Oil prices surged on Monday, a day after OPEC members announced production cuts “aimed at supporting the stability of the oil market.”In early trading Brent crude, the international benchmark, rose […]
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Back to news homeIn Surprise, OPEC Plus Announces Cut in Oil Production
Saudi Arabia, Russia and their oil-producing allies announced on Sunday that they would cut production by more than 1.2 million barrels of crude a day, or more than 1 percent […]
Japan’s Terra Drone gets $14M lift from Saudi investors
Terra Drone said today it has raised $14 million in Series C funding from Wa’ed Ventures, the venture capital arm of Saudi Aramco, marking the VC firm’s first investment in […]
Amid Churning Oil Market, OPEC and Russia Leave Production Unchanged
OPEC and its allies, including Russia, said on Sunday that they would leave their quotas for oil production unchanged. The group, known as OPEC Plus, appears to have decided during […]
iPhone maker Foxconn and Saudi Arabia are going into the EV business
Saudi Arabia’s sovereign wealth fund has formed a joint venture with Foxconn to build and sell EVs, the latest move by the nation to meet its Vision 2030 goal of […]
OPEC and Russia Aim to Raise Oil Prices With Supply Cut
Saudi Arabia and Russia, acting as leaders of the OPEC Plus energy cartel, agreed on Wednesday to their first large production cut in more than two years in a bid […]
Saudi Arabia and Russia May Find Their Oil Pricing Power Limited
“Not that big a deal,” said Rusty Braziel, executive chairman of RBN Energy, another Houston consulting firm. But, he added, “an OPEC Plus cut will definitely impact the market, just […]
OPEC Plus Considering Major Production Cut to Prop Up Oil Prices
OPEC Plus, the oil producers’ group, is considering announcing a major cut in production when it meets on Wednesday, according to a person familiar with the thinking of Saudi Arabia, […]
Ostracized by the West, Russia Finds a Partner in Saudi Arabia
As Russia massed troops on its border with Ukraine and invaded the country at the start of the year, Saudi Arabia’s Kingdom Holding Company quietly invested more than $600 million […]
OPEC Plus Agrees to Cut Production by 100,000 Barrels a Day
Officials of OPEC and its major allies agreed on Monday to modestly cut oil production by 100,000 barrels a day, rolling back the increase they approved a month ago.The trim […]