Saudi Arabia


  • *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.

  • Saudi crude exports have been sliding in the past few months as shale oil squeezes Saudi oil out of U.S. markets and as demand in Asia, particularly in China, has been slower than expected. North America's shale boom has started to squeeze Saudi oil out of the U.S. market, the International Energy Agency said in a report last month, estimating Saudi exports would run...

  • New Saudi reality: OPEC isn't a monopoly anymore Thursday, 16 Oct 2014 | 12:54 PM ET
    The Aramco oil refinery in Dahran, Saudi Arabia.

    Oil prices are falling, but Saudi Arabia has indicated that it's willing to put up with cheaper crude oil for now.

  • Cramer: Long-term perks outweigh short-term loss Wednesday, 15 Oct 2014 | 7:07 PM ET

    Jim Cramer weighs the benefits of taking a long-term perspective on the market, versus the gains lost in the current market environment

  • How low can oil go? Cramer speculates on the limbo Wednesday, 15 Oct 2014 | 6:47 PM ET

    The market is playing a game to see how low oil can go. Cramer thinks there's no need to speculate on oil bottom yet.