While Saudi Arabia is making great strides in the diversification of its economy, the acceleration of its mining industry plans has less to do with reducing dependence on the oil revenue and far more to do with a steady decline in both its oil production and exports. For the las...
Brent crude oil prices rose on Monday after Saudi Arabia on Sunday announced a surprise 1 million barrels per day (mbpd) production cut from July, its biggest one-off reduction in years. di UBS Editorial Team 05 Jun 2023Saudi stands out among its peers for its track record of delivering ...
"Voluntary OPEC + cuts led by Saudi Arabia have kept oil markets undersupplied for the past four months," said Solita Marcelli, UBS Global Wealth Management chief investment officer of Americas, adding: "So, while oil prices have rallied recently, oil markets look likely to remain in deficit ...
According to a Reuters report in Dubai on September 6, Saudi Arabia, the world's largest oil exporter, sharply cut its prices for all grades of crude oil to Asian customers in October, but prices for northwestern Europe and the United States remained stable. ...
Saudi Arabia and Russia agreed Tuesday to extend their voluntary oil production cuts through the end of this year, trimming 1.3 million barrels of crude out of the global market and boosting energy prices. The dual announcements from Riyadh and Moscow pushed benchmark Brent crude above $90 a ba...
Saudi Arabia will extend a cut in the amount of oil it sends to the world after a series of reductions by members of the OPEC+ alliance.
Saudi Arabia said Tuesday it will keep oil production cuts in place until December, putting more upward pressure on oil prices which are trading near 10-month highs.
Media reports said Saudi Arabia will cut oil output in January by at least 486,000 barrels a day to 10.06 million barrels a day, which means the country abides by the output cut deal reached by the Organization of the Petroleum Exporting Countries in November last year. ...
Saudi Arabia Cuts Budget as Oil Prices Drain Coffers ; Finance Ministry Shaves Spending and Subsidies for Fuel, Water and PowerThe official Saudi media reported that the Finance Ministry wouldcut spending, adopt new taxes...Gladstone, Rick
Saudi Arabia’s energy minister has defended the kingdom’s decision to extend oil production cuts, insisting the move was not about “jacking up prices” even as crude futures push towards $100 a barrel. Riyadh and Moscow earlier this month announced they would prolongcuts to productionand exp...