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Tag Archives: Saudi Arabia

United Arab Emirates backs oil producers’ output freeze plan

United Arab Emirates backs oil producers' output freeze plan

DUBAI, United Arab Emirates (AP) — The United Arab Emirates threw its support on Thursday behind a plan by major oil producers to freeze output levels in an attempt to halt a slide in crude prices that has pushed them to their lowest point in more than a decade. Russia, Saudi Arabia, Qatar and Venezuela announced their willingness to cap ...

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Saudi Arabia halts $4B in Lebanese deals over Iran dispute

BEIRUT (AP) — Saudi Arabia announced on Friday it is halting deals worth $4 billion aimed at equipping and supporting Lebanese security forces in retaliation for the tiny country’s siding with Iran amid the Sunni kingdom’s spat with the Shiite power. The surprise announcement, carried by the state-run Saudi Press Agency, comes as deeply divided Lebanon struggles to handle the ...

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Russia: No firm plans to coordinate oil output with OPEC

Russia: No firm plans to coordinate oil output with OPEC

MOSCOW — The Kremlin says there are no concrete plans to cut oil output in coordination with major producers Saudi Arabia and OPEC. Spokesman Dmitry Peskov told reporters on Thursday that Russia is “actively discussing the instability of oil markets,” with Saudi Arabia and OPEC, but, as of yet, there are no conclusions from the talks. On Wednesday, the head ...

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AP Interview: CEO hopes to settle Saudi firm’s $6B of debts

DUBAI, United Arab Emirates — A Saudi company that’s owed $6 billion in debt since a 2009 crisis hopes to soon reach a tentative agreement with its creditors and present it to officials in the kingdom by July, its acting CEO said Thursday. The size of the fallout after the default by Ahmad Hamad Algosaibi and Brothers Co., coupled with ...

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Saudi Aramco chairman defends oil giant’s possible IPO

Saudi Aramco chairman defends oil giant's possible IPO move

RIYADH, Saudi Arabia — The chairman of Saudi Aramco said on Monday that plans for a possible initial public offering are not being driven by a need for cash amid a global slump in oil prices, but instead signal a desire for greater openness to outside investors. Speaking at an investment conference in the Saudi capital of Riyadh, Khalid al-Falih said ...

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Saudi Arabia may launch IPO for Saudi Aramco

Saudi Arabia may launch IPO for Saudi Aramco

NEW YORK — Saudi Arabia may launch an initial public offering for the world’s largest oil producer, Saudi Arabian Oil Co., according to a report. Deputy Crown Prince Mohammed bin Salman told The Economist that a decision will be made in the next few months. The crown prince is widely thought to hold considerable power in the monarchy and also ...

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Saudi-Iran split dashes chance of OPEC deal to curb oil glut

On November 28, 2014, following the OPEC (Organization of the Petroleum Exporting Countries) meeting, oil proceeded to plunge over 10 percent. At the meeting, OPEC decided not to cut production, in order to match demand, but continue to overproduce and drive the price lower. (Image: Day Donaldson via Flickr)

LONDON – The collapse in relations between Saudi Arabia and Iran after the Saudi execution of a Shi’ite cleric puts an end to speculation that OPEC could somehow agree production curbs to lift the price of oil anytime soon. A Reuters survey of OPEC production showed on Tuesday that Saudi Arabia ended 2015 with its output at full tilt, with ...

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OPEC December oil output slips, near record

OPEC December oil output slips, still near record

LONDON – OPEC oil output fell in December, a Reuters survey found on Tuesday, led by lower supply from Iraq following a record-breaking month in November and smaller declines elsewhere in the producer group. The Organization of the Petroleum Exporting Countries is still pumping close to record amounts as Saudi Arabia and other big producers focus on market share, weighing ...

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Russia surpasses Saudi Arabia for third time in China crude supply

A gasoline tank truck is seen at a fuel station on the territory of the Krasnoyarsknefteproduct oil product company in Krasnoyarsk, Siberia, October 10, 2014. REUTERS/Ilya Naymushin

BEIJING – Russia overtook Saudi Arabia for the third time this year in November as China’s largest crude oil supplier, customs data showed on Monday, as Russia captures fresh demand from China’s new crude buyers. China brought in about 949,925 barrels per day (bpd) of Russian crude oil in November, compared with 886,950 bpd from Saudi Arabia, data from the ...

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