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Beijing, Saudi Arabia agree to more oil cooperation, exports to China

EghtesadOnline: China and Saudi Arabia will increase their cooperation in the oil sector, including in Saudi oil exports to China, the two countries said in a joint communique issued on Saturday at the end of Saudi Arabian King Salman's visit to Beijing.
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Publish Date:18/March/2017 | 15:52

How Slipping Oil Prices Are Hurting the Global Reflation Rally

EghtesadOnline: The global market rally is facing a familiar nemesis: feeble oil prices. In the latest blow, Saudi Arabia announced Tuesday that it raised output back above 10 million barrels a day in February -- reversing about a third of the cuts made the previous month -- sending crude to the lowest level since late November. That pushed stocks and commodity-linked currencies, such as the ruble and the Norwegian krone, lower, while fueling demand for the relative safety of Treasuries.
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Publish Date:15/March/2017 | 06:03

Iran leapfrogs Iraq as India's no. 2 oil supplier in February

EghtesadOnline: India's oil imports from Iran rose nearly 17 percent in February from a month earlier as refiners received less crude from key OPEC producers Saudi Arabia and Iraq after an OPEC deal to cut output, Reuters reported.
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Publish Date:14/March/2017 | 06:49

Saudi Arabia, Russia Offer United Front on Oil Production Cuts

EghtesadOnline: Saudi Arabia and Russia, the architects of an oil production cut that has stabilized prices, presented a united front on compliance just as rising U.S. inventories have sparked doubts about the OPEC and non-OPEC deal.
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Publish Date:08/March/2017 | 05:22

Saudis See No Need to Extend OPEC Deal Beyond Six Months

EghtesadOnline: OPEC probably won’t need to extend a deal it reached with other crude producers to cut output, given compliance with the reductions and the outlook for an increase in global demand, Saudi Energy Minister Khalid Al-Falih said.
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Publish Date:16/January/2017 | 14:59

Oil prices edge up on expectations of tightening supplies

EghtesadOnline: Oil edged higher on Wednesday, with top exporter Saudi Arabia expected to raise prices for its crude as part of planned supply cuts, although a strong dollar and moderate economic growth prospects restricted gains.
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Publish Date:04/January/2017 | 05:15

Saudi Oil Minister Sees Commitment to Cuts Ending Glut in Months

EghtesadOnline: OPEC and other major oil producers are committed to a “high level of compliance” with their agreements to cut output, and the shared strategy will balance the market in 2017, Saudi Oil Minister Khalid Al-Falih said.
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Publish Date:17/December/2016 | 07:00

Saudis Signal Deeper Cuts After Deal With Non-OPEC Countries

EghtesadOnline: Saudi Arabia signaled it’s ready to cut oil production more than expected, a surprise announcement made minutes after Russia and several non-other OPEC countries pledged to curb output next year.
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Publish Date:11/December/2016 | 05:26

Saudi Arabia Starts Telling Refiners Oil Supply Will Be Cut

EghtesadOnline: Saudi Arabia has started to tell its customers it will reduce crude shipments from January, with the curbs focused on Europe and North America while Asian refineries are so far largely spared.
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Publish Date:10/December/2016 | 13:07

Saudi wants OPEC to solve own problems before meeting non-OPEC

EghtesadOnline: Top OPEC oil exporter Saudi Arabia has told the producer group it will not attend talks on Monday with non-OPEC producers to discuss limiting supply, OPEC sources said, as it wants to focus on having consensus within the organization first.
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Publish Date:26/November/2016 | 21:37

Oil falls $2 a barrel on OPEC cut uncertainty ahead of meeting

EghtesadOnline: U.S. crude fell nearly 4 percent on Friday, dragged down by uncertainty over whether the Organization of the Petroleum Exporting Countries will reach an output deal, after Saudi Arabia said it will not attend talks on Monday with non-OPEC producers to discuss supply cuts.
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Publish Date:26/November/2016 | 21:34