Saudi Arabia and Russia, in coordinated statements, said on Tuesday they would extend their cuts in oil supplies through for the rest of 2023. The moves helped push up oil […]
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Back to news homeSaudi Aramco Reports $30 Billion in Profit for Latest Quarter
The Numbers: Profits that rise and fall with oil prices.Major energy companies have been reporting reduced profits, largely because the price of oil has fallen since last year. In the […]
Russia and Saudi Arabia’s Oil Partnership Shows Strain
For most of the last six years, the leaders of Russia and Saudi Arabia worked with each other to control the global oil market during times of war, pandemic and […]
Oil Prices Jump After Surprise OPEC Production Cut
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 […]
In 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 […]