All eyes will now be on Saudi Arabia’s new energy minister to see if the country will stay the course on stabilizing global crude markets, oil market expert Helima Croft said Monday. This follows news that Saudi Arabia’s King Salman has replaced Energy Minister Khalid al Falih with one of his sons
Top oil exporter Saudi Arabia is expected to raise prices for light crude grades it sells to Asia in October on stronger Middle East benchmarks and gasoil margins, several trade sources said on Monday.
Saudi Arabia aims to raise the capacity of its east-west pipeline by 40% in two years so more of its oil exports can avoid passing through the Strait of Hormuz, the energy minister said on Thursday.
When Saudi Aramco was on the verge of a deal last year to buy a stake in an Indian oil refinery, its boss quickly boarded a company jet in Paris and flew to New Delhi. Chief executive Amin Nasser arrived unannounced early on April 11, 2018, finalised the agreement and signed it later that day.
India has flagged the rising crude oil prices to Saudi Arabia and sought keeping it at reasonable levels. Minister of Petroleum & Natural Gas and Steel, Dharmendra Pradhan had a telephonic conversation with Khalid Al-Falih
Saudi Arabia pumped 9.65 million barrels of oil per day (bpd), cutting deeper than its production target under a global pact to reduce oil supply, a Saudi oil industry source said on Monday.
Oil prices fell on Wednesday after industry data showed an increase in U.S. crude inventories and as Saudi Arabia pledged to keep markets balanced. Brent crude futures were down 38 cents, or 0.5 percent, at $71.80 at barrel by 0219 GMT, having risen 21 cents on Tuesday.
Saudi Arabia said on Monday two of its oil tankers were damaged in “sabotage attacks” in the Gulf as tensions soared in a region already shaken by a standoff between the United States and Iran.
India is leveraging its relationship with West Asian oil producers such as Saudi Arabia, Kuwait and United Arab Emirates (UAE) to source additional crude oil at similar terms as those entered for annual contracts.
Saudi Arabian Oil Co. is doing its best to make nice with one of its biggest customers. With the ink barely dry on the takeover of 70 percent of the country’s chemical giant Saudi Basic Industries Corp.