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Tag Archives: Saudi Arabia

Low oil prices drop Gulf Arab defense spending

DUBAI – Low oil prices are eating into defense spending in the Gulf region, one of the world’s largest arms markets, with budgets trimmed for the first time in a decade this year and deeper cuts expected in 2016, according to a report published on Thursday. Overall spending fell to $81.6 billion in 2015 from $86.7 billion last year, London-based ...

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Oil price predictions for 2016 lower still: poll

Depressed oil prices are likely to linger longer as analysts dropped their predictions further for next year, according to a Reuters poll, assuming OPEC will not cut output when it meets on Friday. The average price forecast for benchmark North Sea Brent crude futures <LCOc1> for 2016 at $57.95 a barrel is 57 cents below last month’s poll, the survey ...

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OPEC to stay the course despite fears of $20 oil

LONDON/DUBAI – OPEC is determined to keep pumping oil vigorously despite the resulting financial strain even on the policy’s chief architect, Saudi Arabia, alarming weaker members who fear prices may slump further towards $20. Any policy U-turn would be possible only if large producers outside the exporters’ group, notably Russia, were to join coordinated output cuts. While Moscow may consult ...

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Saudi Arabia says ready to work with others to stabilize oil market

KHOBAR, Saudi Arabia – Saudi Arabia’s cabinet said on Monday it was ready to cooperate with OPEC and non-OPEC countries to achieve market stability, repeating what Oil Minister Ali Naimi said in a speech last week. “The council (of ministers) … stressed the kingdom’s role in (achieving) the stability of the oil market and its continuous readiness and efforts to ...

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Iraq oil overtakes Saudi in Europe as OPEC battles rage on – IEA

LONDON – A market share battle between Russia and OPEC oil producers in Europe is intensifying as Iraq has overtaken Saudi Arabia as the second largest seller there and Iran has already lined up buyers for its crude for when sanctions are lifted. The International Energy Agency cited market sources on Friday as saying Tehran would be able to sell ...

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OPEC sees oil glut shrinking in 2016 as low prices curb rival output

LONDON – OPEC said its oil output fell in October and forecast supply from rival producers next year would decline for the first time since 2007 as low prices prompt investment cuts, reducing a global supply glut. In a monthly report, the Organization of the Petroleum Exporting Countries said it pumped 31.38 million barrels per day (bpd) last month, down ...

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Venezuela says ‘informal’ OPEC chat planned before December meeting

CARACAS – Oil ministers of OPEC nations will hold “candid, informal” talks on Dec. 3, a day before the group’s formally scheduled meeting in Vienna, Venezuela’s oil minister said on Wednesday, adding the idea was suggested by Saudi Arabia. “It’s an informal meeting where we’re going to speak in a very frank way about the market situation, and we’re going ...

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Saudi Arabia presents climate pledge ahead of Paris summit

STOCKHOLM — Saudi Arabia, whose oil-fueled economy could suffer from global efforts to reduce greenhouse gas emissions, on Tuesday submitted a climate action pledge to the United Nations. Though thin on commitments, the Saudi pledge was symbolically important because the desert kingdom has been seen as reluctant to join the fight against global warming. The pledge, just weeks ahead of ...

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OPEC, Russia oil battle heats up as Sweden buys Saudi crude

LONDON – The Saudi-Russian battle for Europe’s crude oil buyers intensified this week as Swedish refiner Preem bought its first cargo of Saudi Arabian crude oil in around two decades, trading sources said. The purchase from another traditional buyer of Russia’s Urals crude will heat up the contest for market share that Saudi Arabia has effectively brought to Russia’s backyard ...

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