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Saudi Arabia

Original byline: Jim Blecha/

Analyst: More cuts to come as reality sets in for oil companies surprised by downturn

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Recovery from the oil slump will a slow, painful slog as companies caught unaware by the downturn will be forced to make deeper, more structural changes to survive, a new analysis finds.
(ALEXANDER KLEIN/AFP/Getty Images

OPEC seen backing Saudi Arabia’s plan to keep supplies elevated

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Crude plunged for eight of nine weeks prior to the group’s November gathering, when the kingdom faced down opposition from the majority of fellow members, who advocated output reductions to tackle a global glut.
Saudi Arabia's Minister of Petroleum and Mineral Resources Ali Ibrahim Naimi leaves the hall during the opening day of the 10th Arab energy Conference in Abu Dhabi, United Arab Emirates, Sunday, Dec. 21, 2014. (AP Photo/Kamran Jebreili)

Saudi oil supply outpaces rivals in grab for record China demand

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Record imports by China are contributing to a recovery in benchmark oil from a six-year low amid speculation the purchases will help shrink the global supply glut that drove crude’s collapse in 2014.
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 oil exports reach nine-year high

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Saudi Arabia and Iraq boosted exports as the Organization of Petroleum Exporting Countries pumped above its official target for the 11th consecutive month in April.
Brazil's President Dilma Rousseff (L) shakes hands with workers of Brazilian state-run oil giant Petrobras at Petrobras's shipyards in Rio de Janeiro, on September 11, 2013. (VANDERLEI ALMEIDA/AFP/Getty Images)

Brazil, Russia enter ring in U.S.-OPEC heavyweight fight

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Contenders in the battle for oil market share include Russian oil companies, Brazil’s state-run Petrobras and oil fields in China and Southeast Asia, which have all pumped thousands of barrels into a global crude glut.
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 maintained its oil output surge last month

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Prices collapsed by almost half last year as Saudi Arabia led OPEC in maintaining production rather than cede market share to booming U.S. supply. The group has become more unified about keeping its output target because prices are now rising, according to Kuwait’s oil minister.
(AP file photo/Hasan Jamali)

Chevron unit in Saudi Arabia to halt output at Wafra oil field

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The stoppage at Wafra may help reduce a worldwide glut that has pushed crude prices down by about 40 percent in the last 12 months. OPEC, which counts Kuwait and Saudi Arabia as members, chose in November to keep pumping crude oil to protect its share of the market rather than cutting output to boost prices. Brent crude, a global benchmark, was trading at $65.08 a barrel Tuesday at 8:42 a.m. in London.
Saudi Arabia's King Salman attends a ceremony at the Diwan royal palace in Riyadh.  (AP Photo/Yoan Valat, Pool)

Saudi king declines to attend Obama’s Persian Gulf summit

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Saudi Foreign Minister Adel bin Ahmed Al-Jubeir issued a statement Sunday saying the king won’t visit “due to the timing of the summit, the scheduled humanitarian cease-fire in Yemen and the opening of the King Salman Center for Humanitarian Aid.”
Saudi King Salman on  Tuesday, March 10, 2015. (AP Photo/SPA)

Saudi Aramco creates supreme board as oil exporter reorganizes

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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 this Jan. 24, 2015 file photo, Saudi Arabia's King Salman attends a ceremony at the Diwan royal palace in Riyadh. Salman on Wednesday, April 29, 2015, redrew the line of succession, appointing a counterterrorism czar as crown prince and placing his own defense minister son in line for the crown, in a dramatic reshuffle that reflects the kingdom?s mounting security concerns and newly assertive foreign policy. (AP Photo/Yoan Valat, Pool)

Salman abandons Saudi royal balancing act to impose rapid change

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In less than four months, the king has overhauled his cabinet, removed princes from government roles, merged ministries and realigned the succession.