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

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 Arabia May Re-Route Tankers If U.S. Imposes Crude Import Ban: Sources

RIYADH | SAUDI ARABIA – Saudi Arabia is looking into re-routing millions of barrels of oil onboard tankers sailing to the United States if President Donald Trump decides to block imports of crude from the Kingdom, shipping and trade sources say. Some 40 million barrels of Saudi oil are on their way to the U.S. … Continue reading BUSINESS NEWS | Saudi Arabia May Re-Route Tankers If U.S. Imposes Crude Import Ban: Sources

BUSINESS | Saudi Cabinet Says Ready To Take Any Extra Measures With Other OPEC+ Producers To Stabilise Oil Market

RIYADH | SAUDI ARABIA – Saudi Arabia said on Tuesday it is ready to take any extra measures with OPEC+ members and producers to achieve  oil market stability, state news agency SPA reported citing cabinet statement. ‘Kingdom is committed with Russia to implement productions cuts over next couple of years’, the cabinet statement said.

BUSINESS NEWS | Gulf Markets Falls On Oil Slump, Saudi Riyal Down In Forwards Market

RIYADH | SAUDI ARABIA – Gulf stock markets fell on Tuesday and the Saudi currency dropped in the forwards market, after U.S. crude oil futures collapsed below $0 on a coronavirus – induced supply glut. The Saudi stock index. TASI dropped 1.5% at the market open with oil company Aramco down 1.7%. Shares in the … Continue reading BUSINESS NEWS | Gulf Markets Falls On Oil Slump, Saudi Riyal Down In Forwards Market

BUSINESS NEWS | Trump To Consider Halting Saudi Oil Imports, Says U.S. Has ‘Plenty’

WASHINGTON – President Donald Trump said on Monday that his administration was considering the possibility of stopping incoming Saudi Arabian crude oil shipments as a measure to support the battered domestic drilling industry. ‘Well, I’ll look at it’, Trump told reporters at a daily news conference after he was asked about requests by some Republican … Continue reading BUSINESS NEWS | Trump To Consider Halting Saudi Oil Imports, Says U.S. Has ‘Plenty’

BUSINESS | Saudi Energy Minister Says Effective Global Oil Cuts Above 19 million bpd

BUCHAREST | ROMANIA  - Saudi Arabia’s energy minister said on Monday that effective global oil supply cuts would amount to around 19.5 million barrels per day, taking into account the reduction pact agreed by OPEC+, pledges by other G20 nations and oil purchases into reserve. OPEC and allies led by Russia, a group known as … Continue reading BUSINESS | Saudi Energy Minister Says Effective Global Oil Cuts Above 19 million bpd

BUSINESS NEWS | Saudi Arabia Russia, U.S. Welcome Outcome Of OPEC+ Meeting: SPA

RIYADH | SAUDI ARABIA – Saudi Arabia’s King Salman, Russia’s president Vladimir Putin and his U.S. counterpart Donald Trump welcomed the outcome of OPEC+ meeting during a joint phone, Saudi state news agency SPA said on late Sunday. The three leaders expressed their comfort with the results of the efforts exerted to stabilize global oil … Continue reading BUSINESS NEWS | Saudi Arabia Russia, U.S. Welcome Outcome Of OPEC+ Meeting: SPA

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Saudi King, Trump, Putin Review Importance Of Cooperation Between Oil Producing Countries

Saudi Arabia’s King Salman, U.S. President Donald Trump and Russian President Vladimir Putin reviewed, in a phone call, the importance of cooperation between oil producing countries, after Thursday’s OPEC+ meeting, Saudi state news agency SPA reported. The leaders stressed the importance of cooperation between oil producing nations to maintain stability of energy markets and support … Continue reading Saudi King, Trump, Putin Review Importance Of Cooperation Between Oil Producing Countries