Tag Archives: Arabia

Oil prices to fall till Russia or Saudi Arabia hit pain point: ex-White House aide

Oil prices to fall till Russia or Saudi Arabia hit pain point: ex-White House aide

The price of oil is likely to fall “much lower from here,” according to Bob McNally, who was energy advisor to former U.S. president George W. Bush. The oil rout started on Monday, plunging over 20% following a disagreement on production cuts between OPEC and its allies. Russia declined to lower output last week, and Saudi Arabia announced Saturday that …

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The losers of the price war between Saudi Arabia and Russia

The losers of the price war between Saudi Arabia and Russia

Russian Energy Minister Alexander Novak and Saudi Energy Minister Abdulaziz Bin Salman sign documents during a ceremony following a meeting of Russian President Vladimir Putin with Saudi Arabia’s King Salman in Riyadh, Saudi Arabia, on October 14, 2019. ALEXEY NIKOLSKY | SPUTNIK | AFP via Getty Images An intensifying oil …

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Saudi Arabia, Russia oil dispute is about ‘restructuring of supply’

Saudi Arabia, Russia oil dispute is about 'restructuring of supply'

The oil price rout this week may be a chance for the industry to restructure and could ultimately be a positive for the market, a strategist said on Wednesday. The oil markets tanked Monday, plunging over 20% following a disagreement on production cuts between OPEC and its allies. Russia declined to lower output last week, and Saudi …

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Russia hints at further talks with Saudi Arabia and OPEC

Russia hints at further talks with Saudi Arabia and OPEC

Russia Energy Minister Alexander Novak pictured at a joint press conference during the 173rd Ordinary Meeting of the Organisation of Petroleum Exporting Countries (OPEC) in Vienna, Austria on November 30, 2017. Omar Marques | Anadolu Agency | Getty Images Russia has refused to rule out talks with OPEC to stabilize …

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Oil Price News: Saudi Arabia Aramco to Pump Record Crude in April

Saudi Aramco

Saudi Arabia escalated its oil price war with Russia on Tuesday, with its state-owned company pledging to supply a record 12.3 million barrels a day next month, a massive production hike to flood the market. The output increase — more than 25% up from last month — puts Aramco supply …

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Oil crashes after Saudi Arabia starts price war amid slumping demand

Oil crashes after Saudi Arabia starts price war amid slumping demand

TOKYO (Reuters) – Oil prices plummeted around 30% on Monday after Saudi Arabia slashed its official selling prices and set plans for a dramatic increase in crude production next month, starting a price war even as spread of the coronavirus erodes global demand growth. Prices fell by as much as …

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Crude Oil Plunges 30% After Saudi Arabia Cuts Prices, Opens Supply

Crude Oil Plunges 30%, Biggest Drop In 29 Years, After Saudi Arabia Cuts Prices

Tokyo: Crude oil fell by the most since 1991 on Monday after Saudi Arabia started a price war with Russia by slashing its selling prices and pledging to unleash its pent-up supply onto a market reeling from falling demand because of the coronavirus outbreak. Brent crude futures fell by as …

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Saudi Arabia detains king’s brother, nephew in crackdown: Reports | News

Saudi Arabia detains king's brother, nephew in crackdown: Reports | News

Saudi Arabia has detained two senior members of the royal family – Prince Ahmed bin Abdulaziz, the younger brother of King Salman, Mohammed bin Nayef, the king’s nephews, according to reports citing sources with knowledge of the matter. The Wall Street Journal reported the detentions of the two royals on Friday …

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Saudi Arabia detains three senior members of royal family

Crown Prince Mohammed bin Salman

Image copyright Reuters Image caption Crown Prince Mohammed bin Salman is considered the de facto leader of Saudi Arabia Three senior members of Saudi Arabia’s royal family, including the king’s brother, have been arrested for unexplained reasons, US media report. Two of the men were among the kingdom’s most influential …

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Saudi Arabia: Three Members of Royal Family Are Arrested

Saudi Arabia: Three Members of Royal Family Are Arrested

In a fresh episode of Saudi palace intrigue, Crown Prince Mohammed bin Salman has detained three members of the royal family, including a brother of the king and a former crown prince who had been potential obstacles to his power. The detentions were the latest demonstration of the crown prince’s …

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