Diplomatic ties cut in the Middle East Oil prices were up Monday morning as tension between nations in the Middle East continue to rise. Saudi Arabia’s execution of Shia Muslim cleric Nemer al-Nemer on Saturday ignited rage in Tehran, where the Saudi Arabian embassy was attacked. Saudi Arabia, along with Bahrain, Sudan and the U.A.E., have downgraded political ties with
Kingdom Hikes Petrol Prices to Offset Record 15% Budget Deficit Saudi Arabia knew there would be repercussions for its market-share-over-price strategy. The effects were apparent in its 2016 budget, released on December 28, 2015. In the first full year of sub-$50 oil prices in roughly a decade, Saudi posted a record deficit of approximately $98 billion (367 billion riyals) in
OPEC shows no signs of slowing oil production Oil prices fell lower today as OPEC showed no signs of changing its policy of defending market share, which the group started on Thanksgiving Day of last year. U.S. crude benchmark WTI fell below $40 per barrel early today, down more than 2% from its closing price of $41.08 yesterday. The price
Oil prices rebounded today on the eve of the much-anticipated meeting of the Organization of Petroleum Exporting Countries (OPEC) in Vienna, with Saudi Arabia rumored to propose a solution to struggling oil prices that have dropped to their lowest levels since the summer. Argus Media, a London-based organization, hosted a webinar on December 2, 2015, previewing the upcoming meeting and
Saudi Arabia sees a squeeze in liquidity as oil prices remain low Demand for deposits dropped 4.7%, or about $13.5 billion, in Saudi Arabia over the course of October, forcing banks to borrow more from each other. The rate at which banks in Saudi Arabia lend overnight to each other jumped the most in seven years in November, the fifth
A shot heard round the world Last November 27, OPEC sparked the decline in crude oil prices that would see both international benchmark Brent crude, and U.S. benchmark WTI crude, lose more than 50% of their value. The group decided to move away from its traditional role of maintaining a reasonable crude oil price in order to protect its market
$40 Oil Prices Coming into View Once Again An inventory build of 4.2 million barrels (MMBO) pushed down the price of West Texas Intermediate (WTI) by nearly 3% in Thursday trading, increasing the United States’ crude stockpile to more than 487 MMBO overall. Crude oil inventories have now increased on a weekly basis for the last seven reporting periods, adding
Debt levels could increase to as much as 50% of GDP in five years Last week, the Saudi Arabian government was rumored to be creating a division specializing in monitoring government spending. Today, the Financial Times reports that OPEC’s chief producer will invest in international bond markets for the first time in its history. A senior official said the finalization
Global Oil Industry Reacts to Commodity Crash by Downsizing Saudi Arabia, a nation dependent on oil exports for 80% of budget revenues, 45% of gross domestic product and 90% of export earnings, is rumored to be creating a government division focused on monitoring government spending. The report from Bloomberg was not an exact confirmation, as Saudi’s finance ministry declined to
The Thanksgiving Day Decision Last November, OPEC sparked the decline in crude oil prices that would see both international benchmark Brent crude, and U.S. benchmark WTI crude, lose more than 50% of their value. The group decided to move away from its traditional role of maintaining a reasonable crude oil price in order to protect its market share around the
The spread on OPEC members’ crude widens as competition increases Members of OPEC are beginning to cut their own prices relative to one another as the competition over share of global markets, particular Asia, continues to intensify. Traditionally, members of OPEC move prices together, but data today shows Kuwait is undercutting Saudi Arabia by the most on record and Iraq
As competition in Asia increases, Saudi Arabia turns to European Buyers As competition in Asia has become increasingly fierce as producers look to gain the largest possible foothold in the world’s fast growing markets. The fight for market share is so intense that the world’s largest crude oil exporter, Saudi Arabia, has been forced to reduce supplies to Asian markets
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