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  • Global Oil Markets
    Saudi Arabia plays a complicated game with oil prices

    Economic weakness in China led a sharp slowdown in demand. US production was driven by shale to its highest level since 1986 this year, and is likely to beat its all-time high next year, with new deepwater production also on the way. The stronger dollar also puts pressure on the price. Then Riyadh has to balance against other Opec members to maintain that target. Over the past three years this has been more difficult than usual, in a game featuring least three wild cards.

  • Kingdom Holding Co.
    Prince Alwaleed on Murdoch, oil, and the Islamic State

    Saudi Arabia might be one of the world's largest oil exporters, but Alwaleed says now is the time for the kingdom to look beyond crude.

  • Energy
    Deeper Saudi Oil Cuts Seen After Biggest Drop Since ’12

    Saudi Arabia will need to keep cutting oil output to sustain prices above $100 a barrel, even after the kingdom’s largest reduction in two years, according to BNP Paribas SA and Societe Generale SA.

  • GCC Economies
    Saudi Arabia, Kuwait ‘still too reliant on oil revenues’

    Saudi-based investment firm Alkhabeer Capital said in a report that the annual budget spending in GCC countries still continues to be driven almost entirely by income from the export of hydrocarbons although the contribution of non-hydrocarbon GDP to the overall GDP has significantly increased over the past two decades.

  • Global Oil Markets
    OPEC Splits on Response to Falling Oil Prices

    A split in response to falling oil prices emerged among members of the Organization of the Petroleum Exporting Countries after Saudi Arabia cut its oil production sharply last month while other leading members raised their output. Saudi Arabia, the cartel's kingpin, said Wednesday it had cut its crude production by about 400,000 barrels a day in August. An industry official said the drop was tied to lower exports to the kingdom's core Asian markets.

  • OPEC
    OPEC Says World Will Need Less of Its Oil Next Year

    OPEC said demand for its crude oil will be lower than expected next year, with a surge in U.S. output potentially bringing its production to levels not seen since the past decade. In its monthly oil-market report, the Organization of the Petroleum Exporting Countries said it had lowered the estimate of demand for its crude by 200,000 barrels a day for 2015 and by the same amount for this year. As a result, markets will need 300,000 barrels a day less of OPEC crude next year, it said.

  • Oil
    Why Now is the Worst time for Saudi Arabia’s Giant New Oil Refinery to Come Online

    Yanbu is coming online at a time when crude demand growth in Asia is disappointing, the region's refiners are struggling to make decent profits, crude prices have gone into contango and Middle East producers are cutting official selling prices (OSPs).

  • Oil Production
    Saudi oil exports hit nearly $200bn in 2014

    Saudi Arabia's oil exports totalled 1.84bn barrels generating nearly US $200bn in the first eight months of 2014, Al-Riyadh daily has reported. Of the total oil output 23% is accounted for by domestic consumption reaching nearly 553mn barrels, says expert Fahad bin Jumaa for Al-Riyadh daily.

  • Oil Exports
    Saudis sending less oil to U.S.

    “Their strategy has always been to develop markets in different places. They're a very disciplined, long-term player,” Auers said. “They're not having to discount very much today. Going forward they'll have to discount. I think $5 is something they can live with.” A series of partnerships and long-term contracts will help insulate Saudi Arabia's market share somewhat if oil prices fall. For example, Saudi Aramco owns half of Houston-based refining company Motiva Enterprises and will likely keep sending its crude oil to refineries equipped to handle the range of crude that comes from Saudi fields.

  • Oil
    Saudi Aramco Chief Executive Warns on Oil Supply

    The chief executive officer of Saudi Aramco, the world's biggest oil producer, said Monday that worries such as rising oil-sector costs and global turmoil could lead to a lack of oil supplies down the line, if oil companies fail to make sufficient investments.