Tag: Saudi Arabia

US commerce secretary in Gulf ahead of Obama visit

Penny Pritzker’s visit comes just weeks before President Barack Obama is scheduled to fly to Saudi Arabia to meet King Abdullah in an effort to patch over strained relations due to U.S. policy on Iran and Syria. It will be Obama’s first visit to Saudi Arabia since 2009.  More »

Energy projects struggling to find investors as costs rise

Soaring costs across the oil and gas industry are threatening to price out emerging markets competing to attract capital, the head of the International Finance Corp. warned Tuesday.  More »

Saudis tap US solar company for massive panel factory

Saudi officials signed an agreement Tuesday with Belmont, Calif.-based SunEdison Inc. to explore building a solar panel factory in the kingdom.  More »

Texas crude vies with Saudi Arabia for California shipments

Kinder Morgan Energy Partners LP, the pipeline operator that’s buying U.S. oil tankers, said it’s in talks to ship Texas crude to California through the Panama Canal.  More »

Schlumberger income rises on robust Middle East, Asia demand

Schlumberger Ltd.’s profit rose 28 percent in the fourth quarter on high drilling activity and demand for oilfield services in the Middle East and Asia, as well as sales in a resurgent Gulf of Mexico.  More »

OPEC pumps least crude in more than 2 years

OPEC reduced crude production in November to the lowest level in more than two years as output dropped below the organization’s 30 million barrel-a-day ceiling for a third month.  More »

Iran readies for big oil production hike

Iran indirectly challenged OPEC kingpin Saudi Arabia on Wednesday, announcing that it plans to pump as much oil as it can once sanctions on its crude exports are lifted, even if its extra output drives prices into the basement.  More »

OPEC inaction masks looming supply glut in 2014

Even with OPEC forecast to keep its output quota unchanged at a meeting this week, falling oil demand and prospects for increased supply from some member states mean the group’s leader, Saudi Arabia, will have to cut production anyway.  More »

Dubai oil premium reaches two-year high as Shell buys record

Middle East crude for immediate delivery traded at its biggest premium in two years to later shipments last month after Royal Dutch Shell Plc bought an unprecedented number of cargoes.  More »

US to be top oil producer by 2015 on shale, IEA says (video)

The U.S. will surpass Russia and Saudi Arabia as the world’s top oil producer by 2015, and be close to energy self-sufficiency in the next two decades, amid booming output from shale formations, the IEA said.  More »

Eight energy leaders rank among Forbes Most Powerful People

Several kings of the energy world landed on Forbes’ list of the World’s Most Powerful People, ranking among world leaders and wealthy philanthropists.  More »

Oil’s $5 trillion Permian boom threatened by $70 crude

Bryan Sheffield, a third-generation oil wildcatter in Texas’ Permian Basin, knows what he’ll do if crude drops to $80 a barrel: shut down half his drilling rigs.  More »
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