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OIL AND GAS

Saudi Arabia Gears for a Future Without Oil
August 16, 2018

Saudi Arabia, the world’s biggest crude exporter is future-proofing itself against oil’s decline by investing the increasingly booming technology industry.

The Kingdom, last month, confirmed that that it has accumulated a stake in electric carmaker Tesla for about $2 billion through its Public Investment Fund. The electric car-maker’s CEO Elon Musk also recently confirmed"...

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Saudi Arabia pips Iraq to bag top oil supplier tag
August 15, 2018

Saudi Arabia replaced Iraq as top oil supplier to India in July after a gap of more than a year, according to data from industry and shipping sources, as a higher intake of Iranian oil ahead of US sanctions altered trade routes.

Many European refiners are winding down purchases of Iranian oil after the US imposed sanctions on Tehran, leading to higher supplies to Asia, mainly India and"...

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Why Saudi Arabia Cut July Oil Production
August 14, 2018

Despite its pledge to boost crude oil supply to offset supply disruptions, Saudi Arabia’s oil production in July slipped by 52,800 bpd from June to average 10.387 million bpd last month, according to the secondary sources in OPEC’s closely watched Monthly Oil Market Report published on Monday.

The Saudis themselves"...

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Is Saudi Arabia Misleading The Oil Market?
August 11, 2018

In the latest edition of the Numbers Report, we’ll take a look at some of the most interesting figures put out this week in the energy sector. Each week we’ll dig into some data and provide a bit of explanation on what drives the numbers.

Let’s take a look.

1. How much oil is Saudi Arabia producing?

"...

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Saudi-Canada diplomatic row will not affect oil supplies, says energy minister
August 9, 2018

Saudi Arabia's petroleum supplies to countries around the world will not be affected by the ongoing diplomatic dispute between Canada and the Kingdom, Energy Minister Khalid Al-Falih said on Thursday.

Al-Falih reaffirmed the policy that the Kingdom’s petroleum supplies are not to be impacted by political considerations, the Saudi Press Agency (SPA) quoted the minister as saying.

'He reiterated that this is a firm and longstanding"...

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Saudi Arabia Crude Flows to U.S. Swell as Venezuela Output Falls
August 7, 2018

Saudi Arabia is sending the most crude oil to the U.S. in 15 months.

The world’s largest oil exporter loaded 1 million barrels a day onto tankers bound for the U.S. in July, according to preliminary vessel-tracking data compiled by Bloomberg. That’s a 36 percent jump from June and the single biggest monthly flow to the U.S. since April 2017.

The"...

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Organization of Islamic Cooperation holds meeting on Houthi attack on Saudi oil tankers
August 7, 2018

The Organization of Islamic Cooperation (OIC) will hold a meeting at the level of permanent representatives of member states next Wednesday to discuss the Houthi militia attacks on two Saudi oil tankers and targeting freedom of shipping and international trade in the Strait of Bab Al-Mandeb and the Red Sea.
The meeting, which comes at the request of Saudi Arabia, will be addressed by OIC Secretary-General Dr. Yousef bin Ahmed Al-Othaimeen, the chairman of the"...

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Oil prices edge up after Saudi output dips, U.S. drilling stalls
August 6, 2018

Oil prices edged up on Monday as Saudi crude production took a surprising dip in July and American shale drilling seemed to plateau.

Markets also anticipated an announcement from Washington due later on Monday detailing renewed U.S. sanctions against major oil exporter Iran.

Spot Brent crude oil futures LCOc1"...

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Saudi Arabia to resume oil exports through Bab al-Mandeb Strait
August 5, 2018

Saudi Energy Minister Khalid al-Falih said on Saturday oil shipments through the strategic Red Sea shipping lane of Bab al-Mandeb would resume on Saturday, Al Arabiya reported.

Falih said the decision was made after the Arab coalition had completed all necessary security procedures.

Falih"...

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Saudi Arabia Slashes Oil Prices to Lure Customers
August 4, 2018

Saudi Arabia is cutting the September official selling prices for all its grades and to all markets, except for the United States, as it aims to entice more buyers after increasing oil supply to offset production and export disruptions elsewhere.

The Arab country’s state-held oil giant Saudi Aramco reduced prices for next month for all the oil grades it sells to its biggest market,"...

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