi Aramco significantly above their normal levels, according...

Saudis keep oil flowing before new OPEC+ agreement kicks in

LONDON (Bloomberg) --Saudi Arabia and other Gulf suppliers may have agreed to cut oil production... to load at the Saudi port of Ras Tanura in the coming days. State-owned oil company Saudi Aramco pledged... to limit output, with Saudi Arabia agreeing to trim production to 8.5 million barrels a day in May... Abdulaziz bin Salman, the Saudi oil minister, told reporters on a conference call on Monday...

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...

Daily Brief podcast, Tuesday, March 10th

In today's episode: We look at what a market oversupply means for America's status as a net crude exporter; Russia threatens another production hike, while simultaneously keeping the door open for another OPEC deal; Saudi Arabia is doing their part to drive oil prices down by declaring another production increase of their own. Listen to the podcast here: https://blubrry.com...

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...

Saudis want to raise oil output capacity by a further 1 MMbpd

DUBAI (Bloomberg) - Saudi Arabia ordered state-run oil producer Aramco to boost the kingdom’s.... The country’s energy ministry, headed by Prince Mohammed’s half-brother, ordered Saudi Aramco to boost its... that generating an additional million barrels a day.” Saudi Energy Minister Prince Abdulaziz bin Salman... of the world’s oil supply for more than three years. Oil plunged as much as 31% on Monday after Saudi...

Oil negotiators race for pact, with U.S. role in the balance

LONDON (Bloomberg) --Saudi Arabia, Russia and other large oil producers are racing to negotiate... -- is only tentatively scheduled for Thursday. Russia and Saudi Arabia want the U.S. to join in, but U.S.... a need for the G-20 in the driving seat, led by its current chair, Saudi Arabia.” Crude prices have... clearer. Brent futures fell 1.2% on Monday to $33.74 a barrel. Russia and Saudi Arabia are “very, very...

Aramco slashes CAPEX as the oil-price war hits home

DUBAI (Bloomberg) --Saudi Aramco is slashing planned spending this year in the first sign... could help absorb some of the impact of the drop in oil prices, he said. The oil-price war led by Saudi... financial analysts of the results at 3 p.m. Saudi time on Monday. The coronavirus’ blow to oil use has... allocation,” he said. Saudi Arabia, Russia and others intend to boost production once the current accord...

History shows the 2020 oil-price war won’t end soon

LONDON (Bloomberg) - How long can the vicious oil-price war between Saudi Arabia and Russia last..., Saudi Arabia, King Fahd warned OPEC countries that his country would no longer carry the burden.... It started in November 1997 at a meeting in Jakarta, Indonesia. Saudi Arabia boosted production... revolution, Saudi Arabia adopted a policy of pump-at-will. Oil collapsed from about $100 a barrel...

Saudis book more supertankers to help flood the oil market

NEW YORK (Bloomberg) - Saudi Arabia is preparing to unleash so much oil on the world that its own... on a preliminary basis at least eight supertankers to load this month and next from Saudi Arabia’s main.... Saudi Arabia’s search for ships underscores how big a flood of oil it’s planning to unleash... growth, its mainly caused by producers.” The additional Saudi supply could be destined for storage...

Saudis reducing oil exports to comply with OPEC+ output cuts

Reading time: 3 minutes 30 seconds SINGAPORE (Bloomberg) --Saudi Arabia will trim oil shipments... dragged down prices by more than half this year. State-producer Saudi Aramco will cut June exports... on Saudi crude imports, and he helped orchestrate last month’s output-cuts agreement between... prices were rising thanks to Saudi supply reductions. “Our great Energy Companies, with millions of JOBS...

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...