Saudi Arabia and the United Arab Emirates (UAE) have reached a compromise over future oil production baselines - according to an OPEC+ source – in a deal which should unlock more crude to a tight oil market and temper soaring prices. A dispute between Riyadh and...
Oil prices have risen to the highest levels in nearly 14 months after OPEC and Russia decided against further reducing production cuts planned for April. Brent crude increased by more than 5% to US$67.86 a barrel following the announcement after OPEC and its key oil producing...
Saudi Arabia’s Minister of Industry and Mineral Resources Bandar bin Ibrahim Al-Khorayef has approved the implementation of a new mining investment law, as part of the Kingdom’s plans to unlock the untapped potential of its mining sector. The piece of law was approved by the Council...
Saudi Arabia’s Minister of Industry and Mineral Resources has allocated 54 mining reserve sites in the Kingdom covering an area spanning 4,000km², following the issuance of seven decisions for the sector. The move, which has been touted as the largest ever allocation process in the Saudi...
A deal to make the biggest oil supply cuts in history may not be enough to boost prices in the coming months as the COVID-19 (coronavirus) outbreak continues to decimate oil demand. Over the Easter weekend, the OPEC+ cartel and G20 leaders including the US, Canada...
Oil prices fell by 12% as markets reopened this week after Saudi Arabia and Russia made no progress towards ending their price war that has decimated the oil market, along with the COVID-19 (coronavirus) pandemic. Brent crude lost more than US$3 to trade at just over...
Oil is on course for its worst day of trading in 29 years on Monday after Saudi Arabia slashed its official selling prices and made plans to ramp up crude output, in response to Russia’s refusal to back an OPEC-led supply cut extension last week. The...
Saudi Aramco will not formally market its shares outside of the Gulf after cancelling plans for a European roadshow ahead of its long-awaited initial public offering (IPO). The postponement of the European roadshow, reported by the Financial Times, comes a day after the Saudi oil behemoth...
Saudi Aramco has pledged to pay potential investors an annual base dividend of US$75 billion as the Saudi oil giant ramps up its preparations for a listing on an international exchange. In a corporate overview posted to its website yesterday, the state-run firm said it would...
Saudi Arabia has appointed Yasir al-Rumayyan, governor of the country’s Public Investment Fund (PIC), as the new chairman of state-run mining company Ma’aden, replacing former energy minister Khalid al-Falih. The appointment is a further demonstration of the shifting power stakes at the top level of Saudi...