Saudi Arabia
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OPEC+ panel keeps policy unchanged against backdrop of stronger oil market
An OPEC+ ministerial panel which met on Friday made no changes to the group's current oil output policy after a Saudi decision to extend its voluntary production cut into September helped oil prices rally further.
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Oil rises 2% as Saudi Arabia and Russia keep supplies tight
Oil prices gained about 2% on Thursday as Saudi Arabia and Russia were taking steps to keep supplies tight into September and possibly beyond.
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Oil stuck between supply strains and economic doubt
Oil prices were little changed on Wednesday in a market caught between expectations supply cuts by the world's biggest fuel exporters will drive prices higher and concerns global economic weakness will sap demand.
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Saudi Arabia hikes most August oil prices to Asia after supply cuts
Top oil exporter Saudi Arabia has raised the prices for most its crude oil to Asian customers in August for a second month, after its announcement of prolonging an extra output cut on top of a broader OPEC+ deal.
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On the sidelines of 8th OPEC International Seminar in Vienna
Iranian, Saudi ministers hold energy talks
SHANA (Vienna) – Iran’s Oil Minister Javad Owji and Saudi Minister of Energy Abdulaziz bin Salman here on Wednesday held energy talks on the sidelines of the 8th OPEC International Seminar.
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OPEC+ to keep pursuing efforts to stabilise oil market, Saudi minister says
OPEC+ will continue pursuing efforts to stabilise the oil market and will do “whatever is necessary”, Saudi Arabia’s energy minister said.
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Brent crude steady as economic fears offset supply cuts
Brent crude oil prices were little changed on Wednesday as concern over the global economy countered supply cuts announced this week by top crude exporters Saudi Arabia and Russia.
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Oil prices edge higher as Saudi cut outweighs bearish backdrop
Oil prices edged higher on Wednesday as Saudi Arabia's surprise weekend pledge to deepen output cuts outweighed weak Chinese export data and rising U.S. fuel stocks.
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Oil prices buoyed by Saudi warning and falling U.S. stockpiles
Oil prices rose on Wednesday, driven up by tightening U.S. inventories and a warning from the Saudi energy minister that raised the prospect of further OPEC+ production cuts.
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Iran, Saudi normalize ties at critical juncture
The Islamic Republic of Iran and Saudi Arabia, the two great oil reserves holders and producers of the Middle East and OPEC, have agreed to restore relationship that was severed during some seven years ago. The deal on restoration of ties was brokered by China and finalized in Beijing on 10 March 2023. The decision to restore ties may not have an immediate impact on the geopolitics and energy tectonic of the region and the world but, in my opinion, will rewrite the Middle Eastern pathway towards a much better dynamics. We’ve been discussing the “Asian Century” and a gradual relocation of eco-political center of gravity from West to South for quite some time. A couple of major international events; however, expedited the cycle of events.
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Saudi Arabia cuts June crude prices for Asia
Saudi Arabia, the world's top oil exporter, has cut the price of its June flagship crude to Asian buyers for the first time in four months, following a plunge in refining margins.
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Expert cites Saudi-U.S. ties as reason for OPEC+ surprise output cuts
SHANA (Tehran) – Former OPEC affairs head of the Iranian Ministry of Petroleum cited two economic and political factors as main reasons behind the recent OPEC+ surprise decision to cut oil output.
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MP: Iran-Saudi détente to have positive impacts on energy sector
SHANA (Tehran) – The recent agreement between Iran and Saudi Arabia on resumption of diplomatic relations will have positive impacts on energy, economic, and political sectors of West Asia, particularly the Persian Gulf region, said an Iranian lawmaker here on Thursday.
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IIES head: Iran-Saudi rapprochement contribution to economic, energy sectors a must
SHANA (Tehran) – The head of Iran’s Institute for International Energy Studies (IIES) put great emphasis on contribution of recent political and security agreement between Tehran and Riyadh to economic and energy sectors.
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Iran’s former official at OPEC:
Tehran, Riyadh expected to seize opportunity to boost ties in oil, gas sectors
SHANA (Tehran) – Former OPEC affairs head of the the Iranian Ministry of Petroleum here on Saturday said Tehran and Riyadh are expected to seize the opportunity created after their rapprochement and develop their relations, particularly in oil and gas sectors.
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Senior expert in energy economics:
Iran-Saudi agreement most important geopolitical event in Middle East
SHANA (Tehran) – A senior expert in energy economics described the March 12 agreement between Iran and Saudi Arabia [on the restoration of diplomatic relations] as the most important event in the Middle East in recent years and the most effective development for OPEC and global oil market in 2023.
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Iran’s former OPEC governor:
Iran-Saudi agreement to stabilize global oil market
SHANA (Tehran) – Iran’s former OPEC governor is convinced that Iran-Saudi rapprochement will be to the advantage of crude oil importers and exporters of the Middle East and could stabilize global oil market.
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MP: Expansion of world energy powers’ ties effective in developing global economy
SHANA (Tehran) – The expansion of relations between the world’s energy powers such as Iran, Russia, and Saudi Arabia plays an effective role in developing global economy, said a member of the Iranian Parliament National Security and Foreign Policy Committee.
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PGPIC Exports hit $2.4b in H1
TEHRAN (Shana) – The CEO of the Persian Gulf Petrochemical Industries Company (PGPIC) said the holding’s made $2.4 billion by exporting petrochemicals in the first half of the current Iranian fiscal year which began on March 20.
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FM Spokesman Denies Request from Saudi Arabia to Sell Iran Oil
TEHRAN (Shana) -- A spokesman for the Iranian Ministry of Foreign Affairs said that the request from Saudi Arabia to sell Iranian oil was not true, adding that Iran's talks with Saudi Arabia on bilateral, regional and international issues were under way and that any other issue on these talks was baseless.
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Zaki Yamani, Oil Market Legend: Expert
TEHRAN (Shana) – Dr. Mamdouh G. Salameh, Non-Resident Fellow, Expert, the Economics of Oil and Energy, who is an international oil economist and a prominent expert on energy, described late Zaki Yamani as a legend in the global oil market.
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OPEC and a Bug called "Sloppiness"
TEHRAN (Shana) – The Organization of the Petroleum Exporting Countries (OPEC) is preparing for its 60th anniversary celebrations in September, marking one of the most volatile times in recent years. Although OPEC Secretariat has not been very agile and orderly in recent months, at least over the years since I started observing the Organization’s moves, and it is exhibiting signs of severe sloppiness which has not been hidden in the eyes of most local and foreign observers.
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“No Room Whatsoever” for Noncompliance over OPEC+ Production Cuts: Saudi Arabia
TEHRAN (Shana) -- Saudi Energy Minister Prince Abdulaziz bin Salman said during a virtual press conference on Monday: “We have no room whatsoever for lack of conformity,”.
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Spox Reacts to Iran Oil Tanker Blast
TEHRAN (Shana) – The spokesman of the Iranian Ministry of Foreign Affairs expressed concern over the environmental pollution caused by oil leakage of a blast-hit Iranian tanker in the Red Sea.
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From a Journalist to "Prince Abdulaziz"
TEHRAN (Shana) -- Prince Abdulaziz bin Salman! Dear Saudi Minister of Energy; as an Iranian journalist, I have known you for over 15 years; as a freelance reporter, I have witnessed your influence in numerous OPEC meetings; and as someone who has witnessed your endeavors at various oil conferences, including the third OPEC summit in Riyadh, I urge you to take the Iranian Minister of Petroleum’s remarks on Sunday (October 6, 2019) seriously and work to improve relations between the two neighboring Muslim countries, Iran and Saudi Arabia.
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Iran Oil Sanctions and Energy Security
TEHRAN (Shana) -- Today, May 19, Saudi Arabia hosts a meeting of OPEC+ monitoring committee to review oil market trends and possibly facilitate decision-making by OPEC members at their ordinary ministerial meeting next month in Vienna. This is the first meeting of OPEC and non-OPEC countries after the US administration decided to end waivers on Iran’s oil purchases since early May and push Iran’s oil exports to zero as a means to achieve its foreign policy objectives.