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Saudi September Non-Oil Business Growth Fastest In Over 3 Years
Non-oil private business activity in Saudi Arabia grew at the fastest pace in over three years last month, buoyed by strong expansions in new orders and employment, a survey showed on Tuesday. The SABB HSBC Saudi Arabia Purchasing Managers’ Index climbed to a seasonally adjusted 61.8 points in September, its highest level since June 2011, from 60.7 points in August, remaining far above the 50 line denoting growth.
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Oil price hits two-year low after Saudi price cut
"This is a structural change in the oil market, with Saudi Arabia explicitly stating that they are willing to compete on price," said Bjarne Schieldrop, a commodities analyst at SEB. The drop in price comes at a time when the Organization of Petroleum Exporting Countries (Opec) and the US are increasing output.
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Oil Prices Continue Decline, Pressured by Saudi Action to Defend Market Share
But the sudden drop on Thursday was seen as a response to Saudi Arabia’s signaling on Wednesday to the markets that it was more interested in maintaining market share than in defending prices. Saudi Aramco, the national oil company, stunned markets by announcing that it was cutting prices by about $1 a barrel to Asia, the crucial growth market for the Persian Gulf producers, as well as by 40 cents a barrel to the United States.
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Saudi cuts official crude oil prices in battle for market share
Saudi Aramco sharply cut official oil prices for Asian customers in November, the state-run company said on Wednesday in the clearest sign yet the world's largest exporter is trying to compete for crude market share. The move comes amid calls from some within the Organization of the Petroleum Exporting Countries (OPEC) for action to shore up prices, as international benchmark Brent crude oil has slumped to a two-year low.
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Mideast Turmoil Keeps Gasoline at 45 Cents in Oil States
Ministers from six Arab Gulf nations delayed action to curtail the support when they met Sept. 11 in Kuwait, Ali Al-Omair, Kuwaiti Oil Minister, said that day. State-run Saudi Arabian Oil Co. warned in May that it will have “unacceptably low levels” of oil to sell in the next two decades if domestic power use keeps rising at 8 percent annually. The region currently supplies 24 percent of the world’s crude.
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Oil Set for Biggest Quarterly Drop Since 2012 on Adequate Supply
“There’s plenty of supply but no demand,” said Michael Hewson, a London-based market analyst at CMC Markets Plc, who forecasts that Brent could drop to $90 a barrel and WTI fall as low as $85 next quarter. “We have weak growth, with China and Europe slowing down, while U.S. air-strikes are protecting oil supplies in the Middle East. The momentum is certainly for a lower oil price.”
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Shale, Saudi Arabia and Islamic State Leave Oil Bulls Sweating
There was a time when headlines about jets bombing Middle Eastern refineries would have sent oil prices soaring. Granted, Islamic State's facilities aren't exactly world class. But it is telling that such violence is doing little to lift the price of crude. Brent is down 13% this year and looks set to post its weakest yearly average price since 2010, before the Arab Spring really got going.
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US Airstrikes Target the Islamic State’s Seized Syrian Oilfields
At least 19 people were killed on the third day of a US-led air campaign targeting the Islamic State in Syria. Strikes focused on one of the group's main revenue streams — the region's captured oil fields.
- NPR - Islamic State Defector: 'If You Turn Against ISIS, They Will Kill You'
- Guardian - Parliament to be recalled to endorse UK air strikes in Iraq
- Defense One - The Campaign Against ISIL Could Cost $1.5B a Month
- Breaking Defense - Arab Allies Take Lead In Syria Airstrikes; F-22s Fade From View
- McClatchy - CIA-vetted Syrian rebels battling Islamic State say airstrikes haven’t helped
- AFP - Lebanon army raids Syria refugee camps as tents torched
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Saudi Arabia uses largest amount of crude oil for power generation since 2010
Saudi Arabia used an average of 0.7 million bbl/d of crude oil for power generation during the summers from 2009 to 2013. During that same period, Iraq and Kuwait, the next two largest users of crude oil for power generation in the Middle East, each averaged roughly 0.08 million bbl/d of crude burn.
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The truth about Turkey and Islamic State oil
For decades, successive Turkish governments have tolerated this illegal trafficking based on some strategic logic. The 30-year war between the state and the Kurdistan Workers Party (PKK) impoverished the southeastern region, diminishing revenues from agriculture and husbandry. Smuggling remained the only source of income for some villages. “Pro-state” (anti-PKK) villages especially benefited from the government’s benign neglect, which was a form of compensation for their loyalty. The December 2011 accidental bombing of 34 smugglers from Roboski village by the Turkish armed forces was a horrific tragedy that exposed this tradition. Villagers revealed to the press that until that day, the soldiers always looked the other way when they “went out to smuggle.”
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