Tag Archives: SAUDI

Citing sources familiar with the matter, Reuters reported on Friday that Saudi Arabia and Russia see $100 a barrel as a fair price for oil that the global economy can absorb. “Our focus is straightforward – looking at supplies and demand balances over a period of no less than a …

Global economic growth is expected to continue strong at 3.1% this year and another 3.1% in 2023 according to OPEC’s forecast, on Tuesday, suggesting that the group expects healthy oil demand growth despite market fears of recession. In its September Monthly Oil Market Report (MOMR) published today, OPEC made no …

Iran’s minister of petroleum Javad Owji said the world needed more Iranian oil, and that his country was ready to play a role in providing it away from politics, the Iranian oil ministry’s news agency SHANA reported on Monday.On Monday also, Iran’s foreign minister held a phone call with his …

Oil prices rose 1 percent on Monday as expectations that OPEC will cut production if needed to support prices, conflict in Libya and increased demand amid rising natural gas prices in Europe helped offset bleak growth prospects in the United States. The US light NYMEX crude rose during these moments …

Oil prices closed higher on Friday, boosted by signals from Saudi Arabia that OPEC could cut output, but trading was volatile as investors digested and ultimately shrugged off warnings from the head of the US Federal Reserve about economic pain ahead.Brent crude futures rose $1.65 to settle at $100.99 a …

On Wednesday, Kuwait’s official news agency said, citing the oil minister, that the country had increased crude oil production to 2.811 million b/d in line with the OPEC+ agreement. The minister added that years of underinvestment have resulted in spare capacity being extremely limited globally and that Kuwait will continue …

Analysts have warned that failure to reach a deal concerning crude oil output would mean that oil will continue to act as a runaway train, as even slowing demand growth would still also continue to squeeze the world’s spare capacity. Oil prices rallied on Tuesday while Saudi Arabia is warning …

OPEC stands ready to cut output to correct a recent oil price decline driven by poor futures market liquidity and macro-economic fears, ignoring extremely tight physical crude supply, OPEC’s leader Saudi Arabia said on Monday. Saudi state news agency SPA cited Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman as …

Saudi Arabia’s energy minister said, on Monday, that OPEC+ has the means to deal with market challenges including cutting production at any time, in different forms.“Oil market has fallen into a self-perpetuating vicious circle of very thin liquidity, extreme volatility undermining market’s essential function of efficient price discovery,” the minister …

The International Energy Forum said on Wednesday, citing data from the Joint Organizations Data Initiative (JODI), that Saudi Arabia’s crude exports in June rose to 7.20 million barrels per day from 7.050 million in May. The data showed that demand for Saudi crude rose 364,000 barrels per day to 2.79 …