Saudi Crown Prince, US Secretary of Defense discuss troop deployment
:: Saudi Arabia’s Crown Prince Mohammed bin Salman received a phone call on Wednesday from the US Secretary of Defense during which they discussed ongoing arrangements to send US troops of a More »
Saudi Energy Minister confirms restoration of Kingdom’s gas production capacity
:: Saudi Arabia’s Minister of Energy confirmed on Wednesday the restoration of production capacity, affirming the Kingdom’s position as a reliable energy supplier in the global market. The energy minister, Prince Abdulaziz More »
Egypt calls Erdogan statements ‘ironic,’ accuses Turkey of sponsoring terrorism
:: Egypt’s foreign ministry spokesman, Ahmed Hafez, slammed Turkish President Recep Tayyip Erdogan’s statements at the UN General Assembly this week where he urged the UN to “handle the suspicious death of More »
Saudi Crown Prince: Attacks are test of int’l resolve against destructive acts
:: Saudi Arabia’s Crown Prince Mohammed bin Salman said on Wednesday that the attacks on Saudi Aramco oil facilities are a test of international resolve in the face of destructive acts that More »
Saudi Crown Prince says attacks on oil facilities are a ‘dangerous escalation’
:: Saudi Arabia’s Crown Prince Mohammed bin Salman said the recent attacks on Saudi Aramco facilities represented a “dangerous escalation not only toward the Kingdom but also the entire world.” The Crown More »
Category Archives: Energy
Russia seizes fresh demand from new Chinese crude buyers
Russia overtook Saudi Arabia as China’s largest crude oil supplier for the third time this year in November, customs data showed as Russia captures fresh demand from new Chinese crude buyers. The jump in imports demonstrates the battle occurring between
Brent crude oil skids to lowest since 2004
Brent crude prices fell to their lowest in more than 11 years on Monday, hounded by a relentless rise in global supply that looks set to outpace demand again next year. Oil production is running close to record highs and,
UAE and China set up $10bn joint strategic investment fund
The UAE and China have established a joint strategic investment fund worth $10 billion, the UAE’s state news agency reported, as China pursues its ambition to rebuild Silk Road trade routes. The agreement was clinched during a three-day visit by
Stock markets slide as oil price plumbs 2008 low
Global oil prices tanked close to seven-year lows on oversupply woes, sparking a fresh wave of selling across European stock markets as panicked investors fled the energy sector. Crude, which has slumped since OPEC left its oil output at a
Saudi Arabia stresses need for renewable energy
The Riyadh Economic Forum (REF) stressed the Saudi Arabia’s need to provide for alternative and renewable energy sources so as to meet the increasing energy needs that are met at increasing rates reaching 4.4 percent annually until 2035. This would
KSA committed to improvement of energy efficiency: Al-Naimi
Petroleum and Mineral Resources Minister Ali Al-Naimi has reaffirmed Saudi Arabia’s commitment to tackle climate change by implementing a host of mitigation and adaptation measures. “Saudi Arabia remains committed and have a carbon management roadmap. Technology provides answers to many
Oil prices tumble to 7-year low
Crude oil futures tumbled to their lowest in nearly seven years on Monday after OPEC failed to address a growing supply glut, while a stronger dollar made it more expensive to hold crude positions. Brent and US crude futures fell
Total boss rules out oil price recovery in 2016
Oil prices are not expected to rise next year, the head of French energy giant Total said in Qatar. We don’t anticipate a recovery in 2016,” Total CEO Patrick Pouyanne said on the sidelines of the International Petroleum Technology Conference
KSA maintains high oil output
OPEC oil output has risen in November from the previous month, a Reuters survey found on Monday, led by a rebound in Iraqi exports after bad weather had temporarily halted supply growth from the group’s second-largest producer. The increase indicates
Aramco launches ‘local content development’ supplier initiative
Accelerating the level of local content among its suppliers — local and international — is a key strategic priority for Saudi Aramco, said Amin Nasser, the company’s president and CEO at a forum in Dammam. He was speaking at Saudi
Revised nuclear deal between South Korea, U.S. takes effect
A new nuclear treaty with the United States governing South Korea’s commercial nuclear activities during the next 20 years went into effect Wednesday, the South Korean government said. The treaty, which replaces a previous accord reached in 1972, opens the
Oil prices turn higher as diplomats seek to ease Middle East tensions
Oil prices have turned higher in Asia on Wednesday as diplomats tried to ease geopolitical tensions sparked by Turkey’s shooting down of a Russian fighter jet on the Syrian border. But the global crude supply glut capped gains ahead of
Qatar and Mexico sign aviation deal during emir’s visit
Mexico and Qatar signed an agreement on Tuesday to establish commercial flights between their capitals as the Gulf monarchy’s ruler visited the Latin American nation. Mexican President Enrique Pena Nieto hosted Qatar’s emir, Sheikh Tamim bin Hamad Al Thani, at
Oil slides again as focus returns to heavy glut
Oil prices fell on Thursday, with US crude dipping below $40 per barrel, retreating from early gains amid a persistent global glut of crude and refined fuel. Brent crude futures were down 20 cents at $43.94 a barrel by 1411
Al-Naimi calls for joint action by Arab states over energy
Minister of Petroleum and Mineral Resources Ali Al-Naimi called for “joint action” among fellow Arab energy producers to increase trade, investments and partnerships, amid a period of uncertainty over oil prices and fears of global oversupply. “The challenge which we
Weak oil and Paris attacks hit Gulf stock markets
Weak oil prices and the attacks by gunmen and suicide bombers across Paris dragged down Gulf stock markets early on Sunday, with Dubai’s index dropping below technical support. Oil prices suffered their biggest weekly loss in eight months last week,
Record oil glut stands at 3 billion barrels
The world is awash with oil having built record stockpiles in recent months and slowing demand growth combined with resilient non-OPEC supply could worsen the glut well into next year, the International Energy Agency (IEA) said. “Stockpiles of oil at
10,000 homes without title deeds get power
The Saudi Electricity Company (SEC) has provided power to more than 10,000 houses here without title deeds in line with royal orders. Sources at the SEC quoted by a local publication said there are plans to provide a further 60,000
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