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Saudi Minister of Energy, Khalid al-Falih, announced plans of Saudi Aramco, a state-owned company, to switch from oil production at the country's fields to exploration and production around the world, the Financial Times writes. Thus, the strategy of Saudi Aramco will change and become similar to strategy of such large oil producers as Shell and Exxon Mobil. Responding to a question about the attitude to the NOPEC bill being prepared in the USA and directed against the cartel, the Saudi minister said that he considered this law, if adopted, to be harmful to the world economy. According to him, the adoption of such a law will impede the operational regulation of oil production by Saudi Arabia, to which the country has resorted to balance the oil market.
Oil traded higher on Friday, further reclaiming lost ground from three-week lows in the previous session as the COVID-19 situation continued to dent the global economy as well as oil consumption. Brent crude gained 0.3%, trading at $43.08 ...
Oil prices fell on Thursday as the rising global coronavirus cases weighed on fuel demand recovery just as OPEC+ producers are set to increase supply. The Brent contract for October slid 0.05%, or 2 cents, at $44.07 per barrel, while the September ...
Oil prices climbed on Wednesday after U.S. crude inventories fell against analysts’ expectations, prompting a boost in the market amid the coronavirus resurgence. Brent crude futures gained 0.3%, or 14 cents, at $43.36 per barrel. U.S. ...
Oil prices gained for the third day on Tuesday, supported by a bounce in demand from efforts to lift the U.S. economy as it struggles to recover from the coronavirus pandemic. Prices were also buoyed by a weakening dollar, making it ...
Oil prices fell on Monday as a surge in coronavirus cases and the escalating U.S.-China tensions prompted a safe-haven bid. Brent crude slid 0.2%, or 8 cents, at $43.26 per barrel. U.S. West Texas Intermediate crude fell 0.2%, or 7 cents, ...
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