And it is the cost of the oil at the margin (that which balances oil supply with need) that to a much greater degree controls the price. At the moment the countries that make up OPEC can increase production at need, beyond the current levels of demand. As long as they can do this...
RIYADH, Sept. 18 (Xinhua) -- Saudi Arabia's Energy Minister Abdulaziz bin Salman Al Saud said Tuesday that Saudi oil production, suspended earlier due to attacks on two major Aramco facilities, would be fully restored by the end of September. Speaking to the media in Jeddah during a news ...
RIYADH, Aug. 17 (Xinhua) -- Saudi Arabian oil company Aramco announced on Friday an average production of 10.2 million barrels per day (bpd) of crude oil including condensate in 2017. The announcement was made in the company's annual report that posted on Friday on its website that mention...
Saudi Arabia's crude oil output hit an all-time high of 10.673 million barrels per day in July, according to the Opec kingpin's latest submission to the group, which has nudged up its 2016 global oil demand growth forecast by 30,000 b/d. The Saudis appear intent on continuing efforts ...
The kingdom was producing 9.6 million barrels of oil per day, or about 10 percent of the world's daily production, before drone attacks cut production in half. It expects to ramp production up to 11 million bpd by the end of the month. Brent crude oil, the international benchmark was ...
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 and UAE energy ministries have both agreed voluntary cuts to oil production until the end of the year. From May until the start of 2024 they will reduce output by 500,000 barrels per day and 144,000 respectively. Saudi Arabia’sMinistry of Energysaid that the Kingdom will impl...
"While the attacks present yet another headwind for a global economy that is already buffeted by deteriorating manufacturing activity and elevated trade tensions, we don't believe that this short-term disruption to oil production will trigger a global recession," said Mark Haefele, global chief inv...
Oil prices little changed after OPEC+ delays production increase Spencer KimballThu, Dec 5th 2024 French government toppled in no-confidence vote brought by opposition Holly EllyattWed, Dec 4th 2024 Oil prices rise more than 2% ahead of OPEC+ meeting ReutersTue, Dec 3rd 2024 Can Saudi Arabia ...
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.