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OIL AND GAS

Big Oil News From Saudi Arabia and Russia
May 24, 2017

At an OPEC meeting in Beijing last week, the Saudi and Russian energy ministers both announced their plans to significantly reduce oil inventories.

In this Industry Focus: Energy clip, Motley Fool energy analysts Sean O'Reilly and Taylor Muckerman explain what exactly the energy ministers said, how the stock market reacted,"...

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The oil alliance between Russia and Saudi Arabia is a marriage of convenience
May 23, 2017

President Donald Trump’s visit to Saudi Arabia last week was full of pageantry, defense agreements and rhetoric extolling the decades-long Saudi-US alignment. Among the various strategic interests bringing Riyadh and Washington together is opposition to Russia, a revisionist power which Saudi Arabia has opposed in Syria and elsewhere.

Allegations regarding Trump’s meeting with"...

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Oil Extends Gain Toward $51 as Saudis See Output Curbs Into 2018
May 23, 2017

Oil extended gains toward $51 a barrel as Saudi Arabia said all producers participating in output cuts agree on prolonging the deal through the first quarter of 2018.

Futures climbed as much as 1.1 percent in New York after advancing 5.2 percent last week, the biggest weekly increase since March. An extension into next year will help producers reach their goal of trimming global stockpiles to a five-year average, Saudi Arabia’s Energy Minister"...

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Saudi Arabia, Iraq agree oil output cut needs nine-month extension
May 23, 2017

OPEC heavyweights Saudi Arabia and Iraq agreed on Monday on the need to extend a global cut in oil supply by nine months in an effort to prop up crude prices, removing a potential stumbling block as producing countries prepare to meet this week.

Saudi Energy Minister Khalid al-Falih said he did not expect any opposition within the Organization of the Petroleum Exporting Countries to extending"...

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CEOs follow Trump to Saudi Arabia to discuss kingdom's oil transition plan
May 19, 2017

Some of the country's leading CEOs will be heading to Saudi Arabia to hold a first-of-a-kind summit with the Saudi energy minister and other top Saudi officials about the kingdom's plans to diversify its economy away from oil.

The summit will be held alongside President Trump's state visit this weekend, bringing together more than 50 U.S. companies, 40 Saudi companies and nine"...

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IMF Advises Saudis to Cut Energy Subsidies More Gradually
May 17, 2017

Saudi Arabia can reduce energy subsidies more gradually to limit the short-term impact of austerity measures on economic growth, even if it means not meeting a self-imposed target of balancing the budget by 2019, the International Monetary Fund said.

The world’s biggest oil exporter also has room to increase spending on measures that could create jobs overall and boost employment"...

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Residents of Makkah district decry persistent power cuts
May 17, 2017

Power has been cut from Al-Sharaie 2 neighborhood in Makkah since Wednesday, residents said criticizing the temporary solutions introduced by the Saudi Electricity Company (SEC).

The residents said electricity supply was severed as a result of a default in one of the cables supplying the current to the ground connections.
They said, in addition to the scorching heat, the absence of"...

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DeWalt showcases new power tools in Kingdom
May 14, 2017

The power tools giant DeWalt has launched a new range of power tools suitable for the construction, service, industrial and other sectors.
The American major that manufactures a range of power tools since 1843, aims to expand the range of its products to serve Kingdom market.

“We are the market leader in everywhere and want to be in Saudi Arabia, too. We plan to expand the range"...

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KAPSARC Board of Trustees holds talks
May 14, 2017

The Board of Trustees of King Abdullah Petroleum Studies and Research Center (KAPSARC) has held its first biannual meeting in Riyadh.
The meeting was chaired by Minister of Energy, Industry and Mineral Resources Eng. Khalid Al-Falih, and attended by Board members President of King Abdullah City for Atomic and Renewable Energy Prof. Hashim Yamani, Advisor to the Royal Court Dr. Muhammad Al-Jasser, Chairman of Cambridge Enterprise, Prof. Sir Keith O’Nions,"...

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