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☆ Saudi energy minister says latest Riyadh-Moscow oil cuts showed unity with Russia
▼ + stars: | 2023-07-05 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +2 min

Saudi Minister of Energy Prince Abdulaziz bin Salman al-Saud speaks during a panel discussion at the 10th Arab-China Business Conference in Riyadh, on June 11, 2023. The latest round of voluntary crude oil output cuts evidence the cooperation between heavyweight producers and allies Russia and Saudi Arabia, the kingdom's Energy Minister Prince Abdulaziz bin Salman said on Wednesday. On Monday, Saudi Arabia said it would extend the 1-million-barrel-per-day production cut it had initially flagged for July into August, while Russia announced a 500,000 barrel-per-day decline in exports next month. Unlike alliance-wide OPEC+ policy decisions, voluntary production declines do not require unanimous approval and need not be implemented by all group members. "It was a voluntary cut that was not imposed on them … including delivering, that they will do it from their exports, because it is more meaningful," Abdulaziz said Wednesday.

Persons: Energy Prince Abdulaziz bin Salman al, Saud, Prince Abdulaziz bin Salman, Prince Abdulaziz, Abdulaziz Organizations: Energy, China Business Conference, kingdom's Energy, Organization of, Petroleum Locations: Saudi, Arab, Riyadh, Russia, Saudi Arabia, OPEC, Moscow, Vienna, Europe, Asia

☆ Saudi's crown prince and Putin are teaming up to keep oil prices high in a geopolitical gambit likely to annoy the US
▼ + stars: | 2023-06-05 | by ( Tom Porter | ) www.businessinsider.com time to read: +4 min

Saudi Arabia said it is cutting oil production to stabilize oil markets. The move is likely to irk Joe Biden, who has clashed with the Saudis on oil production. The Saudis have previously worked with Russia to cut production, thus boosting prices. Saudi Arabia is the world's biggest oil producer and most influential member of the group, so has significant power over global oil markets. The production cut will likely be among the issues discussed when US Secretary of State Anthony Blinken visits Saudi Arabia next week.

Persons: irk Joe Biden, —, Prince Abdulaziz bin Salman al, Saud, Prince Abdulaziz, Saudi Arabia's, Prince Mohammed bin Salman, Alexander Novak, Biden, State Anthony Blinken Organizations: Saudis, Service, Privacy Policy, Reuters, Brent, White, State, New York Times, Kremlin Locations: Saudi Arabia, Russia, Privacy Policy Saudi Arabia, Saudi, Vienna, Austria, Russian, Riyadh, Ukraine, Opec, India

☆ Janet Yellen says OPEC+ production cut is an 'unconstructive act'
▼ + stars: | 2023-04-03 | by ( Christina Wilkie | ) www.cnbc.com time to read: +1 min

WASHINGTON — Treasury Secretary Janet Yellen said the surprise OPEC+ oil production cut announced Sunday was an "unconstructive act," which could hurt U.S. efforts to lower inflation. "I think it's a regrettable action that OPEC decided to take. "We don't think cuts are advisable at this moment, given market uncertainty — and we've made that clear," National Security Council spokesman John Kirby said Monday. He added that the United States received advance notice of the OPEC announcement. The OPEC cut follows Russia's recent decision to trim oil production by 500,000 barrels per day until the end of 2023.

☆ Saudi Arabia to invest about $266 bln for clean energy - minister
▼ + stars: | 2023-01-30 | by ( ) www.reuters.com time to read: 1 min

Jan 30 (Reuters) - Saudi Arabia will invest up to one trillion riyals ($266.40 billion) to generate "cleaner energy", Saudi state TV reported on Monday, citing the kingdom's energy minister. Prince Abdulaziz bin Salman added that the investments aim also to "add transport lines and distribution networks in order to eventually export the energy to the world and produce clean hydrogen." (This story has been refiled to fix typo in headline.) Reporting By Nayera AbdallahOur Standards: The Thomson Reuters Trust Principles.

☆ Analysis: Saudi prince seeks Mideast leadership, independence with Xi's visit
▼ + stars: | 2022-12-04 | by ( Aziz El Yaakoubi | ) www.reuters.com time to read: +7 min

The Saudi government did not respond to requests for comment on Xi's visit and its agenda. It is China's top oil supplier, although fellow OPEC+ producer Russia has increased its Chinese market share with lower-priced fuel. The Chinese delegation is expected to sign dozens of agreements with Saudi Arabia and other Arab states covering energy, security and investments, diplomats have told Reuters. U.S. officials have declined to comment when asked about Saudi-China bilateral relations ahead of Xi's visit. "The relationships with China pale versus those with the United States in terms of both complexity and intimacy," 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 Arabia's Kingdom Holding invested over $500 million in Russian energy companies around the time Russia invaded Ukraine
▼ + stars: | 2022-08-15 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

Kingdom Holding invested in Russia's Gazprom, Rosneft, and Lukoil from February to March this year. Saudi Arabia's sovereign wealth fund owns 17% of Kingdom Holding. Kingdom Holding, one of Saudi Arabia's highest profile companies, is mostly owned by Prince Alwaleed bin Talal. Kingdom Holding posted details of the transactions into Russian energy companies Gazprom, Rosneft, and Lukoil on Twitter on Sunday. The tweets show the company invested 1.37 billion Saudi riyals, or $365 million, in Gazprom and 196 million riyals in Rosneft in February 2022.

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