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Saudi Arabia News
Iran leapfrogs Iraq to become India's second largest oil supplier
Mon, Mar 13, 2017
In the first 11 months of this fiscal year, between April and February, India imported about 542,400 bpd from Iran
US oil rises after dropping below $50 for first time since December
Fri, Mar 10, 2017
US crude oil prices edged up on Friday for the first time after dropping below $50 per barrel since December in the previous session.
Britannia signs MoU with Greek bakery company Chipita; in talks to form joint venture
Tue, Feb 21, 2017
Britannia on Tuesday said it has signed an memorandum of understanding (MoU) with Greece's cakes and confectionery major Chipita and it is in talks with the company to finalise joint venture.
OPEC could extend or deepen supply cut if oil glut persists: Sources
Fri, Feb 17, 2017
The organisation of petroleum exporting countries (OPEC) could extend its oil supply-reduction pact with non-members or even apply deeper cuts from July if global crude inventories fail to drop to a targeted level.
OPEC oil output inches down after November deal
Wed, Jan 18, 2017
OPEC oil production fell in December but remains well above levels envisaged under a recent deal due to take effect from January, the cartel`s new monthly report showed on Wednesday.
Standard Chartered closes $1.6 billion-plus of shipping finance deals
Tue, Jan 17, 2017
Standard Chartered said on Tuesday it had completed three shipping deals worth more than $1.6 billion in recent months. The deals include in December a $684.5 million up to 12-year facility for BW Gas JuJu LNG, a joint venture between BW Group and Japan`s Marubeni.
Saudi embrace of ride-hailing apps drives economic, social change
Sun, Jan 08, 2017
Saudi Arabia hopes its plan to bring a further 1.3 million women into the workforce by 2030 will be given a lift from ride-hailing apps Uber and Dubai-based rival Careem.
OPEC oil output falls from record high ahead of planned cuts: Reuters survey
Thu, Jan 05, 2017
OPEC`s oil output in December fell from a record high ahead of a deal to cut production, a Reuters survey found on Thursday, helped by attacks on Nigeria`s oil industry and top exporter Saudi Arabia trimming exports.
Oil prices edge up on expectations of tightening supplies
Wed, Jan 04, 2017
International Brent crude futures were up 32 cents, or 0.6%, at $55.79 a barrel.
Saudi Arabia to sell 49% of Aramco within decade: Report
Sun, Dec 25, 2016
Saudi Arabia plans to sell up to 49% of its oil giant Saudi Aramco within 10 years as the world`s largest crude exporter tries to lower its deficit, local media said on Saturday.
E-commerce companies delivery time in Indian cities slower than in Saudi Arabia
Mon, Dec 19, 2016
While it takes around 4 days for delivery in Saudi Arabian cities, it takes much more time for e-tailers to deliver in Indian cities.
OPEC, non-OPEC agree first global oil pact since 2001
Sun, Dec 11, 2016
OPEC and non-OPEC producers on Saturday reached their first deal since 2001 to curtail oil output jointly and ease a global glut after more than two years of low prices that overstretched many budgets and spurred unrest in some countries.
Saudis order oil cuts to US, Europe before non-OPEC talks
Sat, Dec 10, 2016
Saudi Arabia has told its US and European customers it will reduce oil deliveries from January, as Russia said it was confident non-OPEC producers would fully join OPEC`s output limits on Saturday in the first such move since 2001.
OPEC to push for non-member oil cuts
Sat, Dec 10, 2016
OPEC will seek on Saturday to persuade other oil producers to lower production as part of a newly struck global pact to stem a crude glut and lift painfully low prices.
Petrol, diesel price may surge by 8% in India post Opec's decision
Tue, Dec 06, 2016
With the rise in crude oil prices, the profitability of public sector refiners may improve in the third quarter.
OPEC debates oil cuts amid deep disagreement
Wed, Nov 30, 2016
OPEC began on Wednesday debating a deal to curtail oil production in an effort to prop up the price of crude, with Iran and Iraq resisting pressure from Saudi Arabia to participate fully in any action.
India's crude oil imports from Iran rise 336% in October
Wed, Nov 30, 2016
India's imports of crude oil from Iran have risen 336% in October this year as the producer continued to recoup market share lost under sanctions, Reuters reported on Wednesday citing a data released by the International Energy Agency (IEA).
Putin, Iran's Rouhani back OPEC bid to stabilise oil prices
Tue, Nov 29, 2016
Russian President Vladimir Putin and his Iranian counterpart Hassan Rouhani on Monday expressed support for OPEC`s plans to limit the cartel`s output ahead of a crucial meeting this week.
Dollar, US bond yields drop as oil tumbles on output cut doubts
Mon, Nov 28, 2016
The dollar and US bond yields fell on Monday as investors reversed a "Trumpflation" trade that has gripped markets since the US elections, after oil prices slid on fears that producer countries meeting this week could fail to agree an output cut.
Saudi oil minister says OPEC production cut 'imperative'
Sun, Nov 13, 2016
"In this period marked by unstable oil prices it is imperative to reach a consensus between OPEC nations and to agree on an effective mechanism and precise figures to activate the historic Algiers accord," Faleh was quoted as saying by Algeria`s APS news agency.