Saudi Arabia Lowers Light Crude Prices To Asia; US, Europe Prices Steady

Paris / France – – Saudi Arabia lowered its light crude oil prices to Asian customers in October versus September, though left prices to northwestern Europe and the United States steady. Oil giant Saudi Aramco lowered the price differential of light crude for delivery to the Far East in October to a premium of $1.7 … More Saudi Arabia Lowers Light Crude Prices To Asia; US, Europe Prices Steady

Saudi Arabia Increase Arab Light Crude Oil Price To Asia In May

Saudi Arabia increased the price of its Arab light crude for the Asian market by $0.4/barrel in May, compared to April, and lowered those for the U.S. and European markets by $0.1/barrel and $0.2 barrel respectively, according to a statement from oil producer Saudi Aramco. It set the Arab light price for Asia at +$1.8/barrel … More Saudi Arabia Increase Arab Light Crude Oil Price To Asia In May

Oil Falls On OPEC+ Concerns Over Slow Demand Recovery

Oil prince fell on Wednesday on concerns about the market’s recovery after OPEC and its allies lowered its 2021 demand growth forecast, although strong Chinese factory activities lent some support. Brent crude for May, which expires on Wednesday, fell 32 cents, or 0.5%, to $63.82 a barrel at 0948GMT. The more active Brent contract for … More Oil Falls On OPEC+ Concerns Over Slow Demand Recovery

Saudi Aramco 2020 Net Profit Slumps 44.4% As COVID-19 Bites

Saudi Arabia state oil giant Aramco on Sunday reported a 33.4 drop in 2020 net profit, hit by lower crude oil prices and volumes sold, and weakened refinery margins, as the coronavirus pandemic depressed demand. Net profit fell to 183,76 billion riyals ($49.00 billion) for the year that ended December 31, from 330,69 billion riyals … More Saudi Aramco 2020 Net Profit Slumps 44.4% As COVID-19 Bites

Sustained Higher Oil Prices To Spur U.S. Output Growth – JP Morgan

Sustained higher oil prices are expected to spur higher U.S. oil output this year, JP Morgan analysts said in a weekly note. ‘At current prices, most U.S. onshore operators are economic, leaving a vast group  of operators, from large public companies to private players, in good position to ramp up activity in 2h21 and build … More Sustained Higher Oil Prices To Spur U.S. Output Growth – JP Morgan

Russia, Saudi Arabia At Odds Over Output Deal Ahead Of OPEC+ Meeting – RIA Cites Source

Saudi Arabia and Russia have difference over a potential deal among OPEC+ oil producers that could ease curbs on supply starting in April, a source told RIA news week. The Organization of the  Petroleum Exporting Countries and its allies, a group known as OPEC+, are likely to ease curbs on supply after April given a … More Russia, Saudi Arabia At Odds Over Output Deal Ahead Of OPEC+ Meeting – RIA Cites Source

BUSINESS | Global Oil Prices Have Fully Recovered From The Pandemic

MILAN – – After a rocky 12 months, oil prices – which got crushed when COVID-19 slashed demand for energy around the world – are roaring back. What’s happening: Brent crude futures, the global benchmark, have breached $50 per barrel, their highest level since January 2020. The immediate catalyst appeared to be weekend remarks from … More BUSINESS | Global Oil Prices Have Fully Recovered From The Pandemic

BUSINESS | Saudi Arabia Makes Four New Oil, Gas Discoveries: Energy Minister

RIYADH – – Saudi Aramco has discovered four new oil and gas fields in Saudi Arabia, the Minister of Energy Prince Abdulaziz bin Salman announced on Sunday, according to Saudi Press Agency (SPA). Non-conventional oil was discovered in the al – Reesh oil field, north – west of the Dhahran. The city, a major administrative … More BUSINESS | Saudi Arabia Makes Four New Oil, Gas Discoveries: Energy Minister

BUSINESS| Oil Drops As OPEC+ Resume Talks On Output Cut Extension After Impasse

Oil prices fell on Thursday as producers including Saudi Arabia and Russia locked horns over the need to extend record production cuts set in place in the first wave of the COVID -19 pandemic. Brent crude was down 15 cents, or 0,3%, at $48.10 a barrel by 0155 GMT, after gaining 1,8% on Wednesday. U.S … More BUSINESS| Oil Drops As OPEC+ Resume Talks On Output Cut Extension After Impasse

BUSINESS | OPEC+ Panel To Hold Informal Online Talks On Saturday

A panel of OPEC+, a group of leading oil producing countries, will hold informal online talks on Saturday prior to meetings scheduled for next week, a letter seen by Reuters showed and source with knowledge of the matter said. OPEC+ is debating whether to ease oil output cuts from Jan.1, as it previously agreed, or … More BUSINESS | OPEC+ Panel To Hold Informal Online Talks On Saturday