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Business Saudi Arabia


  • Saudi Arabia Forced To Slash Interest Cuts By Crisis Sunday, 23 Nov 2008 | 12:40 PM ET

    The developments show how the global financial crisis has torn through the Arab Peninsula, until recently thought immune due to massive sovereign savings and earnings from energy exports, with almost the same violence as in Europe and North America.

  • G-20 Nations Could Pledge Billions to Provide Aid Thursday, 13 Nov 2008 | 2:39 PM ET

    Markets think this weekend's meeting of the G-20 is going to be a non-event, but sources have told CNBC that there could be at least one important development: the potential for creditor nations to pledge hundreds of billions of dollars to support aid programs for countries caught up in the credit crisis.

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    Top oil exporter Saudi Arabia provided the most visible evidence yet of adhering to OPEC's deal to curb output by telling refiners in Asia that it would cut December supplies by 5 percent, term lifters said on Monday.

  • Saudi Makes Significant Oil Cuts to Some Buyers Tuesday, 4 Nov 2008 | 7:28 AM ET

    Top oil exporter Saudi Arabia has already cut significantly crude supplies to some of its customers, industry sources said on Tuesday, quelling doubts OPEC would stick to its latest output deal.

  • Why Crude-Oil Prices Are About to Hit $100 a Barrel Thursday, 11 Sep 2008 | 4:43 PM ET

    You know the oil markets are in touble when even a hurricane can't stop prices from falling.

  • OPEC Output Cut Won't Stop Oil Prices From Falling Wednesday, 10 Sep 2008 | 11:34 AM ET

    OPEC's decision to for a modest cut in production isn't likely to stop crude prices from heading lower in the coming months, analysts said.

  • OPEC to Trim Excess Output, Talk to Russia Wednesday, 10 Sep 2008 | 9:07 AM ET

    OPEC on Wednesday deepened its links with major non-OPEC producer Russia and said it was cutting back output by around half a million barrels per day.

  • OPEC in Vienna: Calls Come For Output Cuts Monday, 8 Sep 2008 | 4:28 PM ET

    Senior oil officials from Iran and Libya said Monday that there is too much crude on the market, adding that OPEC is reviewing whether supply exceeds demand before deciding whether to cut back production.

  • Energy Independence Made Easy? Thursday, 31 Jul 2008 | 3:59 PM ET

    You got to admire the American ‘Can-Do’ spirit, which is on full throttle display since we have awoken to energy predicament. Oil sheiks got over us a barrel? Not for long! Definitely not when we really put our collective Yank minds to the problem – as we are finally beginning to do.

  • Oil Prices Settle Below $130 in Volatile Trading Thursday, 17 Jul 2008 | 3:08 PM ET

    Oil prices fell sharply in afternoon trading to below $130 a barrel as uncertainty about the overall trend for the commodity continued.

  • Oil Prices Settle Below $134 as Supplies Increase Wednesday, 16 Jul 2008 | 3:26 PM ET

    U.S. crude oil futures ended lower for the second day in a row as government inventory data showed surprise increases in crude and gasoline stocks.

  • Saudi King Wants Lower Oil Price Wednesday, 16 Jul 2008 | 5:50 AM ET
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    The world's top oil exporter Saudi Arabia wants to see lower oil prices, Saudi King Abdullah said in an interview with Italian newspaper La Repubblica.

  • Oil Prices Plummet Over $6 Amid Economic Fears Tuesday, 15 Jul 2008 | 3:37 PM ET
    Oil Refinery in California

    Oil prices fell harder than they have in 17 years on a dollar basis Tuesday, as fears that record fuel prices are spreading broad economic pain led to the third big sell-off in just over a week.

  • Oil Prices Settle Above $145 on Supply Worries Monday, 14 Jul 2008 | 3:39 PM ET

    Oil rose slightly above $145 Monday as supply concerns in Brazil in the midst of an energy workers strike outweighed ongoing worries that high fuel costs are dragging down consumer nation demand.

  • Oil Rises Sharply, Closes Near $145 on Iran Fears Friday, 11 Jul 2008 | 4:41 PM ET

    U.S. crude oil futures ended more than 2 percent higher as geopolitical and supply worries combined to lift prices to an all-time high.

  • Oil Prices Settle Above $141 Amid Production Threats Thursday, 10 Jul 2008 | 4:17 PM ET

    Oil prices jumped nearly $6 to above $141 a barrel Thursday amid threats to production in Nigeria and Brazil and as additional missile tests by Iran escalated tensions with the West.

  • Oil Ends Up Above $136, Below Session High Wednesday, 9 Jul 2008 | 4:19 PM ET
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    Oil prices regained ground and headed above $137, but still were below session highs, despite a larger-than-expected draw in crude inventories.

  • Oil Prices Settle Just Above $136 on Firmer Dollar Tuesday, 8 Jul 2008 | 3:29 PM ET

    Oil tumbled to near $136 on Tuesday as the dollar gained and concern eased over an Atlantic hurricane.

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    Oil dropped almost $4 a barrel on profit-taking and signals that Iran will be more flexible in negotiations over its nuclear program.

  • Oil Falls to $144, Within Sight of Record High Friday, 4 Jul 2008 | 1:36 PM ET

    Oil dropped below $145 a barrel on Friday, but was still within sight of record highs reached in the previous session when traders bought into the market ahead of a holiday weekend in the United States.