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Saudis Keep Up Production at High Levels to Drive Out U.S. Shale ‘with OPEC Backing’, Bloomberg Says
Bloomberg’s Grant Smith and Maher Chmaytelli write that Saudi Arabia will continue to push for high output levels in order to beat back U.S. shale at an OPEC semiannual meeting on June 5th, and will have OPEC backing to do it, extending a strategy that Saudi Arabia and OPEC see as working. The decision by […]
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‘Subtle Change of Energy Policymaker Line-Up’ Gives King Salman Firm Hand on Energy Policy, Report Says
When Saudi Arabia’s King Salman announced a shake-up of leadership shortly after ascending to the throne in January, one of the Kingdom’s most powerful positions – Minister of Petroleum and Natural Resources – was left unchanged. Ali Al Naimi has been Minister for 20 years, and was CEO and President of Saudi Aramco for 12 years before […]
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Sfakianakis: Passing of King Abdullah and Advent of King Salman a ‘Time of Continuity’ in Oil Policy
Writing in MEES, a Middle East oil and gas weekly magazine, Saudi finance expert Dr. John Sfakianakis says that the transfer of power from King Abdullah to King Salman is likely to represent a continuation of Saudi oil policy, particularly with respect to production levels. “The passing of King Abdullah and the advent of King Salman […]
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OPEC to Oil Companies at Davos: ‘Let’s produce the lower cost oil first and then produce the higher cost…prices will rebound’
In dueling speeches at the Davos World Economic Forum in Switzerland, oil company heads and OPEC representatives clashed about the collapse in the price of oil, according to a report in Reuters. Oil company chiefs at from Italy’s Eni Spa and France’s Total said that OPEC’s unwillingness to cut output “could lead to a huge […]
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Following Huge Dip, Saudi Markets Rebound on Government’s Spending Plan
Saudi Arabia’s markets rebounded on Wednesday in response to the Government’s spending intentions in 2015, several news outlets reported today. Olzhas Auyezov of Reuters reports that markets reacted well to the Government’s plan, rebounding 4.2 percent “in a broad rally which included the petrochemicals sector.” The increase was echoed around the region as markets in […]
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Jadwa Investment: Oil Market Dynamics and Saudi Fiscal Challenges
After a significant drop in oil’s price on international markets since July 2014, the impact on the Kingdom of Saudi Arabia’s budget and fiscal policy is assessed in Jadwa Investment just-released research note. Head of Research Dr. Fahad Alturki notes that the recent decision not to cut output by OPEC “adds further uncertainty not only on the global […]
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As Oil Dips Below $70, American Producers Wonder Where the Bottom Is and Eye an End to Export Ban
The second half of 2014 has been a lively period for the U.S. shale industry. Fueled by new technologies and a soaring oil price, everyone from upstart producers to big oil were taking advantage of new production opportunities in United States in shale deposits. Over the last year, the U.S. alone accounted for 82% of non-OPEC production growth, […]
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Saudi Arabia Sees Oil Prices Stabilizing ‘Around $60 a Barrel’
Saudi Arabia now believes oil prices could stabilize at around $60 a barrel, a level both it and other Gulf producers believe they could withstand, according to people familiar with the situation citied in a UPI report. “Saudi Arabia seeks to maintain its long-term market share, even if the price of oil stays temporarily low, its […]
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Jadwa Chartbook: Saudi Economic Data Show ‘Signs of Cooling’ in Economy
Jadwa Investment’s latest Chartbook monthly economic report said the Saudi economy showed signs of cooling with the non-oil Purchasing Managers Index (PMI) dipping lower following a 39-month peak in the previous month. Data on consumer spending also showed a seasonal decline, according to the Jadwa Investment report. Additionally, “bearish oil markets continued to affect sentiment […]
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Saudi Arabia Sees Limited Impact from US Shale Oil While SABIC Eyes Gas
According to this report by Summer Said in the Wall Street Journal, a close advisor of Saudi Arabia’s Minster of Petroleum and Natural Resources Ali Al Naimi said that the production of oil from shale will be “too limited and costly” to make a significant impact on the interests of exporters, but that the so-called […]
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MUST-READS
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Riyadh confirms commitment to ‘OPEC Plus’ deal with Russia
Crown Prince Mohammed bin Salman made the comments during a conversation with French President Emmanuel Macron that also covered the situation in Ukraine and its impact on the energy markets, said the agency.
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OPEC+ deal seen on track despite Russia’s Ukraine invasion
A deal among OPEC+ oil producers including Russia is showing no cracks so far after Russia's invasion of Ukraine, OPEC+ sources said, and the group is likely to stick to a planned output rise at a meeting next week despite crude topping $100 a barrel. The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, meets on March 2 to decide whether to increase output by 400,000 barrels per day (bpd) in April.
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As Oil Nears $100, Saudis Stick to OPEC+ Pact Amid Ukraine Crisis
American and European officials have said sanctions on Russia’s oil-and-gas industries aren’t being considered now, a recognition that such measures would lead to unsustainable price increases. But even sanctions against Russia’s banking and other sectors could lead to energy-supply disruptions because oil-and-gas traders may pull back from the risk of working with a sanctioned country. Experts say the Western sanctions being discussed could cut off about 7% of the world’s oil supply.
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OPEC+ seen sticking to output policy as prices hover near record levels
The move, widely expected by energy analysts, marks a continuation of the group’s strategy to gradually reopen the taps.
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OPEC+ Expected to Ratify Supply Hike While Struggling to Deliver
OPEC and its allies are expected to approve another modest oil-output increase this week, yet once again struggle to deliver all of the extra supplies into a red-hot crude market. The recovery in fuel consumption from the pandemic continues apace, leaving plenty of room for the 23-nation coalition led by Saudi Arabia and Russia to boost production. But members from Nigeria to Russia have been running out of spare capacity and struggling to revive their output after years of cuts and under-investment.
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OPEC countries are producing less oil than they said they would
In January, OPEC will be about 700,000 barrels per day short of its quota, almost the same volume by which the group has raised its quota in the last couple of months.
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Opec+ has ensured energy security, Saudi Arabia’s energy minister says
The Opec+ group, led by Saudi Arabia and Russia, achieved a historic reduction of 9.7 million barrels per day between May 2020 and July last year, but has tapered the supply cuts as demand improved. The group agreed to add another 400,000 bpd to the market from February.
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OPEC+ Supply Hikes Enough to Prevent Market Overheat, Oman Says
OPEC and its allies don’t want crude prices to climb to $100 a barrel, and are reviving production quickly enough to prevent global markets from “overheating,” Oman’s oil minister said. The Organization of Petroleum Exporting Countries and its allies, a 23-nation group led by Saudi Arabia and Russia, continues to restore output halted during the pandemic at a gradual pace of 400,000 barrels a day -- though in practice its increases have been restricted by internal unrest and depressed budgets. Crude prices have rallied this year, topping $80 a barrel in London.
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OPEC+ report sees short-lived, mild impact from Omicron variant
"The impact of the new Omicron variant is expected to be mild and short-lived, as the world becomes better equipped to manage COVID-19 and its related challenges," the Joint Technical Committee (JTC) report said.
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Saudi king says OPEC+ pact ‘essential’ for oil market stability
The king, in an annual speech to the advisory Shura Council carried on state media, said market stability and balance are a pillar of Saudi energy policy and efforts by the world's top oil exporter to maintain spare capacity had proven important to safeguarding energy supply security.
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