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OPEC

Saudi Arabia's Minister of Petroleum and Mineral Resources Ali Ibrahim Naimi leaves the hall during the opening day of the 10th Arab energy Conference in Abu Dhabi, United Arab Emirates, Sunday, Dec. 21, 2014. (AP Photo/Kamran Jebreili)

Saudi oil supply outpaces rivals in grab for record China demand

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Record imports by China are contributing to a recovery in benchmark oil from a six-year low amid speculation the purchases will help shrink the global supply glut that drove crude’s collapse in 2014.
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 oil exports reach nine-year high

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Saudi Arabia and Iraq boosted exports as the Organization of Petroleum Exporting Countries pumped above its official target for the 11th consecutive month in April.
Brazil's President Dilma Rousseff (L) shakes hands with workers of Brazilian state-run oil giant Petrobras at Petrobras's shipyards in Rio de Janeiro, on September 11, 2013. (VANDERLEI ALMEIDA/AFP/Getty Images)

Brazil, Russia enter ring in U.S.-OPEC heavyweight fight

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Contenders in the battle for oil market share include Russian oil companies, Brazil’s state-run Petrobras and oil fields in China and Southeast Asia, which have all pumped thousands of barrels into a global crude glut.
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.
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.
(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.
(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.
In this photo released by Saudi Press Agency, Deputy Crown Prince of Saudi Arabia, Prince Muqrin bin Abdulaziz Al Saud, front, receives Venezuelan President Nicolas Maduro, center, at the King Khalid International Airport in Riyadh, Saudi Arabia, Sunday, Jan. 11, 2015. (AP Photo/SPA)

Saudi prince sees ‘excellent’ oil market as kingdom meets demand

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“We will supply any demand for Saudi oil, as we are interested in the stability of the market,” Prince Abdulaziz said.
(AP file photo/John Moore)

Saudi Arabia’s solution to global oil glut: Pump even more crude

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The world’s biggest oil exporter now has incentive to maximize output and undermine rival producers by using its reserve capacity.
A panel of Middle East experts discusses OPEC's role amid the U.S. shale boom at IHS Energy's CERAWeek conference. (Houston Chronicle)

CERAWeek: OPEC’s not dead, just different

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OPEC no longer has the same stranglehold over oil markets it once had, but it’s wrong to declare the cartel dead, a panel of Middle East experts and analysts said Tuesday.