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Saudi Arabia

Prime Minister Vladimir Putin of Russia visits an oil rig in the Caspian Sea operated by Lukoil, April 28, 2010. (Alexei Druzhinin/Pool via The New York Times)

Russia eclipses Saudi Arabia in fight for oil market share in China

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China is becoming a key market for global oil exporters as surging output from shale fields from Texas to North Dakota allows the U.S., the biggest crude consumer, to rely less on overseas supplies.
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’s test for U.S. shale drillers isn’t over yet, Goldman says

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Saudi Arabia steered the Organization of Petroleum Exporting Countries in November to protect its market share in the face of swelling U.S. crude output, rather than cut supplies to shore up prices as it did in the past.
Ali al-Naimi, Saudi Arabia's petroleum minister, gestures as he speaks during a panel discussion at the Business Climate Summit in Paris, France, on Thursday, May 21, 2015.  (Jasper Juinen/Bloomberg)

World’s two largest oil producers meeting to form cooperation pact

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Saudi Arabia’s oil minister will meet his Russian counterpart in St. Petersburg to discuss energy, after which the world’s two biggest crude exporters plan on signing a cooperation pact.
(ALEXANDER KLEIN/AFP/Getty Images

OPEC revenues slump below $1 trillion for first time since 2010

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he revenue drop shows the strain on the group’s members as they increase pumping at a time of oversupply, following a Saudi Arabia-led strategy of defending market share instead of prices.
Abdalla El-Badri, general secretary of the OPEC (Photo: Chris Ratcliffe/Bloomberg)

OPEC ministers threw support behind market share strategy with silence

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About the only surprise to come from OPEC’s decision on June 5 to leave oil output unchanged was that everyone got along.
(Alexander Klein/AFP/GettyImages)

OPEC to keep pumping nearly a third of the world’s feast of oil

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Unmoved by the global crude glut savaging oil economies from Venezuela to Russia, OPEC on Friday announced it would keep pumping a nearly third of the world’s oil, not sparing even a drop from its daily output target of 30 million barrels.
(Alexander Klein/AFP/GettyImages)

OPEC to maintain current oil output

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The Organization of Petroleum Exporting Countries set its Saudi-conceived strategy of defending market share rather than prices in November. Since then, it has pumped ever more crude into global markets.
(ALEXANDER KLEIN/AFP/Getty Images

OPEC oil production hits ceiling amid Saudi push, analysts say

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OPEC seems to have reached technical problems pushing its oil production beyond what appears to be a natural ceiling, as its crude exports fell an average 850,000 barrels in May despite a surge of Saudi oil.
(ALEXANDER KLEIN/AFP/Getty Images

Oil slumps most in week as OPEC meeting looms

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Oil slumped last year as the Organization of Petroleum Exporting Countries maintained its production limit at 30 million barrels a day, insisting that suppliers outside the 12-nation group must help tackle a global surplus.
Iran's supreme leader, Ayatollah Ali
Khamenei (Bloomberg News/ILNA/document IRAN)

What’s OPEC going to do with Iran’s million barrels a day?

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The Organization of Petroleum Exporting Countries’ summit on June 5 to determine the group’s output will come three weeks before a deadline for a deal on Iran’s nuclear program. Iran says it can add almost 1 million barrels to daily production within months of sanctions being lifted.