From The Houston Chronicle Saudi Arabia plans to keep oil exports below 7 million barrels a day next month as OPEC’s biggest producer allocates less crude than customers demand in a bid to stabilize the market, according to the kingdom’s officials. State-run Saudi Arabian Oil Co., known as Aramco, will cut customer allocations across all regions by a total of
From Reuters Oil jumped more than 2% on Thursday on expectations that falling prices could lead to production cuts, coupled with a steadying of the yuan currency after a week of turmoil spurred by an escalation in U.S.-China trade tensions. Brent crude LCOc1 ended the session up $1.15, or 2.1%, at $57.38 a barrel, after hitting a session high of
From Bloomberg/Houston Chronicle Saudi Arabia, OPEC’s dominant producer, will keep doing the heavy lifting as the cartel and its allies were all but forced to extend their effort to counter the U.S. shale boom into a fourth year. In a meeting on Tuesday, the Organization of Petroleum Exporting Countries and 10 non-members including Russia rubber stamped the cartel’s earlier decision
Bloomberg chief ME economist says Saudi needs $95 to balance its budget From Bloomberg Saudi Arabia’s government expects to earn more from oil next year, an optimism that defies most price forecasts for crude and contrasts with the kingdom’s history of making conservative financial assumptions. The world’s biggest crude exporter is estimating that oil will average about $80 a barrel
From Bloomberg Saudi-Russia meeting at G20 likely to determine OPEC outcome WTI crude plunged below $50 a barrel for first time in a year The choice facing Saudi Arabia at next week’s OPEC meeting is dramatic: cut oil production and enrage Donald Trump, or keep pumping and risk ultra-low prices blowing up its economy. For Mohammed bin Salman, the
From Forbes Jason Bordoff, the Founding Director of the Center on Global Energy Policy at Columbia University, noted on Twitter early Monday morning that “Everyone who’s been writing for years that shale is the new swing supplier, this is what spare capacity looks like. Shale can’t do that. It can grow remarkably (and has) but still takes time to respond and then does
“What has reportedly happened in Turkey around the disappearance of journalist Jamal Khashoggi, if proved true, would clearly change the ability of any of us in the West to do business with the Saudi Government.” – Branson Intended to showcase the kingdom’s long-term plans, the event is being boycotted over Riyadh’s reported role in the disappearance of Jamal Khashoggi From
Saudi Arabia Denies Aramco IPO Is Canceled From The Wall Street Journal Saudi Arabia said Thursday it remained committed to publicly listing its national oil company at some point in the future, dismissing reports that the centerpiece of the country’s economic transformation plan had been canceled. Energy minister Khalid al-Falih in a statement said the government would list Saudi Arabian
Column From Reuters Russell LAUNCESTON, Australia, June 25 (Reuters) – If it were possible to boil the crude oil market down to just one determining factor for the coming months, it would be this: What will Saudi Arabia actually do? The Saudis appear to have emerged as the winners from last week’s meeting of the Organization of the Petroleum Exporting Countries
From the New York Times HOUSTON — It is unusual for the United States, Saudi Arabia and Russia to see eye-to-eye, much less try to achieve common energy policy goals, even indirectly. But that is what seems to be happening, and it is taking the edge off the yearlong rise in oil and gasoline prices. Even if those countries have
OPEC and Russia looking hard at ending cuts, but maybe not till after end of the year Reacting to comments from the Saudi oil minister, crude oil prices fell more than $5 per barrel between Friday and Tuesday. Brent crude oil grew from about $73 per barrel at the beginning of May to kissing $80 last week, then falling to
At much over $75 a barrel, growth slows and conservation kicks in From the Financial Times For Saudi Arabia, the rebound in the oil price over the past year has been a strategic triumph. Its diplomacy, including an entente with longstanding rival Russia, led to a late 2016 agreement between Opec and other large producers, restricting oil supply. The deal
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