Chinese President Xi Jinping to visit Saudi Arabia, Iran and Egypt
Chinese President Xi Jinping is set to visit Saudi Arabia, Egypt and Iran later this month.
Saudi Arabia
Nigeria says OPEC may meet soon as oil even hurting Saudis
OPEC will soon make efforts to convene before the next scheduled meeting in June as the slump in oil prices is hurting producers, including the world’s biggest exporter, Saudi Arabia, said Emmanuel Kachikwu, Nigeria’s minister of state for petroleum resources.
Expert claims sale of Saudi Aramco IPO would be “huge” moment in oil and gas sell offs
A leading oil and gas expert said an Initial Public Offering (IPO) by Saudi Aramco could potentially be the largest on record.
A new Saudi Arabia is suddenly in a hurry in era of cheap oil
Saudi Arabia, one of the most tradition- bound societies on the planet, where family structure and tribal patriarchy differ little from a century ago, is suddenly in a hurry. It has done more in the past week than in most years. Over eight days, it has executed dozens of militants, severed ties with Iran and announced numerous steps for a radical rollback of the state that may include privatizing oil giant Saudi Aramco, among the world’s largest companies.
Saudi Arabia plans for IPO in coming months
Saudi Arabia is said to be reviewing an IPO (Initial Public offering) with a decision expected to take place in the coming months.
Wood Mackenzie sees political risk playing greater role in oil prices
The ramping up of tension between Saudi Arabia and Iran makes it highly unlikely Saudi Arabia will cut its output to help Iran regain market share, according to Wood Mackenzie.
Iraq offers itself as a mediator between Saudi Arabia and Iran
Iraq has offered to act as a mediator to ease tensions between Saudi Arabia and Iran that escalated after the kingdom’s execution of a Shiite cleric and attacks on two of Saudi diplomatic posts in the Islamic Republic. Some Sunni Arab nations have followed the Saudis’ lead and severed or downgraded ties with Iran, while others have offered words of caution aimed at calming the situation. The offer by Iraqi foreign minister Ibrahim al-Jaafari, made during a news conference in the Iranian capital, included the diplomat referring to the execution of Sheikh Nimr al-Nimr as a “crime”, a description that raised questions as to whether Saudi officials would even consider such an offer. The kingdom and its allies say that Mr al-Nimr was executed after being tried and sentenced to death under Saudi law.
Armed men set Saudi Aramco bus on fire
Armed men set a Saudi Aramco bus, carrying employees, on fire in Saudi Arabia amid heightened tensions.
Why oil markets are yawning as Mideast powers rattle sabers
At almost any other time, an escalating diplomatic conflict between OPEC members Iran and Saudi Arabia would mean a spike in oil prices.
Opinion: Iran-Saudi spat could impact cooperation within OPEC
Developing political tensions between Iran and Saudi Arabia have resulted in fluctuating oil prices, with the price of Brent crude having risen to $38.50/bbl, its highest level for three weeks.
Iran, Saudi Arabia square up across world’s busiest tanker route
There are several reasons why escalating tensions between Iran and Saudi Arabia make markets nervous. One of them is that they sit on either side of the Persian Gulf, the world’s biggest concentration of oil tankers.
Oil rises as Saudis cut ties with Iran after embassy attacked
Oil gained for a second day as Saudi Arabia cut ties with Iran a day after its embassy in Tehran was attacked to protest the Saudis’ execution of a prominent Shiite cleric.
Saudi Arabia set to announce 2016 budget amid oil plunge
Saudi Arabia, seeking to cope with the lowest oil prices in more than a decade, may announce cuts in capital spending and other economic measures for next year as it unveils the first annual budget under King Salman. Key officials, including Finance Minister Ibrahim Al-Assaf and Economy and Planning Minister Adel Fakeih, are scheduled to discuss the budget and outline the kingdom’s economic policy at a news conference on Monday in Riyadh. An official from Saudi Arabian Oil Co. will also attend. While the government may reduce capital expenditure, it’s unlikely to reduce spending on healthcare, education or major infrastructure projects, according to Fahad Al-Turki, the Riyadh-based chief economist at Jadwa Investment.
Shale’s running out of survival tricks as OPEC ramps up pressure
In 2015, the fracking outfits that dot America’s oil-rich plains threw everything they had at $50-a- barrel crude. To cope with the 50 percent price plunge, they laid off thousands of roughnecks, focused their rigs on the biggest gushers only and used cutting-edge technology to squeeze all the oil they could out of every well. Those efforts, to the surprise of many observers, largely succeeded. As of this month, U.S. oil output remained within 4 percent of a 43-year high.
Saudi Arabia said to weigh selling state-run entities stakes
As global oil prices tumble, Saudi officials are considering plans to sell shares in state-owned entities and companies, according to two people with knowledge of the discussions, in an attempt to find alternative sources of revenue. The government may sell stakes in ports, railways, utilities and airports, the two people said. Hospitals may also be privatized, one person said. Saudi officials weren’t immediately available for comment. With oil prices down to an 11-year low, Saudi officials are accelerating efforts to reduce the economy’s reliance on revenue from crude exports. They may have missed their best chance when prices were higher, according to economists and an International Monetary Fund study that highlighted how successful attempts depended on policies put in place before the slump.
OPEC says crude production rose to three-year high in November
OPEC raised crude output to the highest in more than three years as it pressed on with a strategy to protect market share and pressure competing producers.
Iran and Saudi Arabia are agreed: they’ll keep on pumping
Iran joined Saudi Arabia in saying it would keep on pumping despite oil prices hovering near a six-year low, giving the strongest signal yet that OPEC wouldn’t act at the group’s meeting in Vienna to curb the global supply glut.
Saudis to propose conditional OPEC cuts in 2016, EI reports
Saudi Arabia, the world’s largest crude exporter, may propose an eventual OPEC production cut of 1 million barrels of oil a day that may take affect in 2016, Energy Intelligence reported Thursday, citing a group delegate it didn’t identify.
Iran says most of OPEC supports cut except Gulf Arab states
The majority of OPEC members would agree to a reduction in crude production at Friday’s meeting, with the exception of Saudi Arabia and the Persian Gulf Arab countries, Shana reported, citing Mehdi Asali, director general of OPEC and energy forums at the Iranian Ministry of Petroleum.
Saudi Oil Minister pledges to listen to other OPEC Members
Saudi Arabia will discuss all issues at the OPEC meeting on Friday and listen to concerns of other members, said the nation’s Oil Minister Ali al-Naimi.
Oil faces third weekly loss at US glut remains
Oil's global glut will be prolonged as US stockpiles see their longest run of gains in seven months.
Saudi oil minister says OPEC will help stabilise market
Saudi Arabia is working with other OPEC members and producers from outside the group to stabilise the market, Saudi Oil Minister Ali al-Naimi said.
Saudi Aramco signs MoU with Hyundai Heavy Industries
Saudi Aramco has signed a Memorandum of Understanding (MoU) to collaborate on new business opportunities with HHI (Hyundai Heavy Industries) in Saudi Arabia. The MoU included a multi-faceted framework in areas such as engineering, procurement and construction, downstream, and the development of a casting and forging facility. The agreement also includes the development of a maritime yard in the country.
Oil worker sentenced in Saudi Arabia returns home to family in UK
A British grandfather who was sentenced to a flogging for breaking Saudi Arabia’s strict anti-alcohol laws has been reunited with his family in the UK. Karl Andree, 74, was threatened with 350 lashes after he was caught with home-made wine in Jeddah. He was put on a plane to Britain on Tuesday night after being freed from a Saudi prison, where he had been locked up since August last year.
Saudi Arabia to tackle global bond markets for first time amid low oil prices
Saudi Arabia could soon tap into international bond markets for the first time, according to reports. The Financial Times said the move was a growing signal of the challenges the country faces as lower oil prices impact its public finances. Officials in the country said Saudi Arabia could increase its debt levels by up to 50% of GDP (Gross Domestic Product) within five years.