Tag: Saudi Arabia

June 24, 2020

Russia and Saudi Arabia both rely on oil sales to fund a majority of their budgets. In the last five plus years, China has become the biggest customer for both countries. In fact, China is the world’s largest importer of […]

June 8, 2020

Oil prices pared gains on Monday, despite the weekend announcement by OPEC and its allies, known as OPEC+, that historic production cuts of 9.6 million barrels per day across the group would continue through July as the coronavirus pandemic continues […]

June 4, 2020

Some of the world’s most powerful oil producers had been expected to convene on Thursday, with energy market participants closely monitoring whether the influential group will officially agree to extend their deepest ever round of output cuts. OPEC kingpin Saudi […]

June 3, 2020

Well, that was brief. The collapse in the global oil price at the start of the Coronavirus crisis got many headlines, but its rapid increase as the recovery phase begins has not attracted so much attention. Data revealed yesterday shows […]

May 11, 2020

Oil prices jumped to their highs of the day after Saudi Arabia said it will cut production further in an effort to support global oil markets. Beginning on June 1 the Kingdom will cut output by an additional 1 million […]

April 10, 2020

OPEC+ leaders Saudi Arabia and Russia arrived at an historic crude production cut late Thursday, effectively halting a bitter oil war which saw prices implode by more than 50% from January highs. Details from the virtual OPEC+ conference have just […]

April 3, 2020

Barely a month on from the collapse of OPEC+ and the subsequent slump in oil prices, the crude producers’ group has announced it will attempt another round of negotiations via an online meeting on Monday (April 6), prompting a price […]

April 2, 2020

On Thursday Morning, President Trump announced that he spoke with the Saudis who spoke with the Russians, and that they planned to cut at least 10 million barrels of oil production. This is a huge cut, but it may be […]

April 1, 2020

The oil price war could last until the end of the year, an analyst said Wednesday. Prices have plummeted more than 60% since the beginning of year after OPEC+ failed to reach an agreement, leading Saudi Arabia and Russia to […]

March 30, 2020

The U.S. is all but guaranteed to lose its hard-earned spot as the world’s number one oil producer this year amid the recent price crash, vanishing demand and a plunge in capital investment, energy experts say. That could mean potentially […]

March 23, 2020

The big news related to the oil and gas business over the past few weeks has obviously been related to the crash in oil prices. First, the global demand destruction by the spread of the coronavirus knocked the price for […]

March 20, 2020

During his coronavirus Task Force press conference on Thursday, President Donald Trump said he was considering intervening in the situation with the global oil market “at the appropriate time”: “It’s very devastating to Russia because when you look at it, […]

March 19, 2020

If you’re looking for a little good news during this difficult time dominated by the coronavirus, gasoline prices have fallen, and in some places dramatically so. In Vermont, the lowest price reported on the vermontgasprices.com website (GasBuddy app) is Cunningham’s […]

March 13, 2020

The current crisis facing the oil industry happened seemingly overnight, the result of a two-pronged situation: the economic slowdown caused by the global COVID-19 pandemic and the predatory attempt by Saudi Arabia and Russia to eliminate competition from the American […]

March 11, 2020

OPEC kingpin Saudi Arabia unveiled plans Wednesday to dramatically ramp up oil production, raising the stakes of an all-out price war with non-OPEC leader Russia. State-owned oil behemoth Saudi Aramco said Wednesday that it had been asked by the Saudi […]

January 7, 2020

The ministry said the amendment had been made in response to a request from Saudi Arabia that Korea Hydro & Nuclear Power (KHNP) participates in the project as the company’s experience in the construction and operation of power reactors would […]

December 6, 2019

Energy ministers from some of the world’s largest oil producers have agreed to deepen recurring production cuts by an additional 500,000 barrels per day (b/d) through to March 2020. OPEC and non-OPEC allies, often referred to as OPEC+, decided to […]

December 5, 2019

OPEC kingpin Saudi Arabia has denied pursuing a deeper round of production cuts, one senior oil official told CNBC on Thursday, despite intense speculation the global oil-producing group was on the cusp of imposing further output curbs. The oil-rich kingdom […]

October 18, 2019

The massive 20%-spike in oil prices following the Abqaiq-Khurais attacks on Saudi Arabia’s oil production facilities has since completely evaporated. Brent crude peaked at $71.95 per barrel when markets reopened on Monday, September 16, but prices have now plummeted to […]

October 11, 2019

Oil prices rose sharply on Friday morning after Iranian state media said that two rockets had struck an Iranian tanker traveling through the Red Sea. Brent crude futures were up 1.4% at $59.93 a barrel, with West Texas Intermediate (WTI) […]