December 24, 2024 [Oil Price]- Saudi Arabia was the leading buyer of Russian seaborne fuel oil and vacuum gasoil (VGO) exports in November, LSEG data has revealed. According to Reuters calculations based on LSEG data, Russian fuel oil and VGO exports grew 6% month-on-month in November to...
Saudi Arabia's announcement, carried by the state-run Saudi Press Agency, said the country still would monitor the market and could take further action if necessary. "This additional voluntary cut comes to reinforce the precautionary efforts made by OPEC+ countries with the aim of supporting the ...
Riyadh also wants to stabilize markets because lower oil prices have impacted revenues, bringing back a deficit as spending remained high. Saudi Arabia has been spending on mega-projects to boost its non-oil economy and reduce its dependency on petroleum exports. Yet Russia and Saudi Arabia remain...
This provides the backdrop for a comparative analysis of the world's largest oil exporters: Saudi Arabia and Russia. Saudi Arabia is shown to be concerned to maintain oil revenues to finance its '2030 vision' to diversify its economy. Russia, by comparison, shows no such ambition, rather it...
It produces more oil than Saudi Arabia and Russia now, although there are signs that production growth is slowing in the States. Along with rampant shale supply, faltering demand due to a global economic slowdown, exacerbated by the Sino-U.S. trade war, has once again threatened to unb...
Russia sold 86.25 million tons of crude oil to China, equivalent to 1.73 million barrels per day. However, China’s crude oil imports from Saudi Arabia in the first two months of 2023 totaled 13.92 million tons, or about 1.73 million barrels per day, down 4.7% year-on-year, while the ...
Saudi Arabia is the de-facto leader of the OPEC+ cartel. China’s 2024 crude oil imports from Saudi Arabia, their second-largest supplier after Russia, decreased 8.5% from 2023 to 78.64 million metric tons (1.57 million barrels per day), according to Chinese customs data....
The increased sales of fuel oil, used in power generation, to Saudi Arabia show the challenge that U.S. President Joe Biden faces as his administration seeks to isolate Russia and cut its energy export revenues. While many countries have banned or discouraged purchases from Russia, China,...
Right now there is no reason that oil should be above $40 a barrel, but WTI right now is at $62.59. That tells you all this manipulation to move prices higher works even when the reality is a glut of oil remains. Personally I hope the OPEC/Russia and the big banks, and the ...
Panmure Gordon: There's robust demand growth for oil Saudi Arabia and Russia are ironing out the details on an unprecedented pact to extend controls over major exporters for decades to come. Riyadh and Moscow have been engaged in supply cuts over the past year in order to try to clear ...