Saudi Arabia has a superpower. Not only is it the largest exporter of crude oil in the world; its production costs for oil projects are also the lowest in the world, at around just $10 per barrel. When around 75% of your fiscal revenue comes from oil, that's a big deal. And for ...
The group already had in placeoil output cutsof about 3.66 million barrels per day when Saudi Arabia introduced the additional supply cut. The White House has previously criticized the action, with President Biden vowing there"will be consequences"for Saudi Arabia....
Heavyweight producer Saudi Arabia will extend a 1 million barrel per day voluntary crude oil output cut into September, in the third month of such declines, the state-owned Saudi Press Agency said Thursday. "In effect, the Kingdom's production for the month of September 2023 will ...
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...
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.
Saudi Arabia on Sunday confirmed it would extend a production cut of 1 million barrels a day, which first took effect in July, through the end of December.
Saudi Arabia Announced An Additional 1 Million B/d Of Oil Cuts in July, Extending Existing OPEC+ Cuts Until The End Of 2024
In the final analysis, while the US is becoming top dog in terms of oil production, Saudi Arabia maintains its position as top oil exporter, exporting in excess of seven million barrels per day compared with the US' 1.7 million barrels. ...
allies to end oil purchases from Iran. The OPEC cartel recently agreed to pump 1 million barrels more crude oil per day. Trump's claim of a 2-million-barrel increase for Saudi Arabia alone does not specify a timeframe. There was no immediate acknowledgment from the Saudi Royal Court ...
Saudi Arabia to Help Maintain Oil Prices around $18 a BarrelCHICAGO - Saudi Arabia will help maintain oil prices at current levels in the region of $18 a barrel but won't support the market alone, the oil minister of the world's biggest petroleum exporter said Tuesday.John C. Given, Ap...