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Aramco Keeps Building Oil Rigs Even as Saudis Agree to Pump Less

EghtesadOnline: Saudi Arabian Oil Co. signed contracts with U.S. companies to build dozens of oil rigs over 10 years as the kingdom builds for the long-term future of its most prized industry even while coordinating with other producers to cut output for six months to stabilize crude.
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Publish Date:15/December/2016 | 06:59

One Europe Oil Refiner Said to Get 20% Less Saudi Arabia Crude

EghtesadOnline: Saudi Arabia, spearheading OPEC’s quest to eliminate a crude glut, will cut the amount of oil it allocates to one European refining company by about 20 percent, a person with direct knowledge of the matter said.
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Publish Date:14/December/2016 | 08:59

Saudi Said to Tie Crude-Supply Cuts to January Volume Requests

EghtesadOnline: Saudi Arabia, the driver behind the OPEC/non-OPEC agreement to reduce oil production to eliminate a global glut, plans to reduce supplies to customers in January based on requests for shipments, according to a person familiar with the matter.
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Publish Date:14/December/2016 | 08:47

Oil Seen Headed to $60 as Saudis Signal Deeper Output Cuts

EghtesadOnline: Oil may climb to $60 a barrel for the first time in almost a year and a half after Russia and other unaffiliated nations joined an OPEC pledge to reduce production and Saudi Arabia surprised the market by saying it will cut more than previously agreed.
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Publish Date:12/December/2016 | 13:55

Saudi Minister Jolts Oil Market in Whatever It Takes Moment

EghtesadOnline: Saudi Oil Minister Khalid Al-Falih emerged from the OPEC meeting room on Saturday evening having endured months of secret petro-diplomacy, late-night phone calls and, a few times, disagreements that almost saw talks collapse. But he was still smiling.
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Publish Date:12/December/2016 | 13:50

Oil Surges as Saudis Eye Deeper Cuts While Non-OPEC Joins Deal

EghtesadOnline: Oil jumped to the highest since July 2015 after Saudi Arabia signaled it’s ready to cut output more than earlier agreed and non-OPEC countries including Russia pledged to pump less next year.
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Publish Date:12/December/2016 | 13:48

Saudi hits new oil output record in November amid OPEC cut talk

EghtesadOnline: Saudi Arabia pumped record-high amounts of oil in November, amid talks over a global deal to cut production, defying market expectations of lower output on slower domestic demand and refinery maintenance.
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Publish Date:11/December/2016 | 20:24

Joint Kuwait-Saudi Oil Fields to Stick to OPEC Caps If Restarted

EghtesadOnline: Kuwait and Saudi Arabia agreed that any resumption of crude production from shared oil fields along their border won’t raise their output beyond limits set at an OPEC meeting last week, according to two officials familiar with the talks.
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Publish Date:08/December/2016 | 18:25

Saudi Arabia Switches OPEC Tack With Eye on World’s Top IPO

EghtesadOnline: To understand why Saudi Arabia changed course and decided OPEC should go back to managing supply, look at two of the kingdom’s biggest policy challenges: the urgent need to plug holes in its budget and the plan to sell a stake in the state-owned oil monopoly.
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Publish Date:06/December/2016 | 16:24

OPEC Deal Can Work, But ‘We Tend to Cheat,’ Al-Naimi Says

EghtesadOnline: OPEC’s agreement to cut production for the first time in eight years has the potential to balance the oil market, as long as everyone sticks to it, former Saudi Arabia Oil Minister Ali al-Naimi said.
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Publish Date:04/December/2016 | 12:54

For Saudis, Even a Small Oil Cutback Is a Big Deal

EghtesadOnline: This week’s OPEC meeting about a global production cut is in crisis before it has even begun. Pre-summit discussions with non-member oil producers such as Russia were canceled. The Saudi Arabian government now warns that members may leave Wednesday’s talks in Vienna empty-handed -- an outcome that would be sure to trouble markets.
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Publish Date:30/November/2016 | 21:25

OPEC Tries to Salvage Deal as Saudis Say Cut May Not Be Needed

EghtesadOnline: OPEC ministers flew to Moscow and officials in Vienna launched another round of talks in an effort to salvage an agreement on production cuts, just as Saudi Arabia raised the possibility of leaving without a deal.
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Publish Date:28/November/2016 | 09:56

Saudis Temper Call for Cuts and Russia Digs In

EghtesadOnline: OPEC surprised the market in September with a preliminary agreement to reduce supply to 32.5 million to 33 million barrels a day, breaking a two-year policy to pump at full throttle. The news pushed prices above $50 a barrel in New York for the first time since June, but optimism faded as subsequent meetings failed to decide cuts for individual members.
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Publish Date:28/November/2016 | 09:53

Saudi Arabia: Give Us Your Money and Don't Ask About Oil

EghtesadOnline: For Saudi Arabia, some things are better left unsaid. As they swapped their traditional white robes for business suits and ties to meet with prospective investors ahead of the kingdom’s first-ever international bond sale, Saudi government officials talked at length about their vision for transforming the economy.
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Publish Date:18/October/2016 | 06:06

Saudi Oil Minister Signals He’s Open to Iran Compromise at OPEC

EghtesadOnline: Saudi Arabia gave the strongest indication yet it’s ready to compromise with regional rival Iran, potentially paving the way for the first limit on oil production in two years, although a deal is unlikely until OPEC’s next meeting in November.
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Publish Date:28/September/2016 | 07:19

Oil Edges Higher as Saudi Offer Opens Door to Future OPEC Deal

EghtesadOnline: Oil pared its biggest drop in more than two months as Saudi Arabia’s offer to cut output opens the door to a future OPEC deal, even as it doesn’t expect an agreement this week when members of the group meet.
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Publish Date:26/September/2016 | 08:34