Saudi Arabia
News
August 11, 2021
Futures tumbled 1.2% in New York Wednesday as CNBC reported that the White House contacted OPEC leader Saudi Arabia to help stabilize U.S. gasoline prices.
News
August 06, 2021
The reopening of major economies has triggered a surge in commodity prices, with crude up around 40% this year. In the past two weeks, oil companies such as BP Chevron and Royal Dutch Shell have said they will increase share buybacks and payouts, confident the worst of the pandemic is over.
News
August 06, 2021
Saudi Arabia’s move to push up the cost of its oil in Asia may backfire as an outbreak of the delta virus variant in China damps demand, while the U.S. and Russia offer more competitively priced alternatives.
News
July 19, 2021
Futures in New York lost as much as 8.3% on Monday as OPEC and its allies pledge to increase oil production from August until all halted output is revived. A jump in virus cases from Asia to the U.S. drove down equities, with stocks in Europe hitting a seven-week low.
News
July 16, 2021
OPEC's deal will will ease a looming crude supply squeeze and reduce the risk of an inflationary oil price spike by increasing output each month beginning in August.
News
July 16, 2021
OPEC and its allies will meet on Sunday, the latest sign that a bitter standoff between Saudi Arabia and the United Arab Emirates has been resolved.
News
July 16, 2021
“Looking ahead to 2022, risks and uncertainties loom large and require careful monitoring to ensure the recovery from the Covid-19 pandemic,” OPEC said in its monthly report, which contained the first detailed estimates for next year.
News
July 14, 2021
Oil fluctuated as Saudi Arabia and the United Arab Emirates were said to resolve the standoff that has prevented OPEC+ from satisfying a growing clamor for extra barrels.
News
July 14, 2021
The United Arab Emirates has resolved its standoff with OPEC+ and reached a compromise deal that will give it a new output quota, said a delegate.
News
July 12, 2021
One week after OPEC and its allies abandoned their meeting in acrimony, the window for an August oil-production increase is closing without any deal in sight.
News
July 08, 2021
Bahrain needs crude prices above $88 a barrel to balance its budget this year, according to the International Monetary Fund, the highest breakeven price in the six-member Gulf Cooperation Council and far above current levels around $75.
News
July 07, 2021
The state-controlled firm created a new team to review its assets last year, soon after the coronavirus pandemic triggered a plunge in energy prices and strained its balance sheet. Aramco raised $12.4 billion by selling leasing rights over oil pipelines to a U.S.-led group of investors in April.
News
July 06, 2021
Rally-to-rout oil price gyrations show how the cartel’s internal rifts threaten the stability of the global economic recovery amid concerns about inflation, and tarnished the group’s self-image as a reliable steward of the oil market.
News
July 06, 2021
Oil jumped to the highest in more than six years after a bitter fight between Saudi Arabia and the United Arab Emirates plunged OPEC+ into crisis and blocked a supply increase.
News
July 05, 2021
The group’s oil ministers were unable to reach a compromise, keeping current production limits in place for August and depriving the market from the extra barrels it needs as demand recovers from the pandemic.
News
July 02, 2021
The United Arab Emirates said it won’t accept a plan by other members of OPEC+ to extend the group’s agreement to curb oil production beyond April 2022, unless it’s allowed to have a higher baseline for its own cuts.
News
July 02, 2021
A high-stakes game of oil diplomacy pits Saudi Arabia against long-time ally Abu Dhabi. And the result of their fight will shape not just the price of oil for the next year, but the future of the global energy industry.
News
July 01, 2021
A preliminary deal struck on Thursday to increase oil production by 400,000 barrels per day was thrown into chaos when the United Arab Emirates threatened to block the deal without a higher output quota for itself.
News
July 01, 2021
Saudi Arabia and Russia have a tentative deal to gradually increase OPEC+ oil output in the coming months, delegates said. The proposal under discussion would add about 2 million barrels a day to the cartel’s output from August to December.
News
June 28, 2021
Physical oil markets are screaming for more supply. Prices are rising in the North Sea, the key region that’s central to the value of many oil transactions, while differentials for Nigerian grades have also made notable gains.
News
June 24, 2021
The global oil market is calling out for a substantial increase in supplies, but OPEC+ is expected to provide only a fraction of what consumers are demanding.
