Reuters DUBAI – The value of Saudi Arabia’s oil exports in June increased 123% to 61.5 billion riyals ($16.4 billion) from a year earlier while non-oil exports rose by around 41%, official data showed on Tuesday. Overall exports increased by nearly 92% in June compared to a year earlier when international trade was curbed by lockdowns and travel disruptions related
CNBC DUBAI, United Arab Emirates — The unexpected rift between Saudi Arabia and the United Arab Emirates within OPEC in early July came as a shock to many in the Gulf region and those watching from abroad. The dispute over oil production levels temporarily froze the group’s ability to lay out their plans for the markets, sending crude prices upward. But
Reuters SINGAPORE – Top oil exporter Saudi Arabia is expected to raise prices across various grades of crude oil it sells to Asia in September for a second straight month, tracking the strength in Middle East benchmarks, trade sources said. The September official selling price (OSP) for Arab Light crude may rise by 36 cents a barrel on average after
CNBC DUBAI, United Arab Emirates — The Organization of Petroleum Exporting Countries on Wednesday arrived at a deal after a nearly two-week standoff over its future oil production levels, according to reports by the Wall Street Journal and Reuters. The temporary but unprecedented gridlock that began in early July saw the United Arab Emirates reject a coordinated oil production plan for the group
Bloomberg OPEC+ infighting has deprived the oil market of extra supply and sent crude surging to a six-year high in New York. It’s too early to tell whether the breakdown of the cartel’s meeting on Monday could escalate into a conflict between Saudi Arabia and the United Arab Emirates as bitter and destructive as last year’s price war. Here are
CNBC Saudi Arabia’s oil giant Aramco is stepping up efforts to promote initiatives in hydrogen technology and investments to reduce carbon emissions, after a harrowing investor smackdown for Big Oil. “Hydrogen is real,” Aramco Chief Technology Officer Ahmad Al Khowaiter told CNBC in an interview Sunday, after a day of presentations from Aramco executives and industry partners to highlight the
Reuters DUBAI – The value of Saudi Arabia’s oil exports in April climbed 109% to 51.7 billion riyals ($13.79 billion) from a year earlier while non-oil exports rose by 46.3%, official data showed on Thursday. Oil exports made up 72.5% of total exports, up from 64.8% in April 2020 and 70% in March. Non-oil exports rose to 19.6 billion riyals
Reuters Saudi Arabia’s April crude oil exports fell to their lowest level since June 2020, official data showed on Thursday. Crude exports from the world’s top exporter slipped to 5.408 million barrels per day (bpd) from 5.427 million bpd in March, while crude output edged lower to 8.134 million bpd in April from 8.138 million bpd the previous month, data
CNBC LONDON — Two of the world’s largest oil-producing countries plan to defy the International Energy Agency’s recommendations and continue investing in oil and gas, rejecting calls to drastically scale back the use of fossil fuels despite a deepening climate crisis. Policymakers are under immense pressure to deliver on promises made as part of the Paris Agreement, a landmark accord widely
Reuters NEW YORK – Oil prices rose nearly 2% on Monday on optimism over the pace of coronavirus vaccinations in the United States and after the Yemen-based Houthi movement said it fired missiles on Saudi oil sites. Crude prices have remained rangebound in the past three weeks, as growing expectations of surging U.S. economic activity are balanced by the slow
Reuters NEW DELHI – The United States overtook Saudi Arabia as India’s second biggest oil supplier after Iraq last month, as refiners boosted cheaper U.S. crude purchases to record levels to offset OPEC+ supply cuts, data from trade sources showed. The switch in supplies, triggered by lower U.S. crude demand, coincided with Saudi Arabia’s voluntary extra 1 million barrel per
Reuters LONDON – OPEC said on Thursday a recovery in oil demand will be focused on the second half of the year as the impact of the pandemic lingers as a headwind for the group and its allies in supporting the market. In a monthly report, the Organization of the Petroleum Exporting Countries said demand will rise by 5.89 million
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