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Saudi Arabia

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  • RIYADH, April 19- Saudi Basic Industries Corp faces heavy pressure on its profits due to cheap oil but will keep investing globally to boost capacity in key areas, its acting chief executive said on Sunday after the company reported a 39 plunge in first-quarter profit. SABIC, one of the world's largest petrochemicals groups and Saudi Arabia's biggest listed...

  • And Venezuela's oil minister Asdrubal Chavez met in Caracas with the local ambassadors of eight OPEC members plus Indonesia on Wednesday, the ministry said. Nearly four months of sub- $60 a barrel crude oil prices is weighing heavily on cash-strapped producers such as Venezuela and Russia, who failed to coax OPEC into cutting output last November.

  • LONDON, April 15- At least five merchant vessels carrying food are stuck off Yemen, shipping data showed on Wednesday, as warships from a Saudi-led coalition search them for weapons bound for Iran- allied Houthi rebel forces, with delays adding to a humanitarian crisis. Yemen imports more than 90 percent of its food, including most of its wheat and all its rice, to...

  • LONDON, April 15- At least five merchant vessels carrying food are stuck off Yemen as warships from a Saudi-led coalition search them for weapons bound for Iran- allied Houthi rebel forces, with delays adding to a humanitarian crisis. Yemen imports more than 90 percent of its food, including most of its wheat and all its rice, to feed a population of 25 million.

  • *Russian delegation to meet OPEC in Vienna in June. Russia has stepped up contacts with OPEC after oil prices plunged last year, however it has dismissed any suggestion it might cut output to prop up prices, saying it is technically impossible to idle production due to the harsh climate in Siberia, the heartland of Russian oil production. The fall in price of oil,...

  • OPEC slams oil producers' 'go-it-alone' attitudes Monday, 13 Apr 2015 | 2:14 PM ET
    Oil Iraq OPEC

    OPEC published a stinging critique of oil-producing countries that refused to follow its lead in holding back supply in an effort to boost prices.

  • *Lukoil involved in Empty Quarter gas search. KHOBAR, Saudi Arabia/ MOSCOW, April 13- Lukoil will likely pull out from Saudi Arabia where the economics of its search for gas have been crushed by the collapse of the oil price, three industry sources said. Lukoil was the last company left active in the consortia of international oil firms Saudi Arabia invited in...

  • Commodities next week: Crude bounces on rig counts

    CNBC's Jackie DeAngelis discusses the day's activity in the commodities markets. The rate of oil rig shutdowns has picked up again. That and geopolitical concerns in the Middle East pushed oil slightly higher.

  • 'Schizophrenic' moves in oil   Friday, 10 Apr 2015 | 11:50 AM ET
    'Schizophrenic' moves in oil

    The moves in oil right now are perplexing and 'schizophrenic,' according to Amrita Sen, Chief Oil Analyst at Energy Aspects Ltd, who discusses what factors are currently impacting oil.

  • *Iran demands all sanctions end when nuclear deal signed. "The latest agreement with Iran does not open the floodgates for a significant return of Iranian oil on the market as many had feared," said Harry Tchilinguirian, head of commodity markets strategy and oil strategy at BNP Paribas. But on Thursday, Iranian supreme leader Ayatollah Ali Khamenei demanded all...

  • *Iran demands all sanctions end when nuclear deal signed. LONDON, April 10- Oil edged higher towards $57 a barrel on Friday, heading for a weekly gain, supported by an easing of concerns that the interim accord over Iran's nuclear work will lead to a rapid rise in Iranian oil supplies. "The latest agreement with Iran does not open the floodgates for a significant...

  • CALGARY, Alberta, April 9- Canadian oil and gas producer Calvalley Petroleum Inc said on Thursday it will liquidate and restructure due to the political crisis in Yemen, where it has almost all of its operations. Saudi Arabia and Arab allies have launched air strikes against the Iran- allied Houthi movement in Yemen, which has taken most of the country and forced...

  • *OPEC needs to discuss output levels before next meeting. BEIJING, April 9- OPEC's strategy of holding output steady is not working and the group's members should discuss production levels before its next meeting in June, Iran's oil minister said, a sign of the pain lower prices are causing OPEC's less wealthy producers. Iran was among the OPEC members which...

  • Cramer Remix: Playing the Apple downgrade Wednesday, 8 Apr 2015 | 7:14 PM ET
    Jim Cramer speaks with Apple Inc. CEO Tim Cook on the 10th Anniversary of Mad Money.

    "Mad Money" host Jim Cramer on how to react to the rare downgrade ahead of the Apple Watch release.

  • gas station prices gas pump credit card

    Jim Cramer reminds investors of the many gifts that go into their pocket when energy costs are lower, thanks to the low price of oil.

  • OPEC should change course, cut oil output: Libya Wednesday, 8 Apr 2015 | 9:16 AM ET
    Qatar Oil Minister Mohammed bin Saleh Al-Sada (L), Saudi Oil Minister Ali al-Naimi, and United Arab Emirates Energy Minister Suhail bin Mohamed al-Mazroui (R) attend the opening session of the 10th Arab Energy Conference in Abu Dhabi, on December 21, 2014.

    OPEC should cut supply by 800,000 barrels per day or more to prevent a return of Iranian exports from weighing on prices, Libya's OPEC governor said.

  • Volatile oil, a dovish Fed, and start of earnings Wednesday, 8 Apr 2015 | 5:57 AM ET
    Traders work on the floor of the New York Stock Exchange.

    Markets expect to hear from a dovish Fed Wednesday, while a bubbling up of oil prices makes weekly U.S. inventory data a bigger than normal focus.

  • *Shell in talks to buy BG Group in first mega-merger in a decade. SINGAPORE, April 7- Crude prices dropped on Wednesday after Saudi Arabia reported record production of 10.3 million barrels per day in March, a figure the country's oil minister said was unlikely to fall by much. Brent May crude was down 73 cents from its last settlement at $58.37 a barrel by 0100 GMT,...

  • SINGAPORE, April 8- U.S. crude futures fell over a dollar in early Asian trading on Wednesday after Saudi Arabia revved up crude production to its highest level on record in March. Oil Minister Ali al-Naimi told reporters late on Tuesday that the Kingdom produced some 10.3 million barrels per day of crude in March, a figure that would eclipse its previous recent...

  • RIYADH, April 8- Saudi Arabia has revved up crude production to its highest rate on record, feeding unexpectedly strong demand from foreign refiners and increased capacity at home. Oil Minister Ali al-Naimi told reporters late on Tuesday that the Kingdom produced some 10.3 million barrels per day of crude in March, a figure that would eclipse its previous...