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Goldman Sachs Sees Saudi and Russia Supply Cuts as Adding Upside Risk to Previous Forecast
Goldman Sachs Commodities Research said Saudi Arabia and Russia’s extension of voluntary supply cuts posed bullish risks to their crude price forecasts, raising a possibility that Brent could jump as high as $107 a barrel next year, according to a report in Reuters.
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Uncertainty Inside OPEC+ Causes Oil Price Flux
Oil prices continued to see increased volatility as traders attempt to understand how the Saudi-UAE chasm on production might affect supply in the coming months, according to reports.
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Report: Saudi Arabia Asks State Agency Heads to Prepare for Budget Cuts ‘of at Least 20%’
Saudi Arabia has asked state agencies to submit proposals for cuts of between 20% and 30% to their budgets “in a fresh austerity drive to cope with a sharp drop in oil prices” due to a looming price war between Russia and Saudi Arabia, Reuters reports, citing four sources familiar with the matter.
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Saudi-Russia Still in Communication on Oil Policy; Former Minister Al-Falih Speaks with Russia’s Novak
Saudi Arabia and Russia dug in on the potential for an oil price war on Tuesday, with each indicating they are willing and able to open the spigots after the two sides failed to reach an agreement on supply curbs which sent global markets to major losses, according to reports. On Tuesday, the Kingdom’s state-run Saudi Arabian […]
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Russia’s Putin Arrives in Saudi Arabia to Discuss Oil Market Stability, Regional Tensions
Russia’s President Vladimir Putin is in Saudi Arabia to visit with top Saudi leaders, his first trip to the Kingdom in over a decade. The visit is a sign of Russia’s “growing Middle East clout,” Reuters reports, as tensions brew in regional hotspots where Russia and Saudi Arabia’s interests diverge. Putin will sign oil agreements, which will […]
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High Stakes as Saudi Arabia, Russia Leaders Meet on Sidelines of G20
Top officials from Russia and Saudi Arabia are set to test their energy policy coordination through a series of meetings this week, both in Argentina on the sidelines of the G20 meeting and in Vienna, Austria next week for a meeting between OPEC and non-OPEC producers. Crude futures have fallen more than 25 percent since climbing to a four-year peak […]
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Saudi Arabia’s Central Bank Sees Reserves Soar on High Oil Prices
Saudi Arabia’s central bank foreign reserves rose last month at their fastest rate for four years, Reuters reports on official data revealed on Monday. The $13.3 billion month-on-month increase in reserves to $498.9 billion in April is the highest level reached in over year and reveals “the extent to which a rebound in oil prices is […]
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Russian, Chinese Interests ‘Eager’ to Invest in Saudi Aramco IPO as Cooperation Heats Up
The head of the Russian Direct Investment Fund (RDIF) said in Riyadh today there is “significant interest” to invest in the forthcoming Aramco IPO from Russia and from China, according to reports. Several banks and other groups in Russia are interested in investing in shares of Aramco, according to Bloomberg, which reported comments from Kirill Dmitriev, chief […]
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Saudi-Russia Ties Strengthen as King Salman Visits around Russia Energy Week
Saudi-Russia ties continue to warm ahead of King Salman’s visit as the Kingdom looks to expand bi-lateral investment opportunities, according to reports. Saudi Arabia and Russia are the two biggest energy players, producing almost a quarter of the world’s oil between them. As the de facto leader of OPEC, Saudi Arabia has forged a working […]
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This is Damascus Now: Incredible Drone Footage Reveals Extent of Devastation in Damascus from Syria’s Bloody Civil War
Incredible aerial footage of Syria’s capital, Damascus, has emerged showing widespread devastation to a once vibrant city. The Associated Press reports that the original video was shot by RTR war correspondent Yevgeny Poddubny on October 18, noting, “thousands of Syrian army airstrikes and barrel bombs dropped from army helicopters throughout the country’s civil war have reduced […]
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MUST-READS
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Saudi-Russia Oil Curbs Signal a Special Relationship
There has been little sign of Moscow’s earlier cuts in any of the visible flows from the country. Since that reduction came into effect in March, oil supply going out of the country have actually risen. But this latest plan will see Russia specifically target overseas sales, making it much easier to monitor and harder to avoid implementing a real reduction.
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Opinion: Saudi-Russian Military Cooperation: Signaling or Strategy?
While the text of the deal has not been disclosed, the agreement is consistent with the Saudis’ long-standing approach of seeking relative autonomy through building a number of sourcing arrangements with key international actors and accumulating diverse international partnerships rather than relying exclusively on the United States.
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Saudi-Russian cooperation includes construction of nuclear reactors, minister says
Russia’s Rosatom State Nuclear Energy Corporation is currently participating in a tender to construct a high-yield nuclear power plant in Saudi Arabia
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Commentary: How a Tenuous Saudi-Russia Oil Alliance Could Melt Down
Many smaller firms, which account for more than a million jobs, are at risk of going bankrupt. This is partly because of the way the Russian tax system is structured: Any windfall gains from higher oil prices tend to go to the state, not the companies, creating an incentive for energy companies to increase volume at lower prices to generate profit, explains Ms. Croft.
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U.S. Forecasts Oil Production Drop; Could be Factor in Saudi-Russia Price War
The new forecast is from the U.S. Energy Information Administration, which said the U.S. will produce 11 million barrels a day over the fourth quarter, down from just below 13 million barrels a day during the first quarter of 2020.
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Oil Price War Tests Saudi-Russian Investment Cooperation
The PIF and RDIF formally began their partnership in July 2015, when the PIF committed to investing $10 billion across various sectors. By May 2017, the two sovereign wealth funds had created the Russia-Saudi Investment Fund with a reported $6 billion in committed capital. The joint fund prioritizes six sectors: food and agriculture, consumer goods and services, healthcare, pharmaceuticals, innovation and technology, and infrastructure.
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Trump touts ‘great’ Saudi-Russia oil deal to halt price rout, but details unclear
U.S. President Donald Trump said on Thursday he had brokered a deal with top crude producers Russia and Saudi Arabia to cut output and arrest an oil price rout amid the global coronavirus pandemic, though details of how cuts would work were unclear.
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Trump’s Saudi-Russia Oil Gambit Faces Resistance at Home
The prospect of capping U.S. production is a non-starter with many industry heavyweights, who blasted the proposal and are opposed to any broader effort. The API called pro-rationing an “anticompetitive” effort that would only harm U.S. consumers and American producers.
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Oil rallies as Trump talks up truce hopes for Saudi-Russia price war
Trump also said he has invited U.S. oil executives to the White House to discuss ways to help the industry “ravaged” by slumping energy demand during the coronavirus outbreak and a price war between Saudi Arabia and Russia.
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Saudi-Russia price war puts $110bn of US energy bonds on the brink
Almost 12 per cent of the $936bn of bonds issued by US oil and gas companies are were trading on Monday with a yield more than 10 percentage points above Treasuries — a commonly used definition of distress — according to indices run by Ice Data Services. Yields rise as prices fall.
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