• saudis-opec

    Saudis Still Playing a Major Role in OPEC Matters

    A November 28 meeting between OPEC producers and those oil-based countries not in the organization was cancelled after Saudi Arabia indicated it wouldn’t be attending. The discussions in Vienna were meant to find common ground in forging strategies that will help limit the supply of oil in order to boost the commodity’s price. The reason…

  • offshore-rig

    Prospecting for Oil is Expensive Business

    Prospecting for oil is one of the world’s riskiest businesses. While the successes of the oil industry quickly becomes popular news, unsuccessful ventures often fade into obscurity. In 1983, 12 companies, drilling for oil in the Beaufort Sea, spent $2 billion prospecting for oil and in the end all they had to show for it…

  • oil shortages 2020

    New Oil Shortages Could Occur by 2020

    The past few years of sharp price declines in the oil industry had a corresponding effect on the amount of investment that companies and countries like Saudi Arabia made in finding new sources of this still-valuable commodity. That response may end up causing havoc within three years, according to the Saudi Energy Minister. Khalid al-Falih…

  • New Pricing Strategy in Store for Saudi European Refiners

    New Pricing Strategy in Store for Saudi’s European Refiners

    Change is in the air when it comes to pricing of Saudi Aramco’s oil for its refining customers in Europe after the Kingdom’s state-run firm announced changes on April 4 to its current setup. The official change will take place beginning in July, with the expectation being that it will be a customer-friendly option for…

  • Saudi Aramco ADNOC

    Saudis and Abu Dhabi Focusing on Renewables Market

    The continuing business challenges that are part of the current oil landscape are serving as the impetus for Saudi Arabia and Abu Dhabi to find additional common ground when it comes to seeking out new areas of economic growth. That’s why the two nations’ state-run oil companies forged an agreement at the start of April…

  • Saudis Chinese agreement March 16 oil

    Saudis and Chinese Get Closer Through Oil

    During the course of King Salman’s six-week tour of multiple Asian countries, the main focus was geared toward the sale of oil in different contexts. Drumming up interest in next year’s expected IPO of Saudi Aramco was one component, but traditional deals also weren’t left out. In that case, the Saudis and China came to…

  • production costs saudi ace hole

    Production Costs are a Saudi Ace in the Hole

    The continuing watch that comes with stagnant oil prices is usually fixated on Saudi Arabia, given its nearly half-century run of exploiting its geography that allowed trillions of dollars to find their way into government coffers. With no signs of any dramatic shift upward when it comes to oil prices, some alleged experts believe that…

  • Production cut OPEC agreement

    Production Cut Agreement Remains on Shaky Ground

    The tenuous OPEC agreement to cut oil production over a six-month period, has always been fraught with concern that countries would violate the agreement in order to further their own self-interest. Saudi Arabia is definitely keeping tabs on any such violations, offering a veiled threat of increasing their own production if they continue to detect…

  • Saudis Russians Oil Production Cut Extension

    Saudis and Russians Come Together on Oil Production Cut Extension

    The three-year slide of oil prices has delivered a major hit to the financial stature of Saudi Arabia, primarily because of their status as the world’s top oil producer. While that title has seemingly fluctuated in the past year with Russia, the economic punch that those two nations provide has the ability to provide an…

  • saudi arabia equtorial guinea economic forum

    Saudi Arabia and Equatorial Guinea Come Together

    During an economic forum in Jeddah, Saudi Arabia and the West African nation of Equatorial Guinea came to an agreement on May 11 that brings the two countries together on a variety of business projects. One of those is an agreement that will help finance what will be the region’s largest terminal for oil storage….

  • saudi arabia owns largest american oil refinery

    Saudi Arabia Now Fully Owns Largest American Oil Refinery

    Though the impact of Saudi Arabia within the American oil market has been diminished over time, their ability to maintain a very clear presence once again came into focus on May 1. That was when Saudi Aramco, the Kingdom’s state-run oil company, finalized an agreement to take complete control of the largest oil refinery in…