Monday, July 13, 2020

Abdulaziz Bin Salman News

Saudi Oil Price Hike Throws Asian Lifeline to U.S. Shale

U.S. Shale ops -Credit:FerrizFrames/AdobeStock

Saudi Arabia's decision to jack up the price of its July exports to Asia may have opened the door for U.S. crude oil producers to boost sales to the region that consumes more oil than…

OPEC, Russia Extend Record Oil Cuts

Image by Maksym Yemelyanov - AdobeStock

OPEC, Russia, and allies agreed on Saturday to extend record oil production cuts until the end of July, prolonging a deal that has helped crude prices double in the past two months…

Record Oil Output Cuts Fail to Make Waves in Coronavirus-hit Market

© Emmanuel Campos / Adobe Stock

The minimal impact on oil prices from a global deal for record output cuts showed that oil producers have a mountain to climb if they are to restore market balance as the coronavirus…

OPEC, Russia Approve Biggest-Ever Oil Cut to Support Prices

OPEC and allies led by Russia agreed on Sunday to a record cut in output to prop up oil prices amid the coronavirus pandemic in an unprecedented deal with fellow oil nations, including the United States…

OPEC+ Oil Pact Hinges on Mexico Joining

Pemex oil platforms offshore Mexico - Image by BoH/Wikimedia Commons - Under CC BY-SA 2.0 License

Saudi Arabia's energy minister said on Friday that a final OPEC+ oil supply pact to reduce 10 million barrels per day (bpd), which was agreed on Thursday, hinges on Mexico joining in the cuts.OPEC…

Aramco: IPO Will Come Soon

AdobeStock / © Scanrail

The initial public offering (IPO) for state-owned oil company Saudi Aramco will come soon, and will be a decision taken by Saudi Crown Prince Mohammed bin Salman, the kingdom's energy…

Oil Dips on doubts Around Latest U.S.-China Trade News

AdobeStock / © Kasto

Oil prices slumped more than 2% on Monday on worries that global crude demand could stay under pressure as a lack of details about the first phase of a U.S.-China trade deal dimmed…

Oil Falls 1% on Surprise U.S. Crude Build, Saudi Crude Output

© kittikorn14 / Adobe Stock

Oil shed more than 1% on Wednesday, logging a second straight day of losses after U.S. crude stockpiles unexpectedly rose and as Saudi Arabia maintained a faster-than-expected recovery…

Aramco Rapidly Restores Production Capacity

Photo: Saudi Aramco

Saudi Arabia's oil and gas giant Saudi Aramco announced that it will fully restore its production capacity by the end of September, in light of the Saturday's drone attacks that caused…

Oil Prices Extend Losses After Saudi Pledge

© Kalyakan/ Adobe Stock

Oil prices retreated about 2% on Wednesday, extending the previous day's declines after Saudi Arabia said it would quickly restore full production following last weekend's attacks on its facilities and as U.S.

Saudi Minister Commits to Output Cuts

© SLDigi / Adobe Stock

Oil prices rose more than 2% on Monday after the new Saudi energy minister, Prince Abdulaziz bin Salman, confirmed expectations that he would stick with his country's policy of limiting…

Producers Offset Oil Prices by Raising Output

The first response of commodity producers to a drop in prices is normally to increase production - ensuring price falls become deeper and more prolonged. Producers attempt to make up in volume what they have lost in prices.

Saudis: Long-Term Oil Market Fundamentals Robust

Long-term oil market fundamentals remain robust but prolonged low prices could threaten security of supply and pave the way for a price spike, Saudi Arabia's vice oil minister said on Monday.

Saudi Arabia Restructures Aramco

Saudi Arabia has approved a restructuring of Saudi Aramco that includes separating it from the oil ministry, a Saudi-owned TV station reported, in a decision analysts said aims to make…

Saudi Aramco CEO Named Chairman, Health Minister

Saudi King Salman appointed Saudi Aramco's chief executive as chairman of the state oil firm and health minister on Wednesday, in a reshuffle that is unlikely to change oil policy in the world's top crude exporter.

Brent Slips to $65, Dollar Strengthens

Dollar up 0.3 percent against basket of currencies; U.S. rig count drops to lowest since 2010. Brent crude slipped to around $65 on Monday as the dollar strengthened, but a further sign that U.S.

Vens in Iran, Saudi Arabia in OPEC Talks

Venezuelan delegation meeting Saudi deputy oil minister Tuesday. Venezuela's oil minister heads a delegation to meet Saudi Arabian oil officials on Tuesday, coming from talks in Iran…

Saudi Oil Minister to Stay for Now, Policy Steady

Saudi Arabia's new King Salman was quick to keep veteran oil minister Ali al-Naimi on Friday in a message aimed at calming a jittery energy market mindful of Naimi's powerful role within…

Saudi Oil Policy Uncertainty Unleashes the Conspiracy Theorists

If Saudi Oil Minister Ali al Naimi wants to stop conspiracy theories spreading before a crucial OPEC meeting next week, it's too late. Naimi's intervention last week after a two-month…