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These oil stocks took the biggest beatings after Saudi Arabia shocked the energy market
The S&P 500 energy sector tumbled 20%, as West Texas crude oil for April delivery CL.1, 7.613% fell 25% to settle at $31.13 a barrel. That was the largest one-day price drop for oil since 1991.
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How Saudi Arabia’s entertainment sector will help its economy
Riyadh Season, a multi-location festival, proved to be a massive success and generated a whopping 1 billion Saudi riyals ($266.5 million) for the kingdom after running from October 2019 to January.
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Saudi Arabia sets 72-hour deadline to return to Kingdom amid coronavirus fears
The Saudi government has given nationals who wish to return to the Kingdom three days to make their journey from the United Arab Emirates and Bahrain, Saudi Arabia’s consulates announced on Tuesday. Nationals can take Saudia flights from Dubai airport during the next three days. Alternatively, Saudis can enter through Al-Batha border checkpoint near Abu Dhabi.
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Saudi Arabia Increase Oil Output to Record High
Saudi Arabia's state-run oil giant Saudi Aramco said Tuesday it would increase its crude oil production to 12.3 million barrels a day in April, a record amount. The move seems to make good on the country's promise over the weekend to increase output after Russia refused to cooperate on cutting production. That led to a 25% plunge in the price of crude on Monday, the sharpest decline seen since the 1991 Gulf War. International benchmark Brent crude traded up over 7% Tuesday at nearly $37 a barrel.
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How Putin spurned the Saudis to start a war on America’s shale oil industry
After five hours of polite but fruitless negotiation, in which Russia clearly laid out its strategy, the talks broke down Friday. It wasn’t just traders who were caught out: Ministers were so shocked, they didn’t know what to say, according to a person in the room. The gathering suddenly had the atmosphere of a wake, said another.
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Perspective: 34-Year-Old Saudi Crown Prince Consolidates His Power
“There are fewer princes in the cabinet now than was the norm under previous kings, and even the foreign ministry is in the hands of a member of a cadet branch of the Al Saud family, not a direct descendant of the founding king,” said Gregory Gause, a professor of international affairs at Texas A&M University. “That’s a major change for a country where previous kings consulted a range of powerful princes before setting government policy.”
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Blackstone’s Saudi-backed oil pipeline deal takes a hit
The Tallgrass acquisition was among the fund’s first deals, and promises to put Stephen Schwarzman’s group in control of major pipelines including the Pony Express, which feeds crude from wells in the western US to the massive tank complex at Cushing, Oklahoma.
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Saudi investors feel the pain of Aramco free-fall
A record 5.1 million retail investors, the majority Saudis, took part in Aramco’s $29.4 billion IPO, lured by nationalistic fervor, promise of a hefty dividend and easy credit.
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Saudi’s price cuts for April heap pressure on Urals crude
"Everyone will nominate Saudi," said another trader, referring to the process whereby oil companies that have term contracts with the kingdom can exercise an option to load their full allowance and take advantage of the new competitive pricing.
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Saudis and Russia Dig in for a Long, Bitter Oil-Price War
Saudi Arabia and Russia dug in for a long and destructive oil-price war, as Moscow responded forcefully to Riyadh’s opening salvo. If there was any doubt that the collapse of last week’s OPEC+ talks created a lasting rupture between the world’s top crude exporters, Russia dispelled it on Monday. Its largest producer will pump significantly more oil next month and Energy Minister Alexander Novak said the country’s share of export markets -- under attack from Saudi Aramco’s steep price cuts -- will be preserved.
- MSNBC - Saudi Arabia seizes oil market by the throat; stock market chokes
- Reuters - Kremlin says cannot rule out Russia and Saudi Arabia resuming oil talks
- Yahoo - Trump Spoke to Saudi Crown Prince Over Oil Price War
- Reuters - Saudi energy minister: no need for OPEC+ meet if no agreement on handling oil market crisis
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