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☆ Saudi energy minister denies output increase discussion -state news agency
▼ + stars: | 2022-11-21 | by ( ) www.reuters.com time to read: 1 min

DUBAI, Nov 21 (Reuters) - Saudi Arabian energy minister Prince Abdulaziz bin Salman said the kingdom is not discussing a potential oil output increase with other OPEC oil producers, state news agency SPA reported, denying a Wall Street Journal report earlier on Monday. "It is well-known that OPEC+ does not discuss any decisions ahead of the meeting," the prince was quoted as saying, referring to the group's next meeting in December. "The current cut of 2 million barrels per day by OPEC+ continues until the end of 2023 and if there is need to take further measures by reducing production to balance supply and demand we always remain ready to intervene." Reporting by Maha El Dahan Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Oil prices lower as outlook grows bearish. Traders fear weak China demand more than impact of Russian sanctions
▼ + stars: | 2022-11-21 | by ( Patti Domm | In | ) www.cnbc.com time to read: +4 min

Oil prices were volatile Monday as traders considered the possibility of weakening Chinese demand and a growing view that world could have sufficient supplies even with a European ban on Russian oil. The firm cited China's Covid restrictions and a lack of clarity on G-7 price caps on Russian crude for the new outlook. The European Union's ban on seaborne Russian oil starts Dec. 5. "Every fundamental signal in the crude market right now is bearish," she said. At least for now, the market expects there will be sufficient supplies even with Russian sanctions, Babin said.

Setting out what he said were Saudi Arabia's steps to produce cleaner energy and reduce its carbon footprint, Prince Abdulaziz bin Salman said: "The world is hoping to crucify us." Instead, he said, Saudi Arabia would be holding the rest of the world to account. Among Saudi Arabia's contributions, he said Saudi Arabian state oil producer Aramco (2222.SE) had the lowest methane emissions by any measure. Saudi Arabia is also working on producing hydrogen using renewable energy and aims to be the lowest cost producer, Prince Abdulaziz said. "You need to invest to decarbonise existing resources like oil and gas while building your renewable sectors.

"We are only a phone call away if the requirements are there," he said. OPEC+ faced one of its biggest clashes with the West after it agreed oil production cuts in October, a decision the U.S. administration called shortsighted. OPEC+ producers rallied around top oil exporter Saudi Arabia after the United States accused it of pushing members into the cut. Saudi Arabia and the UAE, two of the world's biggest oil producers, are boosting output and refining, and working on clean hydrogen, Saudi Energy Minister Prince Abdulaziz bin Salman said on Monday. The UAE is releasing its first revision of its energy plan in 2023, which will increase its green targets, Mazrouei said.

☆ Saudi Arabia, UAE boosting output, working on clean hydrogen -Saudi energy minister
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: +1 min

ABU DHABI, Oct 31 (Reuters) - Saudi Arabia and the United Arab Emirates, two of the world's biggest oil producers, are boosting output and refining and working on clean hydrogen, Saudi Energy Minister Prince Abdulaziz bin Salman said on Monday. "We and the UAE are going to be the exemplary producers," he told a major industry event in Abu Dhabi. If we zero out hydrocarbon investment ... due to natural decline ... we would lose 5 million barrels per day of oil each year from current supplies. This would make the shocks we have experienced this year feel like a minor tremor," Jaber said. Reporting by Maha El Dahan; Writing by Michael Georgy; Editing by Kim Coghill and Tom HogueOur Standards: The Thomson Reuters Trust Principles.

☆ America and Saudi Arabia are locked in a bitter battle over oil. The stakes are massive
▼ + stars: | 2022-10-28 | by ( Matt Egan | ) edition.cnn.com time to read: +7 min

New York CNN Business —The relationship between the United States and Saudi Arabia is one of the most important on the planet. Biden visited Saudi Arabia over the summer and even fist-bumped Crown Prince Mohammed bin Salman. Saudi Arabia could respond to penalties from Washington with drastic steps of their own, ratcheting up the conflict further. Saudi Arabia is sitting on roughly $119 billion of US debt, according to Treasury Department data, making it the world’s 16th largest holder of Treasuries. All of this explains why a full-blown breakdown in relations between the United States and Saudi Arabia may be the last thing the fragile economy needs right now.

☆ The US and Saudi Arabia traded petty insults in an feud over oil after a reported secret deal fell apart
▼ + stars: | 2022-10-27 | by ( Tom Porter | ) www.businessinsider.com time to read: +3 min

The US and Saudi Arabia are in a dispute over reports of an abandoned secret oil deal. Biden wants more oil output to drive down prices, but Saudi and its OPEC partners plan the opposite. The backdrop to the dispute is the decision in October by Saudi Arabia and other oil producers to cut output and keep prices high. "I think we as Saudi Arabia decided to be the maturer guys and let the dice fall," Abdulaziz told an international investors summit in Riyadh this week, according to Reuters. Biden said there will be "consequences" for Saudi Arabia over its decision to reduce oil supplies, but has not specified what they will be.

Brent crude futures were up $2.43, or 2.6%, to $95.95 a barrel by 12:31 p.m. EDT (1631 GMT). U.S. West Texas Intermediate (WTI) crude rose $2.86, or 3.3%, to $88.18. U.S. crude stocks rose 2.6 million barrels last week, according to weekly government data, more than anticipated, but that was lower than industry figures, which showed a 4.5 million-barrel build. In addition, crude exports rose to 5.1 million barrels a day, the most ever, dropping U.S. crude imports on net to their lowest in history. Traders attributed the surge in exports to the widened WTI-Brent spread , which, coming into Wednesday's trade, was at more than $8 per barrel.

NEW YORK, Oct 26 (Reuters) - Oil prices surged on Wednesday as U.S. crude exports hit an all-time high and as the nation's refiners operated at higher-than-usual levels for this time of year. Brent crude futures for December were up $2.16, or 2.3%, at $95.68 a barrel as of 11:01 a.m. EDT (1501 GMT). A 0.9% drop in the U.S. dollar also added to bullishness, making oil cheaper for holders of other currencies. "OPEC production cuts effective November and the new EU sanctions on Russian oil to be enforced from December should be positive" for prices, said Stephen Innes, managing partner at SPI Asset Management. In addition, crude exports rose to 5.1 million barrels a day, the most ever, dropping U.S. crude imports on net to their lowest in history.

☆ Oil volatility could get more intense as Europe's December deadline approaches
▼ + stars: | 2022-10-26 | by ( Patti Domm | In | ) www.cnbc.com time to read: +9 min

Singh notes there could be a significant drop in Russian oil in coming months as European restrictions on imports of oil and refined products, like diesel, take hold. Barclays expects about 1 million barrels of Russian oil to come off the market, but Singh said his estimate is low compared with others. He noted that China and India have increased their purchases of Russian oil, but so have other countries, like Turkey. We also believed the government in the U.S. was going to put a floor under oil prices by refilling the SPR," said Blanch. There's going to be a very large spread between European energy prices and U.S. energy prices."

Benchmark Brent crude futures were up 35 cents to $93.61 a barrel by 12:59 p.m. EDT (1659 GMT), while U.S. West Texas Intermediate crude futures rose by 71 cents to $85.29. The U.S. dollar index fell during afternoon trade, making dollar-denominated oil less expensive for other currency holders and helping to push prices higher. Further support came from comments by Saudi Arabia's energy minister, Prince Abdulaziz bin Salman, that energy stocks were being used as a mechanism to manipulate markets. U.S. crude oil inventories are expected to rise this week, which could limit price gains. Analysts polled by Reuters estimated on average that crude inventories rose by 200,000 barrels in the week to Oct. 21.

SummarySummary Companies Saudi minister says emergency stocks used to manipulate marketsSays kingdom remains most reliable and stable oil supplierSays we are for Saudi Arabia, not with or against anyone elseRIYADH, Oct 25 (Reuters) - Saudi Arabia's energy minister Prince Abdulaziz bin Salman said on Tuesday some countries were using their emergency stocks to manipulate markets when their purpose should be to mitigate any shortages of supply. The comment appeared to be a criticism of U.S. President Joe Biden's decision to sell oil from the nation's emergency oil reserve as he tries to lower gasoline prices ahead of mid-term elections on Nov. 8. "It is my profound duty to make clear to the world that losing (releasing) emergency stocks may be painful in the months to come," the Saudi minister told the Future Initiative Investment (FII) conference in Riyadh. The prince said Saudi Arabia had chosen to be "the maturer" party when asked about how to get the energy relationship with the U.S. back on track. Is there any room for we are for Saudi Arabia and the people of Saudi Arabia," he said.

SummarySummary Companies OPEC+ oil output cut led to U.S., Saudi spatSaudi Arabia and U.S. "solid allies" – ministerBig Wall St turnout at flagship Saudi investment summitRIYADH, Oct 25 (Reuters) - Saudi Arabia decided to be the "maturer guys" in a spat with the United States over oil supplies, the kingdom's energy minister Prince Abdulaziz bin Salman said on Tuesday. "We keep hearing you 'are with us or against us', is there any room for 'we are with the people of Saudi Arabia'?" Biden pledged that "there will be consequences" for U.S. relations with Saudi Arabia after the OPEC+ move. JPMorgan Chase & Co Chief Executive Jamie Dimon, speaking at the gathering, voiced confidence that Saudi Arabia and the United States would safeguard their 75-year-old alliance. It recovered the next year, attracting leaders and businesses with strategic interests in Saudi Arabia, after which the pandemic hit the world.

☆ Saudi, China agree to strengthen energy cooperation -SPA
▼ + stars: | 2022-10-21 | by ( ) www.reuters.com time to read: +2 min

Companies Saudi Arabian Oil Co FollowDUBAI, Oct 21 (Reuters) - Saudi Arabia's energy minister Prince Abdulaziz bin Salman and the director of China's National Energy Administration Zhang Jianhua on Friday said they would strengthen their ties in the energy sector, the Saudi state news agency SPA reported. The officials spoke in a teleconference call and stressed the importance of stable long-term supplies to crude oil markets, SPA said. The Saudi minister reaffirmed earlier on Friday from New Delhi that OPEC+ is doing the right job to ensure stable and sustainable oil markets. Prince Abdulaziz and his Chinese counterpart agreed to continue cooperation efforts to maintain stability in oil markets, SPA said, adding that the Kingdom continues to be China's most reliable partner and supplier of crude oil. He had earlier this week spoken with the trade minister of Japan, another key client, and discussed strengthening cooperation on energy.

☆ Saudi energy minister says OPEC+ doing the right job to ensure stable market
▼ + stars: | 2022-10-21 | by ( ) www.reuters.com time to read: 1 min

NEW DELHI, Oct 21 (Reuters) - Saudi Arabia's energy minister Prince Abdulaziz bin Salman on Friday said OPEC+ is doing the right job to ensure stable and sustainable oil markets. He was responding to questions on a recent decision by OPEC+ to cut oil output by 2 million barrels per day. Register now for FREE unlimited access to Reuters.com RegisterReporting by Nidhi Verma in New Delhi; Writing by Shivam Patel; Editing by Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

☆ Saudis aren’t weaponizing oil like Americans claim, top official says
▼ + stars: | 2022-10-12 | by ( Joshua Berlinger | ) edition.cnn.com time to read: +6 min

Experts also fear that continued high oil prices could make it more difficult for the US to tamp down inflation, which has already skyrocketed this year. “Saudi Arabia is taking the side of trying to ensure the stability of the oil markets.”“Saudi Arabia does not politicize oil. Saudi officials have insisted that the production cut is being done to protect the country’s economic interests. Democratic Sen. Richard Blumenthal of Connecticut on Wednesday called for immediate action on his bill that would stop US arm sales to Saudi Arabia. When asked about growing calls in Washington to limit ties with Saudi Arabia, al-Jubeir said he hoped that such talk was motivated by domestic politics ahead of the midterms.

On Wednesday, OPEC+, the oil cartel led by Saudi Arabia and Russia, agreed to slash production by 2 million barrels per day, twice as much as analysts had predicted, in the biggest cut since the Covid-19 pandemic. “Saudi Arabia is looking to head off a repeat of 2008 when the market crash sent the global economy into a recession and oil prices suddenly plummeted, requiring emergency action by OPEC,” said Wald. Analysts also say Saudi Arabia cannot afford to let oil prices go below a certain level for budgetary reasons. For its budget to break even, global oil prices must be at around $79 a barrel, according to the International Monetary Fund. That was a warning sign for Saudi Arabia and other oil exporters, who depend on oil for a majority of their revenue.

Energy analysts believe the deep production cuts could yet backfire for OPEC kingpin and U.S. ally Saudi Arabia. Energy analysts believe the deep production cuts could yet backfire for OPEC kingpin and U.S. ally Saudi Arabia, particularly as Biden hinted Congress would soon seek to rein in the Middle East-dominated group's influence over energy prices. OPEC and non-OPEC allies, a group often referred to as OPEC+, agreed on Wednesday to reduce oil production by 2 million barrels per day from November. "In light of today's action, the Biden Administration will also consult with Congress on additional tools and authorities to reduce OPEC's control over energy prices," the White House said. While the group likes to say they keep politics out of their decisions, there's no denying that there are potential ramifications to this beyond the oil price.

☆ Saudi king names crown prince as prime minister
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +2 min

Saudi Crown Prince Mohammed bin Salman meets with Greek Prime Minister Kyriakos Mitsotakis (not pictured) at the Maximos Mansion in Athens, Greece, July 26, 2022. REUTERS/Louiza VradiSept 27 (Reuters) - Saudi Arabia's King Salman bin Abdulaziznamed his son and heir Prince Mohammed bin Salman as the kingdom's prime minister and his second son Prince Khalid as defense minister, a royal decree said on Tuesday. The reshuffle kept another son, Prince Abdulaziz bin Salman, as energy minister, theroyal decree, carried by state news agency SPA, said. Foreign Minister Prince Faisal bin Farhan Al Saud, Finance Minister Mohammed al-Jadaan and Investment Minister Khalid al-Falih remained unchanged, the decree showed. Prince Khalid bin Salman, MbS's younger brother, previously served as deputy defense minister.

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