Delegates from OPEC+ are trying to decide what to do when the oil production pact ends in August, Bloomberg reported on Friday. The pact is faced with numerous uncertainties and difficult situations—not the least of which is its relationship with one of the top members of the group—Russia. Saudi Arabia has stressed that Russia is … Read more
By Tsvetana Paraskova – Jun 10, 2022, 9:00 AM CDT Saudi Arabia will ship lower-than-nominated crude oil volumes to some of its Chinese buyers next month. Many buyers in Asia have asked for more Saudi crude oil for July. This past weekend, Saudi Arabia raised its official selling prices (OSPs) to Asia and Europe for … Read more
Russian Foreign Minister, Sergei Lavrov, and his Saudi counterpart, Prince Faisal bin Farhan, met at length last week in Riyadh after which they released statements highlighting: “The level of cooperation in the OPEC+ format.” The two ministers underlined the: “Stabilising effect that tight coordination between Russia and Saudi Arabia in this strategically-important area has on … Read more
The group has finally bowed to months of pressure from major consumers to help ease the pain of high energy prices. By Salma El Wardany and Ben Bartenstein and Grant SmithBloomberg Published On Jun 2, 2022Jun 2, 2022 OPEC+ will increase the size of its oil-supply hikes by about 50%, bowing to months of pressure … Read more
In December 2016, OPEC, Russia, and several other non-OPEC producers sealed a historic deal. For the first time in 15 years, there would be oil production cuts. At the time, RBC’s Helima Croft said Saudi’s oil minister Khalid al-Falih had “something of Mario Draghi’s ‘whatever it takes’ moment.” Seven years on, OPEC and Russia are … Read more
Even group leader Saudi Arabia did not increase output by as much as permitted by the agreed quota. By Grant Smith and Julian LeeBloomberg Published On 3 May 2022May 3, 2022 The OPEC cartel — which has struggled for many months to revive oil supplies halted during the pandemic — effectively failed to increase output … Read more
Saudi Arabia records its fastest economic growth rate in a decade as the oil sector fuels a 9.6 percent rise in the first quarter. Saudi Arabia’s economy has registered a nearly 10 percent rise in its first quarter compared to the same period last year thanks to high global crude prices. The world’s largest oil … Read more
The Tesla owner has questioned Saudi Arabia’s role in the tech company after the prince ‘rejects’ the proposed deal. Elon Musk has questioned Saudi Arabia’s role in Twitter Inc after Saudi Arabia’s Prince Alwaleed bin Talal tweeted his opposition to the billionaire entrepreneur’s offer to buy the social media company. The prince tweeted on Thursday … Read more
Photo: Fayez Nureldine (Getty Images) Electronic Gaming Development Company (EGDC), a subsidiary of a foundation run by Saudi crown prince Mohammed bin Salman, now owns 96.18% of Japanese developer SNK following a massive investment. According to an announcement sent to SNK investors in February, EGDC recently acquired a majority of SNK’s shares on the South … Read more
Saudi Arabia and the UAE have been repeatedly called upon by Western leaders to increase oil production in order to counter soaring prices. So far, all requests have been bluntly refused by Riyadh, Abu Dhabi, and other OPEC members. Both Saudi Arabia and the UAE have made it clear that they plan to maintain the … Read more
