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OPEC+ tries to balance market share gains with weak oil demand

successfully continue the balancing act is unclear. The coalition of producers led by Saudi Arabia.... Saudi Arabia even said that most of the supply returned in August will be consumed domestically, used... languishes. The summer power-demand spike within Saudi Arabia, which helped absorb extra barrels...

OPEC+ kicks off talks with key members split on oil production cuts

on Sunday night. The 23-nation coalition led by Saudi Arabia and Russia is debating whether to maintain... such as Saudi Energy Minister Prince Abdulaziz Bin Salman and group president, Algeria’s Abdelmajid... term. Iraq and Nigeria have also grumbled about their output limits. “Saudi Arabia will have to lean...

Vaccine news alone won’t solve OPEC’s oil output puzzle

fuel consumption. Nonetheless, the alliance of producers led by Saudi Arabia and Russia is discussing... Exxon Mobil Corp. to independent companies in the U.S. shale patch. Saudi Arabian Energy Minister... will make further efforts to atone. With Saudi Arabia’s steely energy minister determined that all...

OPEC’s credibility on the line as factional divides deepen

then became unusually fraught. Saudi Arabia’s energy minister, in what appeared to be a gesture... a little bit how serious this is -- this is one of Saudi Arabia’s biggest allies,” Amrita Sen, co... in the alliance such as Saudi Energy Minister Prince Abdulaziz bin Salman and Russian Deputy Prime Minister...

Oil prices slide on Libyan export talks, surging European virus cases

dropped. U.S. benchmark crude prices jumped 10% last week after a show of determination by Saudi Arabia.... “Between tough talk from Saudi Arabia and the possible resumption of Libyan oil production, the oil...

Oil prices slip below $39 as Libya ramps up production

out of energy demand. Saudi Arabia’s energy minister said at a conference on Monday that the oil... of commitment by OPEC+ producers to the group’s cuts could force the market to penalize them, Saudi Energy...

Libya set to open last oil field in push to 1 MM barrel daily output

, led by Saudi Arabia and Russia, initially cut output by 10 million barrels a day, roughly a 10th... in the OPEC+ alliance’s scheduled output hike at the start of next year. Saudi Energy Minister Prince...

Lockdowns lead OPEC to lower oil demand projections further

(Bloomberg) --OPEC once again cut estimates for the amount of crude it will need to provide in the coming year as the return of measures to contain the global pandemic hits fuel use. The revision illustrates why the group’s de facto leader Saudi Arabia has said that the Organization of Petroleum... reconsidering the planned increase. Saudi Arabian Energy Minister Prince Abdulaziz Bin Salman said...

23rd World Petroleum Congress on track for 2021 in Houston

, ExxonMobil, BP, Qatar Petroleum, Baker Hughes, Saudi Aramco and ConocoPhillips, and Premier Sponsors... that produce, process, and distribute most of the energy in the United States. The Kingdom of Saudi...

Iraq signs $2B oil prepayment deal with China’s ZenHua Oil

producer after Saudi Arabia, its economy was forecast by the International Monetary Fund to contract... April to buoy prices, Iraq has breached its quota on several occasions, angering Saudi Arabia. While...

U.S. crude stockpiles fall for sixth straight week, sending oil prices higher

supply -- have slipped from near record highs in June, helped partly by Saudi Arabia limiting...

Oil climbs on signs of recovery in Asia and increasing air travel

SINGAPORE (Bloomberg) --Oil snapped a two-day losing streak on growing signs that consumption in key regions is edging higher. Crude demand in Asia is almost back to pre-virus levels, Saudi Aramco Chief Executive Officer Amin Nasser said Sunday. Meanwhile, oil drilling in the U.S. fell to a 15-year low and the number of active global rigs is at a record low, as explorers abandoned growth plans...

India’s Reliance Industries overtakes Exxon in energy firm rankings

NEW DELHI (Bloomberg) --Reliance Industries Ltd. toppled Exxon Mobil Corp. to become the world’s largest energy company after Saudi Aramco, as investors piled into the conglomerate lured by the Indian firm’s digital and retail forays. Reliance, which is controlled by Asia’s richest man and manages the world’s biggest oil refinery complex, rose 4.3% in Mumbai on Friday, taking its market value...

UAE pushes oil output past OPEC+ targets, IEA says

it may slash output in October to meet the country’s compliance target. Saudi Arabia, the de facto...

Oxy CEO says U.S. oil production will never see pre-pandemic levels

of Covid-19 that the country became the world’s top crude producer, overtaking Saudi Arabia and Russia...