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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 less than four months, the king has overhauled his cabinet, removed princes from government roles, merged ministries and realigned the succession.
With the plunge in crude throttling economies across the Middle East, gold buyers are harder to find.
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.
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.
“We will supply any demand for Saudi oil, as we are interested in the stability of the market,” Prince Abdulaziz said.
HOUSTON — The Middle Eastern dynamic will shift in the next decades as an overwhelmingly young population ages, a panel of international experts told IHS Energy CERAWeek attendees on Friday. The Middle East is already a troubled region. A number of civil wars have destabilized several countries such as Iraq and Syria, and a recent […]
The world’s biggest oil exporter now has incentive to maximize output and undermine rival producers by using its reserve capacity.
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.
Financial markets underpinning the U.S. shale boom have emerged as the world’s de facto regulator of global oil production, taking over from the Saudi Arabia-led cartel of crude exporting nations that abdicated its decades-old role in November, a top IHS researcher said Monday.