The recent decision by eight OPEC+ members to maintain the increase in crude oil production in May led prices to extend their previous losses.
On Thursday, April 3, Russia, Saudi Arabia, the United Arab Emirates, Kuwait, Iraq, Algeria, Kazakhstan, and Oman decided to maintain the increase in…
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Saudi Arabia
Putin sent delegates to Riyadh to negotiate with the US and Ukraine to end the war
This Tuesday will be the meeting scheduled by the Kremlin between the delegates of Russia and the United States in Riyadh, Saudi Arabia, to begin negotiations that will end the war with Ukraine.
The envoys of each country will discuss…
Saudi Arabia has the largest automated metro in the world
Saudi Arabia inaugurated the new metro in the city of Riyadh at the beginning of December. A real display of technology, as it runs driverless for 176 kilometers, six lines and 85 stations.
The company RATPDev is in charge of this work,…
OPEC+ postpones oil production increase to January 2025
The decrease in oil demand by China and the United States is said to be one of the main reasons that has led the Organization of the Petroleum Exporting Countries (OPEC) to announce that it is postponing an increase in production of 180,000…
Saudi Arabia did not renew the petrodollar agreement with the United States
Saudi Arabia decided not to renew the petrodollar agreement it had had with the United States for 50 years and which expired on June 9.
The country located in Western Asia did not renew the agreement through which it sold oil in US…
US overtakes Saudi Arabia in oil production
The US already produces 40% more oil than Saudi Arabia, and the gap continues to widen. This situation, which seemed unimaginable less than 10 years ago, has become a reality thanks to the success of fracking (hydraulic fracturing) and…
Russia is the main supplier of oil to China
Russia became the main oil supplier to China in 2023, overshadowing Saudi Arabia's performance in this matter.
Likewise, last year, Chinese imports of fuel oil to Russia reached a record of 9.6 million tons. For its part, “Malaysia was the…
Saudi Arabia and Russia extended their cuts until the end of the year
Saudi Arabia and Russia announced the extension of their voluntary oil production cuts until the end of the year, which has had an immediate impact on crude oil prices. This decision seeks to stabilize prices and has taken the value of a…
The BRICS approve the entry of new members
This Thursday, during the BRICS meeting in South Africa on the occasion of the group's fifteenth summit, the entry of new members was announced: Iran, Saudi Arabia, United Arab Emirates, Argentina, Egypt and Ethiopia.
The extension of the…
Saudi Arabia and Russia cut oil exports for an additional month
After a recent agreement between Russia and Saudi Arabia, it became known that both regions will maintain the cut in oil exports for another month.
According to the announcement on the measure, exports from Saudi Arabia will remain at 9…
Arab countries from OPEC to cut voluntarily oil production
A voluntary cut in oil production was announced by Saudi Arabia, the United Arab Emirates (UAE), Kuwait, Iraq and Oman. The measure will be applied from next May and until the end of the year.
This reduction is in addition to the one…
Oil price goes back above 100 dollars
The price of a barrel of Brent crude, a benchmark for Europe, again exceeded the threshold of 100 dollars on Wednesday, after Saudi Arabia speculated on the possibility of an adjustment in the production of the Organization of Petroleum…