A new joint-venture refinery in Saudi Arabia will load its second diesel cargo and started gasoline production earlier this week, a source close to the company
World oil prices have fallen too far, the president of state-owned energy giant Saudi Aramco said on Tuesday, stressing it was for the market not OPEC producers to shore them up.
Venezuela and Saudi Arabia are coordinating joint action to recover oil prices, which fell 50% last year, and stabilise global oil markets, Venezuelan Minister of Economy and Finance and Public Banks Rodolfo Marco To ...
Saudi Arabia will probably offer smaller discounts to ship crude to Asia amid speculation demand will increase after benchmark prices dropped almost 50 percent last year.
Falling world oil prices will hurt countries across the Middle East unless Saudi Arabia, the world's biggest crude exporter, takes action to reverse the slump, Iran's deputy foreign minister told Reuters.
Russia's No.2 oil producer Lukoil plans to start natural gas production in Saudi Arabia next year, the company's vice president Leonid Fedun said on Friday.
The National Iranian Oil Company (NIOC) has started developing Iran's biggest offshore oil field in the Persian Gulf which is shared with Saudi Arabia.
Saudi Arabia has raised oil exports and the United States is considering releasing crude from its strategic reserves as oil prices hit nine-month highs on Friday and concerns deepened over Iran's nuclear program.