Would this result in the most valuable company in the world? ExxonMobil’s perch atop the oil and gas industry’s food chain may be on notice. Stricken by the effects of the commodity downturn which it caused, oil-dependent Saudi Arabia appears to be open to almost any source of income to soften the sting of the kingdom’s 2015 record deficit of
An expert on relations between the two countries weighs in on this week’s clash in an exclusive Oil & Gas 360® interview Relations continued to worsen this week between Iran and Saudi Arabia in the Middle East, with Iran claiming that Saudi Arabia intentionally struck its embassy in Yemen with an airstrike late Wednesday night. Yemen has served as a
Survey forecasts price of Arab Light OSP to Asia increasing $0.25-$0.60 per barrel Saudi Arabia plans to increase the price of its crude oil to Asia next month. The increase of OPEC’s largest producer’s official selling price (OSP) of its benchmark Arab Light to Asia comes in response to robust demand for its crude in Asian markets and to higher
PRIX Index predicts little change in the exports of the world’s 20 largest exporters due to politics Oil exports are expected to remain static in the world’s 20 largest exporters according to the latest release of the PRIX global index. The PRIX index forecasts political developments that can affect oil exports from the world’s 20 largest exports based on a
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
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