Tag: Saudi Arabia

• Tuesday, May 12th 2020 - 07:46 UTC

  Saudi Arabia to cut oil production to a decade record low of 7,5 million bpd

  

  Saudi Arabia said on Monday it had asked oil giant Aramco to cut an additional one million barrels per day from June, to support prices that have crashed during the coronavirus crisis.

• Saturday, April 25th 2020 - 07:56 UTC

  Islam's holiest sites empty of worshipers forced by COVID-19 restrictions

  

  The holy month of Ramadan began on Friday with Islam's holiest sites in Saudi Arabia and Jerusalem largely empty of worshippers as the coronavirus crisis forced authorities to impose unprecedented restrictions.

• Monday, April 20th 2020 - 07:39 UTC

  US oil falls to below US$ 15 a barrel and Brent dropped to US$ 27

  

  US crude fell about 20% to below US$15 a barrel on Monday, its lowest level in about two decades, as a coronavirus-triggered collapse in demand eclipsed a deal to cut output. West Texas Intermediate, the US benchmark, fell 18.7% to US$14.84 a barrel. Brent crude, the international benchmark, was off 1.5% at US$27.64 a barrel.

• Tuesday, March 31st 2020 - 09:07 UTC

  Saudi Arabia wants to be Oil King again and lets prices collapse

  

  Saudi Arabia said on Monday it will raise its oil exports to a record 10.6 million barrels per day starting from May despite a global supply glut, escalating a price war with Russia. Oil prices are languishing at 17-year lows as the coronavirus pandemic threatens a painful global recession that could further sap demand.

• Wednesday, March 25th 2020 - 08:37 UTC

  Announced US stimulus plan helps a slight recovery of oil prices

  

  Oil rose over 3% on Tuesday after the U.S. Federal Reserve said it would take steps to bolster the economy and on growing hopes the United States will soon reach a deal on a US$ 2 trillion coronavirus economic package.

• Thursday, March 19th 2020 - 08:20 UTC

  Russian economy battered by the oil price war with Saudi Arabia

  

  Russia, hit by falling oil prices and the coronavirus outbreak, has announced the formation of a US$4 billion fund as part of a package of measures to support the economy.

• Tuesday, March 10th 2020 - 08:15 UTC

  Black Monday cocktail: oil price war and coronavirus trigger market panic

  

  World oil prices crashed on Monday, fuelling a vicious selloff on stock markets that were already buckling from the spreading coronavirus outbreak. Stocks tanked as the global oil market nosedived 30% at one stage after top exporter Saudi Arabia slashed the prices it charges customers following a bust-up with Russia over crude production cuts.

• Monday, March 9th 2020 - 08:55 UTC

  Oil prices plunge 30% after OPEC fails to agree on production cuts; Russia clashes with Saudi Arabia

  

  Oil prices plunged 30% in early trading after OPEC’s failure to strike a deal with its allies regarding production cuts caused Saudi Arabia to slash its prices as it reportedly gets set to ramp up production, leading to fears of an all-out price war.

• Monday, February 24th 2020 - 07:59 UTC

  Argentina will allow IMF to inspect its accounts under Article IV consultations

  

  Argentina agreed to start consultations with the International Monetary Fund that could lead to a new financing program, days after the global lender said the country’s debt situation had become “unsustainable”.

• Thursday, December 26th 2019 - 11:49 UTC

  Saudi Arabia and Kuwait agree to resume oil production in the shared Neutral Zone

  

  Saudi ARAMCO said on Wednesday a new agreement between Saudi Arabia and Kuwait paves the way for the resumption of oil production in the Neutral (partitioned) Zone shared by the two countries.