OPEC decision day as Ministers meet to salvage deal on oil cuts
After weeks of often tense negotiations, OPEC ministers meet in Vienna on Wednesday to try and salvage a deal to cut oil production and prop up global prices.
Saudi Arabia
OPEC deadlocked as Iran, Saudis harden positions on oil deal
An OPEC deal to curtail oil production and prop up global prices appeared in jeopardy as Iran said it won’t make cuts while Saudi Arabia insisted Tehran must be willing to play a meaningful role in any agreement.
Saudi Arabia transfers $27bn to wealth fund for deals
Saudi Arabia is transferring 100 billion riyals ($27 billion) to the sovereign wealth fund to boost investments and diversify from oil.
Opec’s output deal: What we know so far
The heads of Opec member countries will meet in Vienna today in an attempt to hammer out a deal on production cuts.
Oil stocks fall as Saudi Arabia shuns producers’ meeting
Oil stocks were sliding on Monday after Saudi Arabia pulled out of a meeting with oil producers, raising questions over whether an output deal which could support floundering prices will be struck this week.
Saudis temper call for cuts; Russia digs in: OPEC reality check
OPEC surprised the market in September with a preliminary agreement to reduce supply to 32.5 million to 33 million barrels a day, breaking a two-year policy to pump at full throttle. The news pushed prices above $50 a barrel in New York for the first time since June, but optimism faded as subsequent meetings failed to decide cuts for individual members.
Saudi Arabia’s OPEC sway limited by resurgent Iraq and Iran
Saudi Arabia’s dominance of OPEC isn’t what it once was.
Opinion: Are the Saudis about to reveal the best kept secret in oil?
One of the oil world's longest and best kept secrets may finally be revealed. Saudi Arabia is preparing to unveil how much oil it holds, a closely guarded state secret that has been kept quiet for decades.
Saudi Arabian Finance Minister optimistic about deficit plans
Saudi Arabian Finance Minister Mohammed al-Jadaan said he was optimistic about efforts to reduce a huge state budget deficit caused by low oil prices.
Coretrax to create dozens of jobs at new Saudi base
An Aberdeen firm which makes tools for well-bore cleaning and well abandonment plans to create dozens of jobs in the Middle East after moving into a new office.
Saudi Arabia says it will clear delayed payments by year end
Saudi Arabia will clear all delayed payments to private sector companies by the end of the year, bringing to an end a policy that slowed growth in Arab world’s biggest economy.
Saudi Arabia oil shipments to Egypt stopped ‘indefinitely’
Egypt has said oil shipments from Saudi Arabia to the North African country have been suspended indefinitely, according to a news report.
McDermott opens new office in Saudi Arabia
Oilfield service firm McDermott has opened a new office with space for 300 people in Saudi Arabia.
Saudi Arabia faces deeper OPEC cuts as Iraq opts out of deal
Saudi Arabia faces the prospect of much deeper -- and financially painful -- oil production cuts after Iraq joined the queue of group members seeking immunity from the deal hatched in Algiers.
Saudi Arabia faces deeper OPEC cuts after Iraq opts out of deal
Saudi Arabia faces the prospect of much deeper -- and financially painful -- oil production cuts after Iraq joined the queue of group members seeking immunity from the deal hatched in Algiers.
Idle workers, inevitable cuts: Ministers grade the Saudi economy
Saudis who switched on a popular talk show last week to listen to officials explain why state employees had their take-home pay cut were in for a shock.
Opinion: All hail Saudi Arabia’s victory in war on high-cost oil
We had BP's "Beyond Petroleum," now Saudi oil minister Khalid Al-Falih is setting the scene for "Beyond Market Share."
Saudi Arabia reveals search for first nuclear power station site
Saudi Arabia’s energy minister has revealed the Kingdom’s plans to build its first nuclear power station, a news report said.
Saudi oil suspension to Egypt unclear, says President
The motives behind a suspension of Saudi petroleum to Egypt are not clear, according to the country's leader.
Saudi Aramco warns of supply drop off, hints at Turkey deals
Saudi Aramco’s chief has said a new “road map” is needed to help smooth the transition from fossil fuels to green energy.
Joint venture win contract for Saudi Arabia maritime yard
A joint venture of HaskoningDHV UK and Hyundai Engineering & Construction Co has been awarded a contract for a maritime yard in Saudi Arabia.
Vitol boss says oil market will only see boost from ‘meaningful’ production cut
The chief executive of Vitol said the oil market may see supply and demand rebalance if both Russia and OPEC deliver a meaningful production cut.
OPEC move sees average diesel price reach 12-month high
The average price of diesel has reached its highest level in more than 12 months, new figures show.
Saudi Arabia lenders told to reschedule loans of clients hit by cuts
Saudi Arabia’s central bank directed local lenders to reschedule the consumer loans of clients affected by last week’s decision to scrap the bonuses and allowances of many state employees.
Opinion: OPEC decision a shot in the arm
The preliminary announcement by OPEC of a deal to cap production between 32.5 and 33 million barrels per day has given a welcome shot in the arm to the upstream market. While the specifics will be announced by OPEC at their November meeting in Vienna, on the face of it, it’s a hugely positive signal for the sector and points to a near term turn in the market.