Tag: Saudi Arabia

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) […]

October 7, 2019

Talk about losing energy. Now the only S&P 500 sector in the red for 2019, energy has had a difficult week, falling more than 4% as soft economic data reignited fears around slowing global growth and the impact of intercontinental […]

September 27, 2019

Saudi Arabia is moving quickly to restore the 5.7 million barrels a day of oil production knocked out in the September 14 drone and missile attacks on its Abqaiq processing facility. But even if the kingdom can return output of […]

September 19, 2019

Topline: Iran foreign minister Javad Zarif warned Thursday that if the U.S. or Saudi Arabia strikes back over weekend attacks on Saudi oil pipelines, it would be considered an act of “all-out war,” the most threatening language used yet as […]

September 19, 2019

Secretary of State Mike Pompeo called violent attacks on Saudi oil infrastructure in Abqaiq and Khurais “an act of war,” as evidence suggests that Iran is the culprit. This marks the most dangerous escalation between the U.S. and Iran since […]

September 18, 2019

President Donald Trump said Wednesday he ordered the Treasury Department to “substantially increase” sanctions on Iran. Trump’s announcement follows strikes Saturday on the world’s largest crude-processing plant and oil field in Saudi Arabia. The U.S. accused Iran of carrying out […]

September 16, 2019

Here are a dozen things everyone should know about the past weekend’s drone attacks on a major Saudi oil refinery, and the likely fallout from them: The Houthis, a rebel army aligned with Iran, claimed responsibility for the drone attacks […]

September 12, 2019

Saudi Arabia’s newly appointed energy minister said Thursday that OPEC and non-OPEC partners would consider deeper production cuts at its next full meeting. Speaking shortly after the conclusion of the Joint Ministerial Monitoring Committee (JMMC) in Abu Dhabi, Prince Abdulaziz […]

September 9, 2019

ABU DHABI — Major changes in Saudi oil policy are unlikely as a new energy minister moves in to take up the decision-making reins for the world’s largest exporter of oil. Saudi Arabia replaced its former energy minister and the […]

August 15, 2019

Saudi Arabia has seriously ramped up its oil exports to China in recent months. How dramatic is the change? Take a look at this graph, which uses data from oil tanker tracking firm TankerTrackers.com. The Saudi Kingdom’s crude shipments to […]

August 14, 2019

Google “oil” and “curse” and you get about 25 million hits, which is pretty good considering “michael lynch petroleum idiot” only gets a quarter of a million. (To which my daughter once said, “Dad, if all those people think you’re […]

June 25, 2019

Most people think of an oil crisis as a major loss of oil supply from some political event which creates a shortage, leading to gasoline lines, a scramble for supplies, and soaring prices. Such has not really occurred since 1979, […]

April 12, 2019

Saudi Arabia will become a regional heavyweight in windpower by the early 2020’s, according to new research. A report by analysts at Wood Mackenzie Power & Renewables states that developers will build 6.2 GW of wind capacity between now and […]

April 10, 2019

Oil supplies from OPEC sank by half a million barrels a day in March, hitting a four-year low, as Saudi Arabia continued to slash output and Venezuela’s production plunged amid ongoing economic crisis. The monthly production decline amounts to roughly […]

April 8, 2019

Saudi Arabia on Monday denied a report that the kingdom is threatening to sell its oil in currencies other than the U.S. dollar if American lawmakers pass legislation targeting OPEC. Reuters reported last week that the Saudis had raised the […]

April 5, 2019

Last week Saudi Aramco — the national oil company of Saudi Arabia and the world’s largest oil company — lifted a veil of secrecy around the company’s operations. For the first time in decades, operational details for Saudi Aramco were […]

April 1, 2019

Saudi Arabia has been the world leader in the export of oil and liquids, ever since it first begins selling oil in the 1950s – after America told them how to harvest it and volunteered to be their biggest customer. […]

March 29, 2019

OPEC kingpin Saudi Arabia will continue to ignore President Donald Trump’s tolerance threshold for rising oil prices, one analyst told CNBC on Friday, putting Riyadh on a “collision course” with Washington. Trump delivered his second warning to OPEC this year […]

February 28, 2019

Much of the focus of this year’s IP Week in London has been on what role the oil and gas sector will play in the future energy mix. But for Saudi Aramco and their president and CEO Amin H Nasser, […]

February 19, 2019

A rolling oil pact between Russia and Saudi Arabia which seeks to support prices by reducing output looks to be on shaky ground with only the Arab nation appearing to fulfil its promises. Late last year, OPEC producing countries, and […]