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Tag Archives: Saudi Arabia

Saudi state claws back unspent money as finances tighten

RIYADH/KHOBAR, Saudi Arabia, Oct 12 (Reuters) – Saudi Arabia’s finance ministry, seeking to cut waste as state revenues shrink because of low oil prices, is telling government bodies to return unspent money which they were allocated in this year’s budget, sources familiar with the policy told Reuters. Over the past several years of sky-high oil, government bodies in the world’s ...

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Oil market needs an anchor, Saudi adviser says

KUWAIT – The lack of a clear leader or “anchor” in the global oil market is fueling uncertainty and leading to sharp swings in crude prices, but this uncertainty is unlikely to continue for long, a senior Saudi oil adviser said. The comments by Ibrahim al-Muhanna suggest that Saudi Arabia and the rest of OPEC understand that they are unable ...

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Suncor launches hostile bid for Canadian Oil Sands

Suncor Energy Inc launched a hostile bid for Canadian Oil Sands Ltd on Monday as the slump in oil prices encourages consolidation in Canada’s oil sands industry, which has some of the world’s highest operating costs and lowest prices. Canadian Oil Sands and Suncor are among stakeholders in Canada’s largest synthetic crude project, Syncrude, in northern Alberta. Alberta’s oil sands ...

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OPEC focuses on rival mega projects, lives with shale swing output

OPEC

* Big deep water projects vulnerable to low price * Shale oil adjusts swiftly to price volatility * Saudi Arabia prepared for long haul on strategy DUBAI, Sept 23 (Reuters) – After almost a year of painfully low oil prices, OPEC members are beginning to believe they are winning against upstart U.S. shale producers in a short-term market share contest. ...

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Breaking the oil and gas bust

CARLSBAD — The boom town: where old meets new and where the small town meets big industry. For the last seven years Carlsbad located in the Northwest portion of the Permian Basin, has been a boomtown. The Permian Basin — one of the largest oil and gas regions in the U.S. — stretches across most of Southeast New Mexico and ...

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Saudi Aramco names leader in struggle for oil market share

KHOBAR, Saudi Arabia – The world’s biggest oil firm Saudi Aramco has picked a career petroleum engineer who oversaw its biggest projects of the past decade, Amin Nasser, to lead it through a price downturn and a market share battle. The announcement from the Saudi Arabian state company ends five months of uncertainty about the new boss at the oil ...

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Pickens: When we produce, we let it rip

pump jack

CARLSBAD — The price of oil won’t be down for long, at least according to one wealthy expert. As soon as December of this year, oil is predicted to be back to $70 per barrel, said T. Boone Pickens, keynote speaker at Monday’s 2015 Southeastern New Mexico Mayor’s Energy Summit. Pickens, founder of Mesa Petroleum and current chairman of the ...

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Oil production in US seen tumbling due to price drop

PARIS — Oil supply from the United States, Russia and other non-OPEC countries is expected to drop sharply next year — possibly the steepest decline since the Soviet Union collapsed — because of low prices, the International Energy Agency forecast Friday. In its latest monthly report, the IEA says non-OPEC production is expected to drop nearly half a million barrels ...

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Oil prices dip, stock market rally stems losses

LONDON, Sept 9 (Reuters) – Crude oil prices slipped on Wednesday amid a persistent oversupply of physical oil, but stock market gains globally helped to stem the losses. European shares rose in early trade, buoyed by an 8 percent jump in Japanese stocks and the prospect of more stimulus from China soothing investors rattled by recent market turmoil. Yet concerns ...

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