EghtesadOnline: Saudi Arabia wants to get oil prices near $80 a barrel to pay for the government’s crowded policy agenda and support the valuation of state energy giant Aramco before an initial public offering.
EghtesadOnline: Saudi Arabia, OPEC’s biggest oil producer, is also a leader when it comes to slashing the crude price the country needs to balance its budget.
EghtesadOnline: Iraq and Iran boosted crude exports in September, taking advantage of a slower pace of shipments from the rival Saudi Arabia to win buyers in key markets like China and the US.
EghtesadOnline: Saudi Arabia’s second-quarter budget gap narrowed to 46.5 billion riyals ($12.4 billion) after income from oil advanced.
EghtesadOnline: OPEC’s two biggest producers agreed to strengthen their commitment to production cuts and maintain balance in world crude markets, Saudi Energy Minister Khalid Al-Falih said after talks with his Iraqi counterpart Jabbar al-Luaibi, according to the kingdom’s state news agency SPA.
EghtesadOnline: Saudi Arabia’s drive to reduce the economy’s reliance on oil has hit a snag: its reliance on oil.
EghtesadOnline: Saudi Arabia’s economy shrank by 0.5 percent in the first quarter, illustrating the scale of the challenge facing the country’s new heir as he overhauls an economy still reliant on a struggling oil industry.
EghtesadOnline: Iraq is gaining the edge over Saudi Arabia in the world’s fastest-growing oil consumer amid an intensifying race among producers to retain their most-prized markets.
EghtesadOnline: Oil steadied after a third weekly loss as predictions by Saudi Arabia and Russia that crude markets will rebalance vied with signs that U.S. companies are drilling even more wells.
EghtesadOnline: Saudi Arabia doesn’t see any need for changes to the oil-cuts deal agreed on by OPEC and its allies last month in Vienna, Oil Minister Khalid Al-Falih said, according to Interfax.