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☆ Oil prices dip as markets debate hit from Middle East turmoil
▼ + stars: | 2023-10-10 | by ( ) www.cnbc.com time to read: +2 min

Employees visit the Natural Gas Liquids (NGL) facility at Saudi Aramco's Shaybah oil field in the Rub' Al-Khali desert, also known as the 'Empty Quarter,' in Shaybah, Saudi Arabia, on Tuesday, Oct. 2, 2018. Oil prices edged down slightly on Tuesday after gaining more than 4% in the previous session as markets weighed the potential for supply disruptions as the conflict between Israel and the Palestinian Islamist group Hamas continued. While Israel produces very little crude oil, markets worried that if the conflict escalates it could hurt Middle East supply and worsen an expected deficit for the rest of the year. Israel's port of Ashkelon and its oil terminal have been shut in the wake of the conflict, sources said on Monday. The turmoil may also cause U.S. to tighten its sanctions on Iran and hurt export of Iranian oil, analysts said.

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☆ Saudi Arabia and the UAE are battling to become the Middle East's economic superpower
▼ + stars: | 2023-09-24 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +11 min

Saudi Arabia's crown prince is shaking up his economy in a move escalating its UAE rivalry. In March, Saudi Arabia unveiled Riyadh Air , a new airline serving as an alternative to the UAE's Emirates and Etihad Airways. If you want to do business with Saudi Arabia or Saudi state-owned entities, you've got to base your regional HQ in Saudi Arabia." "Saudi Arabia sees the separation project in Yemen as a way to let the Houthis control the north and therefore have a more-threatening border at the south of Saudi Arabia." Bandar Algaloud/Courtesy of Saudi Royal Court/Handout via REUTERSHow far the rivalry between the two nations goes largely depends on Saudi Arabia's actions.

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☆ Saudi Arabia pushed other OPEC nations into oil cut, White House claims
▼ + stars: | 2022-10-13 | by ( ) www.reuters.com time to read: +2 min

Flames are seen at the production facility of Saudi Aramco's Shaybah oilfield in the Empty Quarter, Saudi Arabia May 22, 2018. REUTERS/Ahmed Jadallah/File PhotoWASHINGTON, Oct 14 (Reuters) - Saudi Arabia pushed other OPEC+ nations into an output cut last week, the White House claimed on Thursday, part of an escalating war of words between the two countries. "More than one" OPEC member disagreed with Saudi Arabia's push to cut production and felt coerced into the vote, National Security Council spokesman John Kirby told reporters. Of those cuts, experts expect an actual production cut of about half that level. The production cut is the latest sign of deteriorating U.S.-Saudi relations since Biden took office.

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