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Tag Archives: Saudi Arabia

Saudi Arabia halts $4B in Lebanese deals over Iran dispute

BEIRUT (AP) — Saudi Arabia announced on Friday it is halting deals worth $4 billion aimed at equipping and supporting Lebanese security forces in retaliation for the tiny country’s siding with Iran amid the Sunni kingdom’s spat with the Shiite power. The surprise announcement, carried by the state-run Saudi Press Agency, comes as deeply divided Lebanon struggles to handle the ...

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Russia: No firm plans to coordinate oil output with OPEC

Russia: No firm plans to coordinate oil output with OPEC

MOSCOW (AP) — The Kremlin says there are no concrete plans to cut oil output in coordination with major producers Saudi Arabia and OPEC. Spokesman Dmitry Peskov told reporters on Thursday that Russia is “actively discussing the instability of oil markets,” with Saudi Arabia and OPEC, but, as of yet, there are no conclusions from the talks. On Wednesday, the ...

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Saudi Arabia may launch IPO for Saudi Aramco

Saudi Arabia may launch IPO for Saudi Aramco

NEW YORK — Saudi Arabia may launch an initial public offering for the world’s largest oil producer, Saudi Arabian Oil Co., according to a report. Deputy Crown Prince Mohammed bin Salman told The Economist that a decision will be made in the next few months. The crown prince is widely thought to hold considerable power in the monarchy and also ...

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OPEC December oil output slips, near record

An oil pumping machine is seen as non-usable gases are being burnt behind it in Sakir, south of Manama, October 11, 2014. REUTERS/Hamad I Mohammed

LONDON – OPEC oil output fell in December, a Reuters survey found on Tuesday, led by lower supply from Iraq following a record-breaking month in November and smaller declines elsewhere in the producer group. The Organization of the Petroleum Exporting Countries is still pumping close to record amounts as Saudi Arabia and other big producers focus on market share, weighing ...

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Saudi Arabia says won’t limit oil production, can meet customer demand

Saudi Arabian Oil Minister Ali al-Naimi talks to journalists before a meeting of OPEC oil ministers at OPEC's headquarters in Vienna in this file picture taken December 4, 2013. REUTERS/Heinz-Peter Bader/Files

KHOBAR, Saudi Arabia – Saudi Arabian Oil Minister Ali al-Naimi said the kingdom, the world’s top crude exporter, does not limit its output and has the capacity to meet additional demand, state television Al Ekhbariya reported on Wednesday. “The increase in production depends on … the demand of the customers. We meet our customers’ demand, there is no longer a ...

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Saudi economic shake-up shows it is planning for cheap oil

DUBAI – Saudi Arabia’s planned cuts in spending and energy subsidies signal that the world’s largest crude exporter is bracing for a prolonged period of low oil prices. The OPEC heavyweight shows no signs of wavering in the long-term oil strategy it has orchestrated since last year. Instead, it appears willing to continue tolerating cheap crude to defend market share ...

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