Saudi Arabia has announced its official crude pricing (OSP) for May, selling oil more cheaply to Asia while keeping prices flat for Europe and raising them for the U.S., after OPEC and its allies agreed the biggest output cut deal in history. Saudi Arabia's state oil giant Saudi Aramco ...
The countries' moves likely will increase the cost for motorists filling up at the pump and put new pressure on Saudi Arabia's relationship with the United States. President Joe Biden last year warned the kingdom there would be unspecified "consequences" for partnering with Russia on cuts as M...
The situation is not helped by the fact that over the past two years, the oil-rich nation has borne the lion’s share of OPEC+ production cuts after agreeing to cut 1 million barrels per day or nearly half of the group’s 2.2 mb/d in pledged cuts. In effect, Saudi Arab...
The move to hold production levels steady in the near term is likely aimed at supporting oil prices, which have been volatile in recent months due to a range of factors including the ongoing global pandemic and its impact on demand. Saudi Arabia is the de-facto leader of the OPEC+ ...
Saudi Arabia cuts crude oil prices for U.S. customers.Elass, Jareer
Jorge Leon, senior vice president of oil market research for Rystad Energy, called it a “bit of disappointing meeting” for OPEC+ and a “bittersweet” one for Saudi Arabia in particular because it couldn’t convince the whole group to commit to production cuts. The market also was let do...
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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. ...
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The world’s biggest oil exporters, Russia and Saudi Arabia, have urged all members of the Organization of the Petroleum Exporting Countries and its allies (OPEC+) to cut production.