Saudi Arabia has succeeded in maintaining its market share throughout the oil bust by continuing to ratchet up production.
- 19 May, 2017 US oil output back near records, challenging OPEC American oil production is approaching record levels again, led by shale projects, potentially foiling efforts by OPEC to support prices. Oil prices were boosted this week after Saudi Arabia and Russia signaled they intend to extend an agreement to li...
- 11 April, 2017 Oil climbs after reports that Saudi Arabia wants output cuts extended By Jessica Resnick-Ault BOSTON (Reuters) - Crude oil turned positive on Tuesday, reversing course on reports that Saudi Arabia has told OPEC officials it wants to continue OPEC cuts for an additional six months. Oil futures have been pinned in a rang...
- 23 January, 2015 Oil market upheaval looms over Saudi succession King Abdullah's death could not have come at a worse time for Saudi Arabia's vital oil sector as the absolute monarchy seeks to reassert its leadership in a fast-changing industry. After an exceptional decade that saw it build up production capacity and huge financial reserves, Saudi […]
- 23 December, 2014 OPEC will not cut output even at $20 a barrel: Saudi OPEC will not cut oil production even if the price drops to $20 a barrel and it is unfair to expect the cartel to reduce output if non-members do not, Saudi Arabia said. "Whether it goes down to $20 a barrel, $40, $50, $60, it is irrelevant," the kingdom's Oil Minister Ali al-Naimi said […]
- 5 June, 2015 OPEC keeps taps open despite low oil price OPEC on Friday again defied calls to cut output despite the low oil price, extending its new strategy to preserve market share and fend off competition from the US shale energy boom. The decision to maintain output levels, made at a key production meeting in Vienna, leaves the […]