Saudi Arabia is considering a plan to raise domestic prices for gasoline and jet fuel in November at the latest, as the world’s biggest oil exporter pushes a program to curtail spending and reduce dependence on crude after a global slump in prices.
Saudi Arabia has moved back up a notch in the race to supply oil to China, signaling its eagerness to compete for market share in Asia’s biggest crude consumer.
Shell has completed the sale of its 50% stake in a Saudi petrochemicals joint venture for $820million.
Saudi Arabia is said to have cut crude sales for next month to some buyers in the world’s biggest oil market, limiting sales to prized buyers as part of its pledge to curb exports and shrink a global glut.
Oil extended gains toward $47 a barrel as Saudi Arabia promised deep cuts to crude exports next month to help ease a global glut.
Saudi Arabia, OPEC’s biggest oil producer, plans to step up pressure on nations that aren’t complying with their commitment to cut output, including a proposal to start monitoring exports.
Libya’s rebounding oil output is undermining the supply curbs masterminded by Saudi Arabia and Russia. But any pleas for the OPEC member to exercise restraint will probably be resisted by the technocrat overseeing the North African nation’s turnaround.
Oil fell in New York, erasing earlier gains, after Saudi Arabia’s production last month was said to have risen above the cap it agreed on with fellow OPEC members.
US secretary of state Rex Tillerson has departed for Qatar as he tries to mediate a dispute between the energy-rich country and a quartet of Arab nations.
Now is the time to maximize the impact of OPEC’s oil production cuts, yet the market is still waiting for the group’s biggest member to show it’s doing “ whatever it takes” to eliminate the global oversupply.
Turkey has rejected a key demand by several Arab states involved in a major dispute with Qatar, saying Ankara has no plans to shut down its military base in the small Gulf country.
Mohammed bin Salman’s appointment as Saudi Arabia’s crown prince will not derail plans for listing the Kingdom’s oil and gas producer, an analyst has said.
Saudi Arabia’s King Salman has appointed his 31-year-old son Mohammed bin Salman as crown prince, removing the country’s counter-terrorism chief from the royal line of succession.
Saudi Arabia's Navy had to stave off an attempted attack on offshore oil rigs late last week.
Oil edged up following its plunge last week after Saudi Arabia and Russia said crude markets will rebalance.
Saudi Arabia dwarfs Qatar on almost any measure, yet there are plenty of ways the tussle between the Gulf neighbors could end up hurting the world’s biggest oil exporter -- even if it wins.
Qatar, the world’s biggest seller of liquefied natural gas, can still access shipping routes to deliver oil and gas to buyers after Saudi Arabia and other neighboring states barred the emirate from exporting through their territorial waters.
Oil nation’s efforts to re-balance the market via a deal on production cuts have worked, industry experts said, adding that extending the agreement is the right move.
Lawyer and Middle East business expert Hugh Fraser has been inducted into a global networking initiative set up to help Scottish firms break international markets.
The world’s two biggest oil exporters seem to have finally figured out how to eliminate a global surplus that’s kept crude prices in check for almost three years.
Oil held onto Friday’s gains as Saudi Arabia and Russia said they’re prepared to extend production cuts into next year to clear the global surplus.
Saudi Arabia’s oil minister said he’s confident that an agreement by producers to curb crude output and shrink a market glut will be extended into the second half of the year and possibly beyond.
Saudi Arabia's energy minister Khalid al-Falih has claimed that Brunei has expressed a "willingness" to extend the global oil cut agreement between OPEC and non-OPEC countries.
Saudi Arabia, the world’s biggest crude exporter, is losing market share to Iraq and Iran as a result of OPEC’s agreement to curb supplies to bolster prices, according to the head of research at Abu Dhabi Investment Authority.
Saudi Arabia will offer as much as 1 gigawatt of contracts to buy renewable electricity by the fourth quarter of this year, a government official said, putting more detail on a program designed to stimulate the kingdom’s wind and solar industry.