Tag: SAUDI ARABIA

Saudi offers extra cut as OPEC+ agrees oil output rollover

The rest of OPEC+ will hold output steady, meaning the group’s overall cuts would amount to around 7.05 million bpd by March, excluding the planned voluntary additional cuts from Saudi Arabia

Saudi crude exports rise to 6.16 million bpd in October

Saudi Arabia’s crude oil exports rose for the fourth straight month to 6.16 million barrels per day (bpd) in October from 6.07 million bpd in September, official data showed

OPEC+ to discuss extending oil cuts or gradually raising output

OPEC+ members will consider whether to extend existing oil cuts for three to four months or to gradually increase output from January during their two days of talks

OPEC+ leaning towards oil cut extension, despite rally

OPEC and allies including Russia are leaning towards delaying next year’s planned increase in oil output to support the market during the second wave of COVID-19 and rising Libyan output, despite a rise in prices

Saudi Arabia and Russia in tight race to become China’s top oil supplier in 2020

China, the world’s top crude importer, is one of the few countries to have boosted purchases in 2020, as buyers made the most of low prices earlier this year, while fuel demand recovered from the second quarter along with the broader economy

Demand issues to overshadow OPEC+ supply next year

The OPEC and its allies will have to contend with a “lot of demand issues” before raising supply in January 2021, given throughput cuts by oil refiners, the head of Saudi Aramco’s trading arm said

JP Morgan sees Saudi Arabia offering deeper oil cuts

A worsening global oil demand outlook will prompt OPEC to reverse a planned easing of oil cuts in 2021 with Saudi Arabia offering deeper cuts below its current quota, J.P. Morgan said in a research note

Saudi Arabia oil exports at 6.1 million bpd

Saudi Arabia shipped 6.1 million barrels per day (bpd) of crude oil in September, slightly above August levels, and kept output steady at 8.974 million bpd last month, an industry source familiar with the matter said

OPEC+ panel to meet amid oil price decline

OPEC and allies, led by Russia, are scheduled to hold an online meeting to discuss compliance with their agreed output cuts and demand trends amid falling oil prices and a faltering economic recovery outlook

Saudi Aramco discovers two new oil and gas fields

State oil company Saudi Aramco has discovered two new oil and gas fields in the northern regions, the kingdom’s energy minister said