Saudi Arabia


  • JEDDAH, Saudi Arabia, Nov 4- Saudi Arabia should set up a sovereign wealth fund to protect itself from sliding oil prices by earning higher returns from its foreign reserves, Saudi billionaire Prince Alwaleed bin Talal said on Tuesday. Brent crude oil futures sank more than $2 a barrel on Tuesday to a four-year low of $82.32, a day after Saudi Arabia cut its official...

  • Saudi Arabia's oil fight     Tuesday, 4 Nov 2014 | 10:31 AM ET

    After Saudi Arabia decided to alter oil prices to U.S. buyers, Richard Hastings, Global Hunter Securities, says the price cut suggests they are fighting for market share in the U.S.

  • LONDON, Nov 4- Saudi Aramco cut the price of December crude deliveries to U.S. refiners on Monday in order to protect its competitiveness amid an erosion of its U.S. market share by rival exporters such as Canada and Iraq. With the exception of a brief period in 2009 and early 2010, Saudi exports to the United States fell to the lowest level since 1988.

  • Saudis cut crude prices, oil hits 4-year low     Tuesday, 4 Nov 2014 | 8:24 AM ET

    Stephen Schork, The Schork Report editor, shares his thought on how low oil prices can go after Saudi Arabia cut oil prices in an effort to fight for market share.

  • *Vitol CEO expects serious talks on cut at OPEC meeting. *OPEC needs to cut 1.5 mbpd, 50:50 chance of cut- Mercuria CEO. OPEC members Kuwait and Iran have also said a cut in production at the Nov. 27 OPEC meeting was unlikely.

  • Saudi Arabia adds to oil power with new refineries Tuesday, 4 Nov 2014 | 3:00 AM ET

    *With excess volumes, Riyadh seeks foothold in global market. DUBAI/ KHOBAR, Saudi Arabia, Nov 4- Saudi Arabia's tighter grip on the oil market from the desert derrick to the petrol pump, thanks to two new refineries, is redefining its role as a crude exporter and OPEC kingpin. Crude exports from the OPEC heavyweight have been sliding in recent months to their lowest...

  • Bears surround oil as it falls below $80 a barrel Monday, 3 Nov 2014 | 3:56 PM ET
    Drilling in the Bakken shale formation outside Watford City, N.D.

    West Texas Intermediate bounced back and forth between positive and negative territory just around the $80 level for most of the session.

  • Oil: Intense selling at close     Monday, 3 Nov 2014 | 3:07 PM ET

    As crude continues to slide, CNBC's Jackie DeAngelis, explains how Saudi supply concerns sent oil markets lower.

  • *Kuwait close to cutting diesel, kerosene subsidies. *Oman says may start subsidy cuts next year. Officials in Kuwait and some other Gulf Arab states may face more public indignation in coming months.

  • LONDON, Oct 31- OPEC's oil supply in October has fallen by 120,000 barrels per day due to lower production in Angola and Nigeria, a Reuters survey found, although recovery in Libya and growth in Iraq kept output close to September's two-year high. OPEC pumps a third of the world's oil and meets in November to set output policy for early 2015. Despite oil's drop below...

  • Saudi budget carrier flynas suspends long-haul services Tuesday, 28 Oct 2014 | 12:44 PM ET

    RIYADH, Oct 28- Saudi Arabia's first and only budget airline, flynas, has suspended long-haul flights because profits on the routes did not meet expectations, chief executive Raja Azmi said on Tuesday. In April this year, flynas said its growth strategy would focus on developing long-haul flights to five or six new destinations including London, Manchester,...

  • Why OPEC's losing its ability to set oil prices Monday, 27 Oct 2014 | 5:22 PM ET
    Workers make a pipe connection on the drill string on the Orion Perseus drilling rig near Encinal in the Eagle Ford Shale in Webb County, Texas.

    OPEC is losing its price-setting influence on global oil prices to U.S. shale production, according to Goldman Sachs analysts.

  • *Kuwait says moving ahead with privatisation programme. *Partial deregulation, financing schemes in Saudi, UAE. DUBAI, Oct 26- Kuwait's privately owned Jazeera Airways is preparing to bid for a big stake in state-run flag carrier Kuwait Airways, Jazeera's chairman told Reuters.

  • DUBAI, Oct 23- Saudi Arabia supplied less crude oil to the market in September than a month earlier, an industry source said on Thursday, at a time when some OPEC members are calling on the top oil exporter to cut back output to lift prices. Crude supplies from the OPEC heavyweight fell by some 328,000 barrels per day, to 9.36 million bpd in September, from 9.688 million...

  • Cramer's Stop Trading: Oil controls     Thursday, 23 Oct 2014 | 9:55 AM ET

    CNBC's Jim Cramer explains why he is watching the price in oil, and the impact to the action in equities.

  • KHOBAR, Saudi Arabia, Oct 22- Saudi Arabia- based power and water project developer ACWA Power is seeking to secure or arranging finance for $15 billion worth of projects, nearly half of which are in renewable energy, its chief executive said. The company, which plans to list its shares on the Saudi stock market, has projects operating or under construction in...

  • The Treasury official heading the ISIS attack Wednesday, 22 Oct 2014 | 10:45 AM ET
    David Cohen, under secretary for terrorism and financial intelligence at the Treasury Department

    David S. Cohen, the Treasury Department's intelligence strategist and global enforcer, makes sure illicit funds do not go to terrorists. NYT reports.

  • *To spend over 1 billion riyals on projects in 2015. RIYADH, Oct 22- Dar Al Arkan Real Estate Development Co, Saudi Arabia's largest listed developer, plans to spend over 1 billion riyals on projects in 2015 and aims for 10 percent growth of its business that year, its chairman said. While government data shows the home ownership rate among roughly 20 million Saudis...

  • *Kuwait is placing restrictions on Chevron's operations- sources. DUBAI/ KHOBAR, Saudi Arabia Oct 21- Saudi Arabia's closure of an offshore oilfield it shares with Kuwait has revived speculation of renewed tensions between the two, and put Chevron's role in the shared Neutral Zone in focus. Any differences between the two OPEC allies are watched closely by oil...

  • Oil prices falling on weak market: Pro     Monday, 20 Oct 2014 | 6:34 AM ET

    Stephen Schork, "The Schork Report" editor says oil prices may be approaching a bottom of the market.