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 shale oil (shale oil) in the United States. The American nation…
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Saudi Arabia
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…
Oil price strengthens after unilateral cut in Saudi production
At the end of trading on the New York Mercantile Exchange (Nymex), WTI futures contracts for February delivery totaled 70 cents from the previous day.
Benchmark crude in the US added another solid rise after Tuesday's sharp rise, rising $…