Tag: Saudi Arabia

Oil’s next casualty: government budgets

Saudi Arabia, the world’s top producer of crude, will see the budget surplus it has enjoyed in the past turn into a deficit of 4.7 percent of gross domestic product this year.  More »

Crude up slightly from 6-year low

WTI for March delivery gained 8 cents to $44.53 a barrel on the New York Mercantile Exchange.  More »

Oil falls after U.S. crude stockpiles surge to weekly record

Crude supplies rose 8.87 million barrels to 406.7 million, the most in records compiled since August 1982 by the Energy Information Administration.  More »

U.S. crude erases gains following Saudi king’s death

King Salman bin Abdulaziz, who succeeds Abdullah on the throne, said he would maintain his predecessor’s policies.  More »

King Abdullah’s death not expected to change oil policy

No change in oil policy is expected.  More »

Oil trader sees no return to $100 crude

Brent crude climbed 0.8 percent to $49.44 a barrel at 10:48 a.m. in London on Thursday. It rose as high as $115.71 in June.  More »

Meeting between Iran and Saudi Arabia foreign ministers delayed

A meeting between the foreign ministers of OPEC’s Iran and Saudi Arabia was delayed in part due to discord over falling crude prices, said Hossein Amir-Abdollahian, Iran’s deputy foreign minister for Arab and African affairs  More »

Venezuela’s Asia tour backfires as crude extends slump

Venezuelan government lobbying to prop up prices is falling on deaf ears among other OPEC members that are prepared to let prices fall to a level that undermines a U.S. shale boom.  More »

Oil drops below $45; U.S. stockpiles may speed collapse

Goldman Sachs Group Inc. said crude needs to drop to $40 a barrel to “re-balance” the market, while Societe Generale SA also reduced its price forecasts.  More »

U.S. drivers start 2015 with cheapest gas in six years

Gasoline at the pump is at the lowest since April 2009, when prices were $2.0549 a gallon.  More »

Venezuela, Saudi leaders meet and talk oil prices in Riyadh

The official Saudi Press Agency reported that the leaders discussed areas of cooperation between the two OPEC-member countries and ways to promote bilateral ties  More »

Oil tumbles to 5 1/2-year low as OPEC reaffirms stance

Representatives from Saudi Arabia, Kuwait and the U.A.E. stressed a dozen times in the past six weeks that OPEC won’t curb output to halt the rout.  More »

How OPEC weaponized the price of oil against U.S. drillers

Representatives of Saudi Arabia, the United Arab Emirates and Kuwait stressed a dozen times in the past six weeks that the group won’t curb output to halt the biggest drop in crude since 2008.  More »

How $50 oil changes almost everything

The biggest collapse in energy prices since the 2008 global recession is shifting wealth and power from autocratic petro-states to industrialized consumers.  More »

Oil extends drop as U.S. stockpiles seen rising

West Texas Intermediate for February delivery dropped $2.11, or 4.2 percent, to $47.93 a barrel.  More »
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