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Saudi Arabia

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)

Saudi king plans U.S. trip after giving Iran deal hedged support

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After private meetings in Jeddah on the Red Sea coast, Defense Secretary Ashton Carter told reporters that King Salman and his defense minister “reiterated their support” for the deal to curb Iran’s nuclear program while expressing reservations about its enforcement.
(DEwira/AFP/Getty Images)

Oil supply-demand balance could improve next year, OPEC says

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OPEC’s more optimistic outlook comes as the 12-member cartel makes good on a plan to carve out more of the global oil market as demand grows; according to the report, Saudi Arabia told OPEC it put out 230,900 more barrels a day in June
Memers of theOrganization of the Petroleum States meet In November 2014 at OPEC headquarters in Vienna. AFP PHOTO/SAMUEL KUBANISAMUEL KUBANI/AFP/Getty Images

Commentary: Saudi’s targeting of market share does not appear to be working

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Thirty-four years ago today, Indiana Jones was the number one movie at the box office with ‘Raiders of The Lost Ark’. 1981 was also the year in which Beyoncé was born. These two reference points are just to highlight how long ago 1981 was (even if a swashbuckling Harrison Ford doesn’t seem that distant a […]
Categories: Middle East
An oil pump jacks sits on a Osage County ranch in Oklahoma. (Mayra Beltran/Houston Chronicle)

Crude prices tank after oil supply added nearly 2 million barrels

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Crude oil prices opened lower and continued to fall in Wednesday trading, as the markets parsed new data showing the oversupply of crude isn’t about to evaporate.
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.