BUSINESS NEWS | Russia Has No Objection To Earlier OPEC+ Meeting: Sources

LONDON – Russia has no objection to the next meeting of OPEC and its allies, known as OPEC+, being brought forward to June 4 from the following week, three OPEC+ sources familiar with the meeting’s preparations told Reuters on Sunday. Algeria, which currently holds the presidency of the Organization of Petroleum Exporting Countries (OPEC), has … Continue reading BUSINESS NEWS | Russia Has No Objection To Earlier OPEC+ Meeting: Sources

BUSINESS | Saudi Crown Prince Discusses Oil Markets Stability With Russian President On Phone

RIYADH | SAUDI ARABIA – Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Deputy Prime Minister and Minister of Defense, received a phone call from President Vladimir Putin of the Russian Federation. During the phone conversation, they discussed the efforts being exerted to stabilize the oil markets, the Saudi Press Agency, SPA, reported. … Continue reading BUSINESS | Saudi Crown Prince Discusses Oil Markets Stability With Russian President On Phone

BUSINESS | Kuwait, Saudi To Halt Oil Production From Joint Field: Al Rai Newspaper

RIYADH|SAUDI ARABIA – Kuwait and Saudi Arabia have agreed to halt oil production from the joint Al-Khafji field for one month, starting from June 1, Kuwait’s Al Rai newspaper reported on Saturday. There was no immediate comment from Kuwaiti officials. Saudi Arabia and Kuwait have agreed with other members of the OPEC+ group of oil … Continue reading BUSINESS | Kuwait, Saudi To Halt Oil Production From Joint Field: Al Rai Newspaper

NEWS ALERT | Saudi Cabinet Urges OPEC+ Countries To Further Reduce Production: SPA

RIYADH| SAUDI ARABIA – Saudi Arabia’s cabinet has urged OPEC+ countries to further reduce oil production rates to restore balance in global crude markets, state news agency (SPA) reported early on Wednesday. ‘The cabinet affirmed the Kingdom of Saudi Arabia’s endeavor to support the stability of global oil markets’, according to a statement. ‘The Kingdom … Continue reading NEWS ALERT | Saudi Cabinet Urges OPEC+ Countries To Further Reduce Production: SPA

BUSINESS NEWS | Saudi Aramco Profit Falls 25% But Dividend In Line With Planned Payout For Year

RIYADH|SAUDI ARABIA -  Saudi Aramco, the world’s top oil exporting company, on Tuesday reported a 25% fall in first-quarter net profit, missing analyst estimates, but its quarterly dividend was in line with a plan for a $75 billion payout for the year. Analysts has expected Aramco, which went public last year, to maintain payouts to … Continue reading BUSINESS NEWS | Saudi Aramco Profit Falls 25% But Dividend In Line With Planned Payout For Year

BUSINESS NEWS | Saudi’s Aramco Lowers Domestic Gasoline Princes

RIYADH | SAUDI ARABIA – Saudi Arabia’s Aramco said on Sunday it was lowering its domestic gasoline prices for May, with 91 grade and 95 grade falling to 0.67 riyals and 0.82 riyals per liter, respectively. The prices will effective from Monday, May 11, a company statement said.