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Tag Archives: Saudi Arabia

Saudi plans cuts, reforms to shrink deficit

Saudi plans spending cuts, reforms to shrink budget deficit

RIYADH/DUBAI – Saudi Arabia, its finances hit by low oil prices, announced plans to shrink a record state budget deficit with spending cuts, reforms to energy subsidies and a drive to raise revenues from taxes and privatization. The 2016 budget, released by the Finance Ministry on Monday, marked the biggest shake-up to economic policy in the world’s top crude exporter ...

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Low oil prices drop Gulf Arab defense spending

DUBAI – Low oil prices are eating into defense spending in the Gulf region, one of the world’s largest arms markets, with budgets trimmed for the first time in a decade this year and deeper cuts expected in 2016, according to a report published on Thursday. Overall spending fell to $81.6 billion in 2015 from $86.7 billion last year, London-based ...

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Oil price predictions for 2016 lower still: poll

Depressed oil prices are likely to linger longer as analysts dropped their predictions further for next year, according to a Reuters poll, assuming OPEC will not cut output when it meets on Friday. The average price forecast for benchmark North Sea Brent crude futures <LCOc1> for 2016 at $57.95 a barrel is 57 cents below last month’s poll, the survey ...

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OPEC to stay the course despite fears of $20 oil

LONDON/DUBAI – OPEC is determined to keep pumping oil vigorously despite the resulting financial strain even on the policy’s chief architect, Saudi Arabia, alarming weaker members who fear prices may slump further towards $20. Any policy U-turn would be possible only if large producers outside the exporters’ group, notably Russia, were to join coordinated output cuts. While Moscow may consult ...

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Saudi Arabia says ready to work with others to stabilize oil market

KHOBAR, Saudi Arabia – Saudi Arabia’s cabinet said on Monday it was ready to cooperate with OPEC and non-OPEC countries to achieve market stability, repeating what Oil Minister Ali Naimi said in a speech last week. “The council (of ministers) … stressed the kingdom’s role in (achieving) the stability of the oil market and its continuous readiness and efforts to ...

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Saudi Arabia presents climate pledge ahead of Paris summit

STOCKHOLM — Saudi Arabia, whose oil-fueled economy could suffer from global efforts to reduce greenhouse gas emissions, on Tuesday submitted a climate action pledge to the United Nations. Though thin on commitments, the Saudi pledge was symbolically important because the desert kingdom has been seen as reluctant to join the fight against global warming. The pledge, just weeks ahead of ...

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Saudi Aramco demonstrates track-record of energy efficiency

DHAHRAN — Saudi Aramco has welcomed global energy ministers, officials and experts from the Carbon Sequestration Leadership Forum (CSLF) to its Dhahran headquarters to demonstrate its industry leadership in greenhouse gases (GHG) management, including energy efficiency and carbon capture and storage (CCS). Minister of Petroleum and Mineral Resources Ali I. Al-Naimi and CSLF ministerial co-chair hosted a delegation that included ...

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OPEC, Russia oil battle heats up as Sweden buys Saudi crude

LONDON – The Saudi-Russian battle for Europe’s crude oil buyers intensified this week as Swedish refiner Preem bought its first cargo of Saudi Arabian crude oil in around two decades, trading sources said. The purchase from another traditional buyer of Russia’s Urals crude will heat up the contest for market share that Saudi Arabia has effectively brought to Russia’s backyard ...

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