Nasdaq LONDON – Saudi Arabia’s cut in official crude oil selling prices to Asia reflects weaker fundamentals of supply and demand, and does not imply a looming shift in OPEC+ policy or a fight for market share, analysts and industry sources said. On Jan. 7, Saudi Arabia reduced the February official selling price (OSP) of its flagship Arab Light crude to Asia
Nasdaq LONDON – Saudi Arabia and Russia’s crude supply cuts in tandem with U.S. interest rate rises have disrupted oil’s tendency to move in the opposite direction to the U.S. dollar, although analysts say the darkening economic outlook will eventually restore the equation. A strong dollar typically weighs on oil prices as it makes the commodity more expensive for holders
World Oil (Bloomberg) – Saudi Arabia’s latest oil production cuts are set to tighten global markets sharply next month, data from OPEC show. Even before the kingdom announced its surprise new measures just over a week ago, the Organization of Petroleum Exporting Countries expected that world inventories would deplete rapidly in the second half amid a post-pandemic recovery in fuel
US Money RIYADH – Neither side is backing down in a battle of wills over oil between Saudi Arabia’s Crown Prince and U.S. President Joe Biden, putting severe strain on their countries’ energy-for-security alliance, although a full rupture looks unlikely, Gulf sources and experts said. As de facto leader of the OPEC+ oil group, Saudi Arabia risked U.S. wrath
Yahoo Finance LONDON/DUBAI – OPEC leaders Saudi Arabia and the United Arab Emirates stand ready to deliver a “significant increase” in oil output should the world face a severe supply crisis this winter, sources familiar with the thinking of the top Gulf exporters said. When the Organization of the Petroleum Exporting Countries and its allies (OPEC+) decided on Wednesday to
Reuters When French President Emmanuel Macron whispered in Joe Biden’s ear last month that top global oil exporter Saudi Arabia has very little additional capacity to increase output, the U.S. President looked surprised. Biden is due to land in Riyadh later this month, and he will likely hear the same sobering message – don’t count much on Saudi Arabia to
Nasdaq Saudi Arabia’s crude exports in February rose to 7.307 million barrels per day (bpd), the highest level since April 2020, official data showed on Monday. Crude oil exports in February rose 4.4% from about 7 million bpd reported for January. The world’s largest oil exporter’s February crude production also rose to its highest level in nearly two years at
Reuters GLASGOW, Nov 10 – Saudi Arabia’s top energy official said on Wednesday that efforts to combat climate change should not undermine global energy security or shun any particular energy source, and denied the kingdom was hampering international talks on the issue. The comments from the top producer nation in the Organization of the Petroleum Exporting Countries come as the
Reuters DUBAI/LONDON/MOSCOW – Saudi Arabia is prepared to support extending oil cuts by OPEC and its allies into June and is also ready to prolong its own voluntary cuts to boost prices amid a new wave of coronavirus lockdowns, a source briefed on the matter said on Monday. After steady oil price gains earlier this year, OPEC and its allies,
RarePetro Oil & Gas 360 Publishers Note: Kevin Olson has assembled great data points about the influx of fifty million barrels of foreign crude oil to the United States, and may offset most of the production cuts. Pushing out any kind of recovery on our producers. This brings up the question: Should Donald Trump, or Congress, get involved in eliminating
RarePetro Oil & Gas 360 Publishers Note: Kevin Olson has assembled great data points about the influx of fifty million barrels of foreign crude oil to the United States, and may offset most of the production cuts. Pushing out any kind of recovery on our producers. This brings up the question: Should Donald Trump, or Congress, get involved in eliminating
Reuters DUBAI – Saudi Arabia’s energy minister said on Monday that effective global oil supply cuts would amount to around 19.5 million barrels per day, taking into account the reduction pact agreed by OPEC+, pledges by other G20 nations and oil purchases into reserves. OPEC and allies led by Russia, a group known as OPEC+, agreed on Sunday to a
Sign up to receive daily news and stock prices from Oil & Gas 360® directly in your email inbox.
Market Data ©2020–2024 QuoteMedia. Data delayed 15 minutes unless otherwise indicated (view delay times for all exchanges). RT=Real-Time, EOD=End of Day, PD=Previous Day. Market Data powered by QuoteMedia. Terms of Use.
