Saudi Arabia

OPEC+ Agrees to Cut Another 500,000 Barrels of Production

As expected, OPEC and its non-member partners (OPEC+) announced Friday that the group will reduce its production target by an additional 500,000 barrels a day, bringing total cuts down by ...
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Saudi Arabia, Russia to Propose Slashing Oil Production Cuts by Another 42% 

The Wall Street Journal reported Thursday morning that a select committee of OPEC members, including representatives of Saudi Arabia and Russia, will recommend that the cartel and its partners, collectively ...
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For Saudi Arabia’s Richest, the Aramco IPO Is Payback Time

The Kingdom of Saudi Arabia on Sunday announced that it will not market its initial public offering (IPO) of shares in the country's national oil company, known as Saudi Aramco, ...
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Pitfalls Hiding in the Saudi Aramco IPO Prospectus

The long-awaited and often-delayed initial public offering (IPO) of Saudi Arabian Oil Company (aka, Saudi Aramco) is about to begin accepting bids for shares in what is by acclamation the ...
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Oil Prices Could Reach Unimaginable Heights If Saudi Arabia, Iran Go to War

In an interview Sunday on CBS's 60 Minutes, Saudi Arabia's Crown Prince Mohammed bin Sultan said that a war between his country and Iran would send crude oil prices soaring: ...
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US Oil Stockpile Posts First Build in 5 Weeks

The U.S. Energy Information Administration (EIA) released its weekly petroleum status report Wednesday morning showing that U.S. commercial crude inventories increased by 1.1 million barrels last week, maintaining a total ...
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US Keeps 645 Million Barrels of Oil Buried Under Ground for Emergencies

America’s Strategic Petroleum Reserve is the largest supply of emergency oil in the world. After drawing down several million barrels in two of the past four months, the amount has ...
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High Oil Prices Could Tip Global Economy Into Recession

Many European nations have gross domestic product (GDP) growth rates that are the worst since the Great Recession. The region's largest economy, Germany, already may have tipped into negative growth. ...
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10 Unbelievable Oil and Gas Movers After Saudi Drone Attack

Crude oil prices spiked by around 20% over the weekend following the drone attack on Saudi Arabia's Abqaiq crude processing plant. It could have been worse. High global crude oil ...
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Very Mixed Reactions to Saudi-Attack Oil Price Spike in Transportation Stocks

The weekend attacks on Saudi Arabia's oil production and infrastructure have created major moves in the markets. After all, Saudi Arabia has close to 10% of global production, and roughly ...
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Odds of $100 Oil Surge

Is it unimaginable that oil prices could reach $100 a barrel? No. Crude prices reached that point just over a decade ago. Drone attacks on Saudi oil fields pushed the ...
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The Weaponization and Attacks Using Drones Have Only Just Begun

The weekend of September 14, 2019, was a monumental one in the world where the old economy can be crippled by new technologies. Saudi Arabia's Abqaiq oil processing facility under ...
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US Tops Saudi Arabia as World’s Largest Oil Exporter

The demand for crude oil has risen recently, according to an organization that tracks supply and demand. The surge in U.S. production and the politics of OPEC finances allowed America ...
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Why Saudi Arabia Is Changing Its Top Oil Industry Executives

The initial public offering (IPO) of a rumored 5% stake in Saudi Arabia's national oil company, Saudi Aramco, heated up last month, and more fuel was added over the weekend ...
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Who Cares About OPEC’s Monthly Oil Market Report Anymore?

There was a time when any pronouncement on the oil market from Vienna, home of the Organization of the Petroleum Exporting Countries (OPEC), was parsed with nearly the same care ...
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