The U.S. Energy Information Administration (EIA) said that the U.S. likely surpassed Saudi Arabia and Russia earlier this year to become the world’s top crude oil producer. The EIA based its disclosure on preliminary estimates in its Short Term Energy Outlook which is released every month.
The rivalry between Saudi Arabia and Iran is becoming increasingly evident in the oil pricing policies of the two large Middle Eastern producers. The two countries are currently reigniting the market share and pricing war ahead of the returning U.S. sanctions on Iranian oil.
President Donald Trump said over the weekend that he had received assurances from King Salman of Saudi Arabia that the kingdom will increase oil production, “maybe up to 2,000,000 barrels” in response to turmoil in Iran and Venezuela. Saudi Arabia acknowledged the call took place, but mentioned no production targets.
Saudi Arabia’s state oil giant will meet customer demand for its crude after the country’s energy minister cemented a deal to boost global supply, according to Saudi Aramco CEO Amin Nasser.
Global index compiler MSCI is considering including Argentina and Saudi Arabia in its emerging market indexes at a review of its widely-tracked benchmark on Wednesday, and could potentially announce candidates that may join its indexes in future.
Saudi Arabia’s crown prince said Israelis are entitled to live peacefully on their own land in an interview published on Monday in U.S. magazine The Atlantic, another public sign of ties between Riyadh and Tel Aviv appearing to grow closer. Asked if he believes the Jewish people have a right to a nation-state in at least part of their ancestral homeland, Mohammed bin Salman was quoted as saying:
Saudi Prince Miteb bin Abdullah has been released more than three weeks after he was detained on allegations of corruption, officials have said. Prince Miteb, once seen as a contender to the throne, was freed after agreeing an “acceptable settlement” with authorities of more than US$1bn (£750m).
President Donald Trump has made a pitch to Saudi Arabia to float the world's biggest oil company in the US. “Would very much appreciate Saudi Arabia doing their IPO of Aramco with the New York Stock Exchange. Important to the United States!”, twitted the US president.
Saudi Crown Prince Mohammad Bin Salman announced plans to build a new city on the Red Sea coast, promising a lifestyle not available in today’s Saudi Arabia as he seeks to remake the kingdom in a time of dwindling resources.
Campaigners in Saudi Arabia have hailed King Salman's decree allowing women to drive for the first time. One female activist called it a great victory, while another said things would never be the same again, and the country's US ambassador has described the move as the right decision at the right time.