Saudi Arabia ///

Saudis hike oil prices to key markets on rising energy demand

Saudi Arabia raised pricing for August oil shipments to Asia, the U.S. and northern Europe amid signs that energy demand is continuing to recover. The move comes as the world’s biggest crude exporter pushes other major producers to join it in cutting supply to re-balance the market.

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

From OPEC stalwarts down to individual producing companies, oil price and demand projections are dividing into two separate camps. World Oil's editors review some of these key differences, and what they mean for crude production plans.

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

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 Aramco cutting hundreds of expat jobs to reduce costs

The world’s biggest oil exporter has begun cutting hundreds of jobs as it looks to reduce costs after a slump in energy prices, according to people familiar with the matter. Aramco is letting go of mostly foreign staff across several divisions, with affected employees being informed earlier this week.

Saudis suspend work, delay expansions as oil demand weakens

The world’s biggest oil exporter is hitting the brakes in developing some of its crude and natural gas deposits, idling two offshore drilling rigs as the coronavirus batters energy use.

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

After flooding the U.S. with crude earlier this year, Saudi Arabia has all but cut off the taps to the American oil market.

Saudis cut Asian crude allocations 40% to comply with OPEC+

Saudi Arabia reduced the amount of crude it will supply next month to seven refiners in Asia after OPEC+ agreed to extend its historic output cuts through July.

Saudis boost crude export prices to support OPEC+ efforts

Saudi Arabia made some of the biggest price increases for crude exports in at least two decades, doubling down on its strategy to bolster the oil market after OPEC+ producers extended historic output cuts.

Cheating on oil production quotas stalls this week’s OPEC+ meeting

A meeting between OPEC and its allies is unlikely to happen this week as Saudi Arabia and Russia draw a hard line over quota cheating by some nations.

OPEC+ may meet this week to update production limits

The move, if confirmed, would give the oil cartel more flexibility to change its current production limits. The existing deal, struck in April as energy demand and prices collapsed because of the coronavirus pandemic, calls for curbs to ease from July.

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

Our look ahead the coming week, including how drillers' ability to react to an increase in oil and gas demand could be impacted by technical and manpower limitations, and what key OPEC players have in store for the first week of June.

Saudis focus oil shipments on China during production cuts

An early look at Saudi Arabia’s crude exports for May shows that historic production cuts have done little to squelch the kingdom’s flood of oil to China, which is just getting back on its feet from the coronavirus.

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

Russia and Saudi Arabia agreed to closely coordinate on the OPEC+ output cuts deal, two weeks ahead of a crucial meeting of the group.

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

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.

OPEC+ proves its mettle by swiftly delivering oil production cuts

Despite skepticism over the efficacy of the measures unveiled in mid-April by Saudi Arabia, Russia and their partners, compared to the immense hit to demand, the impact has been substantial. Oil prices have recovered by 60% in the past three weeks, as a pick-up in fuel use is complemented by the supply cuts.

Daily Brief podcast: A look ahead at the coming week in oil and gas

Key trends for the coming week, including a couple of wild cards that could threaten the recovering global oil price and production balance.

Saudis reducing oil exports to comply with OPEC+ output cuts

The Saudis are voluntarily reducing supply to the lowest level in 18 years as they lead a global effort to drain a glut that has dragged down prices by more than half this year.

Russia, Saudi Arabia see recovering demand after production cuts

Saudi Arabia and Russia see signs that oil demand is recovering as countries around the world start to relax lockdowns imposed to fight the spread of the coronavirus outbreak.

OPEC cuts Q2 demand estimates again while members make deeper cuts

OPEC presented a bleaker assessment of global oil markets for the second quarter as the coronavirus crisis continues to drain demand, days after some of the cartel’s biggest producers pledged to make even deeper production cutbacks.

Oil slips despite Saudi’s pledge to increase production cuts

Oil declined as doubts circulated over Saudi Arabia’s ability to implement additional pledged production cuts.