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Energy Minister

Khalif Al-Falih

Saudi Arabia: May will be key to decide on extending supply cut deal

The Saudi energy minister said on Monday it was premature to say whether there was consensus among OPEC and its allies to extend a supply cut agreement, but a meeting in May would be key as by then the effect of current reductions would be clearer.

Oil prices climb to five-month high amid OPEC cuts, US sanctions, Libya fighting

Oil prices rose to their highest level since November 2018 on Monday, driven upwards by the Organisation of Petroleum Exporting Countries’ (OPEC) ongoing supply cuts, U.S. sanctions against Iran and Venezuela, fighting in Libya as well as strong U.S. jobs data.

OPEC, allies will stabilise oil market – Saudi minister

Saudi Arabia’s Energy Minister, Khalid Al-Falih, has said that member countries of the Organisation of Petroleum Exporting Countries (OPEC) and its allies led by Russia still have a lot of work to do to balance global oil markets, and are prepared to do what is necessary in this regards in the second half of 2019.

Saudi Arabia to cut crude oil exports in April

Saudi Arabia plans to cut its crude oil exports in April to below seven million barrels per day (bpd), while keeping its output “well below’’ 10 million bpd, Saudi official said on Monday.
An OPEC branded flag sits on a table ahead of the 169th Organization of Petroleum Exporting Countries (OPEC) meeting in Vienna, Austria. | Akos Stiller | Bloomberg via Getty Images

Kremlin: No talks are underway to create new Russia-OPEC alliance

The Kremlin said on Tuesday there were no substantial talks currently taking place to establish an alliance between Russia and OPEC.

Oil edges up as market eyes tighter supply

Oil prices edged up on Tuesday buoyed by expectations of tightening global supply due to U.S. sanctions on Venezuela and production cuts led by OPEC.

Oil: OPEC-led supply cuts, sanctions against Venezuela keep prices steady

Oil prices were stable on Monday, largely maintaining gains from the previous session as OPEC-led supply cuts and U.S. sanctions against Venezuela provided the market with support.
Khalid Al Falih

Saudi Arabia to build refinery, petrochemical plants in South Africa

Saudi Arabia plans to build an oil refinery and a petrochemicals plant in South Africa as part of $10 billion of investments in the country, Saudi Energy Minister Khalid Al-Falih said on Friday.

Oil prices slip toward 18-month lows

Oil prices fell on Friday ahead of the New Year holiday as global crude benchmarks moved back toward their lowest levels in more than a year.

OPEC, non-OPEC countries to cut crude output in 2019

Crude oil production will be cut by 1.2 million barrels per day from January 2019 for an initial period of six months.

Oil hits $62 as OPEC, allies agree to cut production

The Organisation of Petroleum Exporting Countries (OPEC) and its allies agreed yesterday to cut oil production by 1.2 million barrels per day, owing to a record global crude glut and the need to halt the price slump.
Organisation of Petroleum Exporting Countries (OPEC) | Reuters

OPEC waiting for Russia before deciding how much oil to cut

The Organisation of the Petroleum Exporting Countries has made a planned cut in oil output effectively conditional on the contribution from non-OPEC producer Russia, delegates said on Thursday as the group gathered in Vienna for a meeting aimed at supporting battered oil prices.

OPEC works on deal to cut output, still needs Russia on board

The Organisation of Petroleum Exporting Countries (OPEC) and its allies are working toward a deal this week to reduce oil output by no less than 1.3 million barrels per day, four sources said.
Saudi Crown Prince Mohammed bin Salman

Saudi crown prince in Algeria on tour of Arab nations

Saudi Crown Prince Mohammed bin Salman was holding meetings in Algeria as he continued his tour of Arab nations after attending the Group of 20 summit in Argentina.
Saad al-Kaabi, then-chief executive of Qatar Petroleum, gestures as he speaks to reporters in Doha on July 4, 2017. Naseem Zeitoon, Reuters-File Photo

Qatar to quit OPEC next month

Qatar is to leave OPEC next month, the Gulf state’s new energy minister, Saad al-Kaabi, announced on Monday.

Slump in oil price threatens government’s economic forecast

The downward slide of crude price may hamper current economic prospects in the country, particularly if the development refuses to abate, oil and gas analysts have said.

Alexander Novak: Russia plans to sign OPEC partnership deal

Russia is planning to sign a partnership agreement with the Organisation of the Petroleum Exporting Countries (OPEC), Energy Minister Alexander Novak said on Monday.
US crude oil

Saudi Arabia’s production cut hikes oil prices

Oil prices climbed on Monday as the world’s biggest supplier Saudi Arabia announced plans to cut production, in the face of fears of oversupply.

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