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Tag Archives: Saudi Arabia

Privately, Saudis tell oil market: get used to lower prices

LONDON/NEW YORK, Oct 12 – Saudi Arabia is quietly telling oil market participants that Riyadh is comfortable with markedly lower oil prices for an extended period, a sharp shift in policy that may be aimed at slowing the expansion of rival producers including those in the U.S. shale patch. Some OPEC members including Venezuela are clamoring for urgent production cuts ...

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As global oil futures tumble, U.S. cash crude traders ask: What glut?

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NEW YORK (Reuters) – An unusual disconnect has emerged in the U.S. oil market, with headline futures slumping to levels below $90 a barrel even as traders in the physical crude market report surprisingly robust demand and strong pricing. In New York and London, big funds and speculators have turned very bearish on prices due to signs of weakening demand ...

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GE hosts 2nd Saudi Supplier Conference

More than 120 Saudi, including representatives of small and medium enterprises (SMEs), attended the second GE Saudi Supplier Conference, held to help them become part of the growing local GE supply chain across Saudi Arabia. The daylong conference held in the industrial city of Dammam, featured presentations outlining opportunities across a wide range of sectors and industries, including oil and ...

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Al-Naimi optimistic oil prices will recover in few months

The Arab News JEDDAH — Global oil prices fell further on Thursday, with Brent reaching a new 17-month low but Minister of Petroleum and Mineral Resources Ali Al-Naimi played down the drop in oil prices saying this is not the first time crude prices slumped. In early Thursday morning deals, Brent North Sea crude for October sank to $97.10 per ...

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Falling oil price tilts political, economic balance in U.S. favor

David Sheppard Rania El Gamal | Reuters LONDON/KUWAIT – The drop in oil prices to their lowest in two years has caught many observers off guard, coming against a backdrop of the worst violence in Iraq this decade, heightened tensions between the West and Russia, and sanctions against Iran. But as rising supplies of North American crude and tepid demand ...

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Value of Saudi oil exports hit SR747bn in 8 months

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The Arab News Staff Report RIYADH — Saudi Arabia’s oil exports reached 1.84 billion barrels in the first eight months of the current year (2014) with proceeds amounting to SR747 billion, local media said quoting an expert. (Note: 1 Saudi Riyal equals 0.27 U.S. Dollars) Meanwhile, domestic consumption during the same period reached nearly 553 million barrels, or 23 percent ...

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Regional oil unrest ‘will not affect Saudi budget’

JEDDAH — The recent steep drop in oil prices and the continued unrest in oil-producing countries such as Libya and Iraq will not have a direct effect on Saudi Arabia’s current budget, despite possibly impacting its oil revenues, a number of economic and petroleum experts have told Asharq Al-Awsat. On Friday, the price of Brent crude tumbled to $104.84 per ...

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Saudi Arabia to open $530 billion bourse to foreigners in early 2015

Angus McDowall and Andrew Torchia | Reuters RIYADH/DUBAI (Reuters) – Saudi Arabia plans to open its stock market, the Arab world’s biggest, to direct investment by foreign financial institutions in the first half of next year, the market regulator said on Tuesday. The opening of the Saudi market, capitalized at about $530 billion, is one of the most keenly awaited ...

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Shale boom confounds forecasts as U.S. set to pass Russia, Saudi Arabia

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NEW YORK (Reuters) – Four years into the shale revolution, the U.S. is on track to pass Russia and Saudi Arabia as the world’s largest producer of crude oil, most analysts agree. When that happens and by how much, though, has produced disparate estimates that depend on uncertain factors ranging from progress in drilling technology to the availability of financing ...

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OPEC ministers signal output to remain on hold

George Jahn | The Associated Press VIENNA (AP) — All is not well within OPEC as the oil cartel focuses on how much crude to pump for the rest of the year. Kurds in Iraq are defying the central government and selling their oil directly abroad. Nigeria is hurting due to shale oil production in the United States, its most ...

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