SUSTG.com / Research

Discover stories, topics, and more about Saudi Arebia faster.

Recent stories from sustg

MUST-READS

  • Russia told OPEC it would export less oil. It’s actually exporting more

    Bloomberg reports that outgoing Russian oil shipments hit nearly 4 million barrels a day this week. That would be the highest level since May of last year. Russia broadcast last month that it would soon be cutting exports by 121,000 barrels a day from the levels of last May and June, but so far this year exports are actually higher than that.

  • Russia, Saudi to continue OPEC+ cooperation

    Russian President Vladimir Putin and Saudi Crown Prince Mohammed Bin Salman yesterday expressed their willingness to continue developing friendly relations and cooperation between the two countries and coordination in OPEC+.
    The Kremlin said in a statement: “The two sides expressed their willingness to further develop friendly relations and mutually beneficial cooperation between the Russian Federation and the Kingdom of Saudi Arabia. The effectiveness of coordination between the two countries in OPEC+ was specifically emphasised.”

  • OPEC Voices Encouragement after IEA Affirms Support for Oil Security

    The Organization of the Petroleum Exporting Countries (OPEC) on Wednesday expressed encouragement after a commentary from the International Energy Agency (IEA) telling the globe to ensure petroleum supply while transitioning to a clean energy future. The development marks an easing of hostilities between the multi-governmental body and OPEC. The two clashed ahead of COP28 last year over the IEA’s claim that demand for fossil fuels could peak by 2030. In the commentary published Monday the IEA said while its work on energy security has expanded to include “the emerging security dimensions of clean energy transitions”, it has “a firm commitment to oil security”.

  • Opec+ defers tricky decision on production increases

    The series of cuts, which began in November 2022 in the face of vehement US opposition, has crimped production of crude by some 5.3mn barrels a day, or about 5 per cent of global supply. These curbs on supply have helped prop up the price of crude for the past 18 months but left Saudi Arabia, which has cut its production by 2mn barrels a day, shouldering most of the cost.

  • OPEC+ defers tricky decision on production increases

    The decision by Opec+ members to extend voluntary oil production cuts to July has merely delayed the difficult question of how long Saudi Arabia is willing to bear the weight of lower global output, say analysts. The series of cuts, which began in November 2022 in the face of vehement US opposition, has crimped production of crude by some 5.3mn barrels a day, or about 5 per cent of global supply.

  • OPEC+ members extend oil output cuts to second quarter

    OPEC+ members led by Saudi Arabia and Russia agreed on Sunday to extend voluntary oil output cuts of 2.2 million barrels per day into the second quarter, giving extra support to the market amid concerns over global growth and rising output outside the group. Saudi Arabia, the de facto leader of the Organization of the Petroleum Exporting Countries (OPEC), said it would extend its voluntary cut of 1 million barrels per day (bpd) through the end of June, leaving its output at around 9 million bpd.

  • Saudi Arabia and the UAE among Opec+ members extending oil output cuts

    Several members of the Opec+ group oil producers, including Saudi Arabia, the UAE and Kuwait, will extend oil output cuts as part of efforts to support market balance and stability. In total, Opec+ members are extending additional voluntary cuts of 2.2 million barrels per day to the end of second quarter, the Opec secretariat said in a statement on Sunday. The caps on production are calculated from the 2024 required production level, set out in the Opec ministerial meeting in June last year. The move is in addition to the cuts announced in April last year, which have been extended until the end of 2024.

  • OPEC+ production cuts deepen with extensions from Saudi Arabia, Russia and other oil giants

    Some members of oil cartel OPEC, led by Saudi Arabia, and allied producers like Russia are again deepening their voluntary crude supply cuts. Announcements from several OPEC+ countries extend reductions of some 2.2 million barrels a day, the secretariat for the multinational organization noted Sunday. Saudi Arabia led the pack by extending its previously-implemented cut of 1 million barrels a day through the end of 2024's second quarter.

  • OPEC to Extend Oil Production Cuts Through June

    Saudi Arabia, the de facto leader of the Organization of the Petroleum Exporting Countries, said Sunday that it would extend cuts in oil production through June, noting that it was acting “in coordination with some” other states. Saudi allies including Kuwait and the United Arab Emirates said Sunday that they would also continue their reductions. The decision to keep output cuts in place was expected and appears intended to bolster what might otherwise be weak oil prices. Some analysts forecast that the supply of oil will exceed demand in the first half of this year. Without continued cuts, prices might sink.

  • Saudi bourse falls ahead of OPEC+ meet; Egypt gains

    OPEC+ will consider extending voluntary oil output cuts into the second quarter, Reuters reported last week citing three OPEC+ sources, to provide additional support for the market, and could keep them in place until the end of the year, according to two of them. Saudi Arabia's benchmark index (.TASI), opens new tab dropped 0.6%, hit by a 1.5% fall in Al Rajhi Bank and a 1.2% decline in the biggest lender, Saudi National Bank (1180.SE), opens new tab.