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 ...
Saudi Arabia and Russia want to make changes to the Opec and non-Opec deal, in a move that's likely aimed at doing away with individual country targets. Saudi Energy Minister Khalid al-Falih and his Russian counterpart Alexander Novak discussed "the need to modify the current monitoring ...
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...
Despite the huge gains, oil prices have still lost more than half their value this year. The market slumped in early March, when Saudi Arabia and Russia were unable to come to terms on a deal to curb production, and the Saudis boosted output to more than 12 million bpd and shipped disc...
“The big Oil Deal with OPEC Plus is done,” Trump tweeted Sunday afternoon. “This will save hundreds of thousands of energy jobs in the United States.” WTI prices had plunged 45 percent to $22.76 a barrel since Saudi Arabia began its price war against Russia on March 8, after the la...
The new deal, which is much larger than many analysts had expected, will see OPEC+ reduce total oil output by 1.7 million b/d. Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman explained his country would also extend a voluntary cut of 400,000 b/d. This means the energy ...
Talks have been complicated by friction between OPEC leader Saudi Arabia and non-OPEC Russia, two of the world's biggest oil producers. But sources on both sides said they had overcome differences amid the deepest oil market crisis in decades. ...
The increased sales of fuel oil, used in power generation, to Saudi Arabia show the challenge that US 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, India an...
This deal could be the first joint OPEC and non-OPEC deal in 15 years aimed at tackling a growing glut and helping prices recover. Continue readingSaudi Arabia,Russia, Qatar and Venezuela’s deal to have little impact on oil markets→
Saudi Arabia and Russia are in an oil war for global market share, which has only been momentarily paused by the April 12 OPEC+ agreement.