Tag: Saudi Arabia

US to end year as world’s top oil producer

US to end year as world’s top oil producer

The US will end 2018 as the world’s largest oil producer after output hit a record 10.88 million barrels per day, according to the Energy Information Administration (EIA). Output is expected to rise by 1.53 million bpd, slightly down from previous estimated at 1.55 million bpd, but still higher than […]

OPEC agrees on 1.2m bpd cut

OPEC agrees on 1.2m bpd cut

OPEC has defied US President Donald Trump’s calls to maintain low prices by agreeing to a 1.2 million barrel per day cut to production over six months, sending crude prices higher. The deal was pushed forward in Vienna after two days of discussions, where the bloc’s de facto leader Saudi […]

Oil prices drop nearly 5% on concerns over size of OPEC cut

Oil prices drop nearly 5% on concerns over size of OPEC cut

Oil prices plummeted by nearly 5% on Thursday after Saudi Arabia said OPEC and its allies were working towards reduced cuts, causing concerns that the bloc is struggling to deal with the recent supply glut ahead of its meeting. Saudi energy minister Khalid al-Falih said OPEC and allies, including Russia, […]

Qatar exits OPEC

Qatar exits OPEC

In a shock move, Qatar has withdrawn from OPEC – raising questions over the loyalty of the bloc’s remaining members. The Middle Eastern nation’s decision comes as it looks to shake of constraints of the bloc and increase its sales as analysts say member states are becoming increasingly unhappy with […]

Russia accept $60 oil price

Russia accept $60 oil price

Russia has stated it is comfortable with oil prices at around the $60 mark with President Vladimir Putin thanking Saudi Arabia for its cooperation in managing the global oil market. Ahead of next week’s OPEC+ meeting, Putin said Russia was comfortable with oil prices at $60 as it is budgeted […]

Saudi Arabia pump record levels of oil on pressure from Trump

Saudi Arabia pump record levels of oil on pressure from Trump

Saudi Arabia has increased its oil production to an all-time high in November as US President Donald Trump stepped up pressure on the country to prevent it from applying output cuts at next week’s OPEC meeting. The meeting will see OPEC members discuss ways to bring an end to the […]

Saudi Arabia looks to nuclear to diversify its energy mix

Saudi Arabia looks to nuclear to diversify its energy mix

Saudi Arabia announced its intention to build its first nuclear reactor as part of wider reforms in the country. The government hopes to expand nuclear installed capacity to 17.6 GW by 2032, making it one of the most ambitious nuclear initiatives in the world. According to the International Atomic Energy […]

US to become key global energy source

US to become key global energy source

A top US energy diplomat has said America will become a significant energy source across the globe, with its innovation in technology and financing that will help boost oil and gas production over the next ten years. Frank Fannon, assistant secretary in the energy bureau of the U.S. state department, […]