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Saudis join three other OPEC+ nations cutting output early

LONDON (Bloomberg) --Saudi Aramco began reducing oil production earlier this week ahead of the May 1 start date for OPEC+ output cuts, according to a Saudi industry official familiar with the matter. Aramco has begun to curtail production from about 12 million barrels a day to achieve the agreed level of 8.5 million barrels a day, the person said, asking not to be named discussing private...

U.S. senators urge Saudis to calm oil market tensions

WASHINGTON (Bloomberg) - More than a dozen U.S. Republican senators wrote to Saudi Crown Prince... hard-hit financial markets.” Saudi Arabia last week vowed to flood the market with cheap crude after... a complaint with the U.S. Department of Commerce against Saudi Arabia for “illegal” dumping of crude. Other... to buying up American oil to fill the national Strategic Petroleum Reserve. “Senior Saudi government...

Saudis dispel rumors, saying no talks with Moscow on oil output

(Bloomberg) -- Saudi Arabia held firm on its position in the price war with Russia, saying... the OPEC+ alliance. The comments from the Saudi Energy Ministry dispelled speculation that Riyadh... should participate in rebalancing.” The kingdom’s statement suggests that both Saudi Arabia and Russia... oil producers. “There have been no contacts between Saudi Arabia and Russia energy ministers over...

Daily Brief podcast, Thursday, March 12th

Does the coronavirus offer a prime opportunity for Russia and Saudi Arabia to team up against U.S. shale producers? Or, as international oil analyst and author, Mr. Simon Watkins, explores in today's show, is this latest market battle a "last throw of the dice" for the Saudis? Listen to the podcast here: https://blubrry.com/worldoilsdailybrief/57243424/daily-brief-thursday-march-12th/...

Daily Brief podcast, Wednesday, April 1st

Kurt and Cameron cover action on many fronts in Washington, Saudi Arabia fires their opening salvo in the oil price war, and Texas regulators share their demand projections. Listen to the podcast here: https://blubrry.com/worldoilsdailybrief/57922397/daily-brief-wednesday-april-1/...

Saudis, Russians plan to work together at June’s OPEC+ meeting

MOSCOW (Bloomberg) --Russia and Saudi Arabia agreed to closely coordinate on the OPEC+ output cuts... and Saudi Crown Prince Mohammed Bin Salman come as Russia was said to be determined to start easing... were agreed. It does, however, bode well for the next OPEC+ meeting that Saudi and Russia appear to be on the same page.” Russia and Saudi Arabia are taking the biggest share of the OPEC+ curbs...

U.S. urges Saudis to reassure global energy and financial markets

between Saudi Arabia and Russia, urging Riyadh to “rise to the occasion and reassure” energy markets... energy leader, Saudi Arabia has a real opportunity to rise to the occasion and reassure global energy... on Wednesday. Oil prices have plunged as the Russian-Saudi price war compounded the unprecedented hit..., according to an official who asked not to be named. The U.S. and Saudi Arabia are in close...

Saudis plan oil-price war, slashing prices while raising output

DUBAI (Bloomberg) --Saudi Arabia plans to boost oil output next month to well above 10 MMbpd... by the most in more than 30 years. State energy giant Saudi Aramco is offering unprecedented discounts in Asia, Europe and the U.S. to entice refiners to use Saudi crude. At the same time, Saudi Arabia has..., opening the taps would throw the oil market into chaos. Too Low. “Saudi Arabia is now really going...

Daily Brief podcast, Wednesday, March 11th

Kurt Abraham, World Oil magazine’s Editor-in-Chief, joins the show to talk about the latest oil price developments, the promises of increased production from Saudi Arabia and Russia, how the UAE may hike output, and what options the U.S. has to respond with a fee on imported crude. Listen to the podcast here: https://blubrry.com/worldoilsdailybrief/57209081/daily-brief-wednesday-march-11th/...

Trump may intervene in oil price war to stabilize prices

between Russia and Saudi Arabia that has U.S. oil drillers reeling, but that for now low prices... of a war over market share between Saudi Arabia and Russia. Talks between the two countries of cutting... prices in decades,” Trump said. “I would say it’s very bad for Saudi Arabia,” he said. “But they’re... of the American Petroleum Institute, Mike Sommers, also has encouraged the president to engage with Saudi...

Russians open door to talks, as Saudis charge ahead with 12 MMbpd output

LONDON (Bloomberg) --Saudi Arabia showed no sign of bowing to pressure from President Donald Trump... in an effort to broker a truce between the world’s two largest oil exporters. But Saudi Arabia... that while they hadn’t spoken to Saudi Arabia yet, Moscow had no plans to increase production given..., however. It was Russia’s refusal to join Saudi Arabia and other OPEC producers in deeper reductions...

Shale billionaire to file anti-dumping complaint against Saudis

Department of Commerce against Saudi Arabia for “illegal” dumping of crude that sent oil prices... days, he said. Saudi Arabia “has moved to essentially flood the market with crude oil” with “express... Saudi Arabia and Russia’s decision to ramp up production in a price war that sent crude plunging... this week, the Department of Energy slammed Saudi Arabia and Russia’s price war. “These attempts by state...

Putin dumps OPEC to start a war with America’s shale oil industry

market upside down. Alexander Novak told his Saudi Arabian counterpart Prince Abdulaziz bin Salman... with Saudi Arabia and the other members of the Organization of Petroleum Exporting Countries to curb oil... source of state revenue – the alliance brought foreign policy gains, creating a bond with Saudi... and International Relations in Moscow, a state-run think tank. “Of course, to upset Saudi Arabia could...

Saudis escalate oil price war with another output hike

LONDON (Bloomberg) --Saudi Arabia escalated its oil price war with Russia on Tuesday, with its... strategic inventories to dump as much crude, as quickly as possible, on the market. In February, Saudi... and bitter price war between Russia and Saudi Arabia. On Monday benchmark oil prices fell more than... to the economic impact of the coronavirus epidemic, the Saudi production hike, followed potentially...

OPEC secretary general invites Texas RRC’s Sitton to Vienna meeting

of coronavirus was compounded with the unraveling of the Saudi-Russia supply compact on March 6. “We... mighty Saudi Arabia. Such a tie-up would also confront Russian President Vladimir Putin... of a price war between Saudi Arabia and Russia, which has helped to drive crude prices to an 18-year low... that the federal government could coordinate output cuts with Saudi Arabia and Russia to calm...