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Tag Archives: Saudi Arabia

Privately, Saudis tell oil market: get used to lower prices

LONDON/NEW YORK, Oct 12 – Saudi Arabia is quietly telling oil market participants that Riyadh is comfortable with markedly lower oil prices for an extended period, a sharp shift in policy that may be aimed at slowing the expansion of rival producers including those in the U.S. shale patch. Some OPEC members including Venezuela are clamoring for urgent production cuts ...

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This Week’s Top Energy Jobs

Conor O’Sullivan | Breaking Energy The energy industry – oil & gas sector in particular – is bracing itself for a massive wave of retirements over the short to medium term, which has been dubbed “The Great Shift Change” As the industry prepares for this turnover, companies are looking to the next generation of candidates with skills ranging from finance, ...

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Value of Saudi oil exports hit SR747bn in 8 months

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The Arab News Staff Report RIYADH — Saudi Arabia’s oil exports reached 1.84 billion barrels in the first eight months of the current year (2014) with proceeds amounting to SR747 billion, local media said quoting an expert. (Note: 1 Saudi Riyal equals 0.27 U.S. Dollars) Meanwhile, domestic consumption during the same period reached nearly 553 million barrels, or 23 percent ...

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Regional oil unrest ‘will not affect Saudi budget’

JEDDAH — The recent steep drop in oil prices and the continued unrest in oil-producing countries such as Libya and Iraq will not have a direct effect on Saudi Arabia’s current budget, despite possibly impacting its oil revenues, a number of economic and petroleum experts have told Asharq Al-Awsat. On Friday, the price of Brent crude tumbled to $104.84 per ...

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Saudi Arabia to open $530 billion bourse to foreigners in early 2015

Angus McDowall and Andrew Torchia | Reuters RIYADH/DUBAI (Reuters) – Saudi Arabia plans to open its stock market, the Arab world’s biggest, to direct investment by foreign financial institutions in the first half of next year, the market regulator said on Tuesday. The opening of the Saudi market, capitalized at about $530 billion, is one of the most keenly awaited ...

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OPEC ministers signal output to remain on hold

George Jahn | The Associated Press VIENNA (AP) — All is not well within OPEC as the oil cartel focuses on how much crude to pump for the rest of the year. Kurds in Iraq are defying the central government and selling their oil directly abroad. Nigeria is hurting due to shale oil production in the United States, its most ...

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U.S. displacing traditional LPG suppliers in Latin America

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HOUSTON (Reuters) – U.S. sales of liquefied petroleum gas (LPG) to Latin America have quintupled since 2007, edging out more expensive exports from countries such as Saudi Arabia and Algeria, according to official data and traders. With imported volumes surging fast and no domestic projects expected to open soon to produce cooking gas, Latin America’s financial outlays for LPG, which ...

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