A handout picture released by the Saudi Press Agency (SPA) shows Saudi Arabia's new King Salman bin Abdul Aziz (C) praying along with Kuwaiti Emir Sheikh Sabah al-Ahmad Al-Sabah (2nd L), King Hamad bin Issa al-Khalifa of Bahrain (L) and other dignitaries and officials during the funeral of his half-brother late King Abdullah in Riyadh on January 23, 2015. The desert kingdom's elderly King Abdullah died early in the morning and was replaced by his half-brother Salman as the absolute ruler of the world's top oil exporter and the spiritual home of Islam. AFP PHOTO / HO / SPA == RESTRICTED TO EDITORIAL USE - MANDATORY CREDIT "AFP PHOTO/HO/SPA" - NO MARKETING NO ADVERTISING CAMPAIGNS - DISTRIBUTED AS A SERVICE TO CLIENTS ==-/AFP/Getty Images

Saudi Arabia maintained its oil output surge last month

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Prices collapsed by almost half last year as Saudi Arabia led OPEC in maintaining production rather than cede market share to booming U.S. supply. The group has become more unified about keeping its output target because prices are now rising, according to Kuwait’s oil minister.
(AP file photo/Hasan Jamali)

Chevron unit in Saudi Arabia to halt output at Wafra oil field

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The stoppage at Wafra may help reduce a worldwide glut that has pushed crude prices down by about 40 percent in the last 12 months. OPEC, which counts Kuwait and Saudi Arabia as members, chose in November to keep pumping crude oil to protect its share of the market rather than cutting output to boost prices. Brent crude, a global benchmark, was trading at $65.08 a barrel Tuesday at 8:42 a.m. in London.
McDermott International has a $1.5 billion-plus contract with Saudia Arabia's national oil company. (AP file photo/John Moore)

Saudi Aramco said to plan $80 billion in overseas spending

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Saudi Aramco is expanding in refining and petrochemicals and seeking to boost ties with Asia as part of its ambition to become both the world’s largest oil and chemicals producer by the end of the decade.
Saudi Arabia's King Salman attends a ceremony at the Diwan royal palace in Riyadh.  (AP Photo/Yoan Valat, Pool)

Saudi king declines to attend Obama’s Persian Gulf summit

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Saudi Foreign Minister Adel bin Ahmed Al-Jubeir issued a statement Sunday saying the king won’t visit “due to the timing of the summit, the scheduled humanitarian cease-fire in Yemen and the opening of the King Salman Center for Humanitarian Aid.”
Saudi King Salman on  Tuesday, March 10, 2015. (AP Photo/SPA)

Saudi Aramco creates supreme board as oil exporter reorganizes

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Saudi Arabia is pumping near-record amounts of crude, leading the Organization of Petroleum Exporting Countries in a policy of maintaining output to pressure suppliers outside the 12-nation group to help tackle an excess.
In this Jan. 24, 2015 file photo, Saudi Arabia's King Salman attends a ceremony at the Diwan royal palace in Riyadh. (AP Photo/Yoan Valat, Pool)

Salman abandons Saudi royal balancing act to impose rapid change

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In less than four months, the king has overhauled his cabinet, removed princes from government roles, merged ministries and realigned the succession.
A boat of tourists moves on Dubai creek, with the city skyline in the background in Dubai, United Arab Emirates. (AP file photo/Kamran Jebreili)

The oil slump is emptying the stores of Dubai

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With the plunge in crude throttling economies across the Middle East, gold buyers are harder to find.
(DEwira/AFP/Getty Images)

OPEC oil output near 2 1/2-year high as Saudis show no letup

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Prices tumbled the first quarter of this year as U.S. output surged to the highest level in more than four decades and OPEC members pumped more barrels.
Saudi King Salman on  Tuesday, March 10, 2015. (AP Photo/SPA)

Saudi King cements power around next generation in reshuffle

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The monarch elevated Muhammad Bin Nayef to crown prince after Prince Muqrin, the king’s brother, asked to step down, the royal court said on Wednesday.
(Andrey Rudakov/Bloomberg)

Russia will meet with OPEC before the cartel’s next meeting in June

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Talks with the 12-nation group will take place on June 2-3, Energy Minister Alexander Novak said Tuesday in Moscow.