Oil Price Saudi Arabia received as much as $326 billion in oil revenues for 2022, its biggest oil sales haul in the era of Crown Prince Mohammed bin Salman, although monthly revenues have been lower in recent months after oil prices slid to around $80 per barrel at the end of last year. Saudi Arabia recorded its highest-ever oil revenues back in
World Oil (Bloomberg) — Saudi Arabia’s energy minister said oil production cuts announced last year by OPEC+ show the group’s readiness to be flexible. The kingdom and other members of the OPEC+ coalition have already signaled the group will stick to its current oil production targets for the rest of the year. Prince Abdulaziz bin Salman said that past
World Oil Bloomberg) — The OPEC+ alliance plans to stick with an oil deal agreed in late 2022 for the rest of the year, Saudi Arabia’s energy minister said, reinforcing earlier signals from the group. In October, OPEC and its partners took the unusual step of assigning fixed production targets for a full year ahead. Key officials have
World Oil On Monday, Saudi Arabia raised the official selling price of its flagship crude going to Asia in March. The hike, which was the first in six months, was due to expectations of a rebound in Chinese demand. Saudi oil giant Aramco lifted the price of its flagship Arab Light grade to Asia for March loadings by $0.20
Oil Price Saudi Arabian Mining Company (Ma’aden) has signed an agreement with the Saudi sovereign wealth fund, the Public Investment Fund, to set up a joint company that will invest in mining assets abroad to secure strategic minerals. Under the joint venture agreement, Ma’aden will own 51% of the new company, while the Public Investment Fund (PIF) will own the
Oil Price Saudi Arabia’s oil giant Aramco has discovered two unconventional natural gas fields in the eastern part of the country, Energy Minister Prince Abdulaziz bin Salman said on Wednesday. The Awtad unconventional gas field has been discovered southwest of the giant Ghawar field, and the AlDahna unconventional gas field has been discovered 230 kilometers (143 miles) southwest of Dhahran, the
Investing Saudi Arabia and other OPEC oil producers are discussing an output increase, the Wall Street Journal reported on Monday, citing unidentified delegates within the group. An increase of up to 500,000 barrels per day is now under discussion for OPEC+’s Dec. 4 meeting, the report said. Oil prices, which were already down on the day, fell more than
World Oil Three weeks ago, President Joe Biden threatened Saudi Arabia with “consequences” after the kingdom that is the de facto leader of OPEC supported a decision to reduce oil production by about 1 million barrels daily. The U.S. president was so agitated because U.S. midterms were approaching, and his and his government’s rating was falling and gasoline prices were
Nasdaq 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 when
Oil Price There will be some consequences for Saudi Arabia for its decision together with Russia to steer OPEC+ into a large oil production cut, U.S. President Joe Biden told CNN in an exclusive interview on Tuesday. It is time the U.S. rethinks its relationship with Saudi Arabia after the Kingdom, together with Russia, decided at last week’s OPEC+ meeting to
Oil Price U.S. President Joe Biden is re-evaluating the United States’ relationship with OPEC’s de facto leader Saudi Arabia after the Kingdom led the OPEC+ group to announce a major oil production cut last week, John Kirby, the coordinator for strategic communications at the U.S. National Security Council, said on Tuesday. In an interview with CNN quoted by Reuters, Kirby said
World Oil (Bloomberg) — The U.S. has accused Saudi Arabia of siding with Russia after it led OPEC+ in a shock decision to slash crude output, keeping oil prices high at a time of global concern about inflation. The world’s largest oil exporter insists the decision was about economics, not politics. The move marks a significant moment in the more
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