Business Saudi Arabia

More

  • NEW YORK, Oct 9- Oil prices jumped on Tuesday, snapping a string of two lower settlements, as the threat of supply disruption in a tense Middle East countered concerns about slower growth and resulting sluggish demand for oil.

  • Med Crude-Urals stronger in Baltic on arbitrage Tuesday, 9 Oct 2012 | 1:17 PM ET

    *Azeri Nov exports to rise, Iraq cuts OSP for Europe. In the Platts window, BP bid in the Baltic for an Oct 22-26 Urals cargo at dated Brent minus $1.30 a barrel, some 30 cents stronger than on Monday, and Exxon bid for an Oct 20-24 cargo at dated Brent minus $1.35, traders said.

  • Saudi Arabia finds new gas field in Red Sea-agency Tuesday, 9 Oct 2012 | 1:04 PM ET

    ABU DHABI, Oct 9- Saudi Arabia's Aramco, the world's largest energy company, has discovered a new gas field in the Red Sea, 26 kilometres North West of the port of Daba, the Saudi Press Agency reported on Tuesday quoting the oil minister. Gas flowed at the rate of 10 million cubic feet a day at a test well at the depth of 17,700 feet, Ali al-Naimi was quoted as saying.

  • NEW YORK, Oct 9- Oil prices rose more than 1 percent on Tuesday, after two sessions with lower settlements, as the threat of supply disruption in a tense Middle East countered concerns about slower growth and resulting sluggish demand for oil.

  • Saudi oil minister says kingdom can meet demand Tuesday, 9 Oct 2012 | 11:10 AM ET

    RIYADH, Saudi Arabia-- Saudi Arabia's oil minister said Tuesday his country has the ability to meet existing and future demand for oil, seeking to alleviate concerns about supply and cut prices. Brent crude, which is used to price international varieties of oil, was trading above $113 a barrel in London on Tuesday.

  • DUBAI, Oct 9- Saudi Arabia's benchmark slumped to a fresh 10- week low on Tuesday as investors fretted that a gloomier outlook for the global economy would lead to lower oil receipts for the world's top crude exporter.

  • Brent Crude at 3-Week High Tuesday, 9 Oct 2012 | 10:33 AM ET
    Brent Crude at 3-Week High

    CNBC's Sharon Epperson reports the Saudi oil minister wants to see Brent Crude fall towards $100 a barrel, but crude prices are near $114, as tensions rise between Syria and Turkey.

  • LONDON, Oct 9- Oil rose over $113 a barrel on Tuesday after two days of losses, with tensions in the Middle East and the risk of supply disruptions outweighing concerns about sluggish global demand.

  • *Iraq oil official sees 2.8 mbpd Oct exports. LONDON, Oct 9- Iraq's oil exports are expected to rise to their highest in decades this month and production is on course to more than double by 2020, as it cements its place as OPEC's second-biggest producer after Saudi Arabia.

  • LONDON, Oct 9- Oil rose to around $113 a barrel on Tuesday after two days of losses, with tensions in the Middle East and the risk of supply disruptions outweighing concerns about sluggish global demand.

  • Turkish President Abdullah Gul said on Monday the "worst-case scenarios" between his country and Syria were now playing out, fuelling concerns that the 18- month-old conflict in Syria may spread to other countries in the region.

  • "Our countries have exerted major efforts to restore global oil market stability, a feat that has actually been achieved," Saudi Oil Minister Ali al-Naimi told a meeting of Gulf Arab energy ministers in Riyadh.

  • UPDATE 4-Oil rises on Syria-Turkey tensions Tuesday, 9 Oct 2012 | 7:07 AM ET

    Turkish President Abdullah Gul said on Monday the "worst-case scenarios" between his country and Syria were now playing out, fuelling concerns that the 18- month-old conflict in Syria may spread to other countries in the region.

  • *Nordic spot price for Wed seen at 36.4 euros/ MWh. Tuesday delivery was seen firming to 36.4 euros per megawatt-hour, compared with 33.5 euros on Monday. Combined windpower output in Denmark and Sweden was forecast to fall from around 3,000 MW on Tuesday to 1,600 MW on Wednesday, while colder weather was to boost consumption by 850 MW to 44,200 MW.

  • LONDON, Oct 9- Iraq's oil exports are expected to rise to their highest in decades this month and production is on course to more than double by 2020, as it cements its place as OPEC's second-biggest producer after Saudi Arabia.

  • RIYADH, Oct 9- Saudi Arabia is satisfied that oil prices have fallen to a level that does not hamper global growth, Saudi Oil Minister Ali al-Naimi said on Wednesday, signalling success in a Gulf Arab effort to keep oil prices under control despite a halving of Iranian exports because of Western sanctions.

  • IEA optimistic about future of Iraq oil industry Tuesday, 9 Oct 2012 | 5:03 AM ET

    The International Energy Agency predicted Tuesday that Iraq will consolidate its position as a global oil power _ allowing it to rebuild the economy of a nation ravaged by war and decades of Saddam Hussein's autocratic rule.

  • Iraq's oil output to double this decade-IEA Tuesday, 9 Oct 2012 | 5:00 AM ET

    LONDON, Oct 9- Iraq's oil production is on course to more than double by 2020, the International Energy Agency said, although delays to investment could tighten the global market in coming decades and push prices higher.

  • Oil price soars on supply jitters Tuesday, 9 Oct 2012 | 12:48 AM ET

    NEW YORK-- The price of oil rose more than 3 percent Tuesday on concerns about supplies from the Middle East and the North Sea. Benchmark crude gained $3.06, or 3.4 percent, to finish at $92.39 a barrel in New York. There is also concern that tensions between Turkey and Syria could escalate and disrupt supplies from the Middle East.

  • S.Korea-Market Factors to watch on Oct 9 Monday, 8 Oct 2012 | 7:05 PM ET

    SEOUL, Oct 9- Following is a list of events in South Korea as well as news stories and press reports that may influence financial markets. >Australia's Aquila fights to trim $7.6 bln project.