All publications by tag «ARAB»
PLATTS - The issuance of a combined 2.8 million b/d cap on formerly exempt members Libya and Nigeria at the organization's November 30 meeting means that OPEC as a whole now has a notional collective ceiling of 32.74 million b/d, when all the members' quotas are added up. From January-November, compliance was 108% according to S&P Global Platts, one of the six secondary sources used by the organization to monitor output.
BLOOMBERG - Under a six-year fiscal program, officials predict rising oil prices and output will push income from oil sales to 801.4 billion riyals ($214 billion) from 440 billion riyals this year, the people said on condition of anonymity because they aren’t authorized to share the data publicly. It assumes the price of oil will reach $75 a barrel. Non-oil revenue, excluding income from the Public Investment Fund, would increase 32 percent to 337 billion riyals, they said.
BLOOMBERG - Al-Falih wouldn’t rule out buying LNG from Russia, which this month opened a new plant in the Arctic, although he cautioned it wasn’t the most economical option at the moment.
BLOOMBERG - Saudi Arabia expects oil revenue to jump 12 percent next year in a sign the world’s biggest crude exporter expects prices to keep rising in 2018.
REUTERS - State oil company Saudi Aramco last week raised prices for all crude oil grades to Asia in January.
REUTERS - The outcome represents a successful compromise between de facto OPEC leader Saudi Arabia (which wanted to announce an extension throughout 2018) and non-OPEC heavyweight Russia (which wanted to avoid giving such a long commitment).
IMF - Saudi Arabia had made good progress in initiating its ambitious reform agenda. Fiscal consolidation efforts are beginning to bear fruit. Progress with reforms to improve the business environment are gaining momentum, and a framework to increase the transparency and accountability of government is in place. Effective prioritization, sequencing, and coordination of the reforms is essential, and they need to be well-communicated and equitable to gain social buy-in to ensure their success.
Reuters - Saudi Basic Industries Corp (SABIC), the world’s fourth-biggest petrochemicals company, reported a 10.7 percent rise in third-quarter net profit on Sunday, beating analysts’ estimates.
Oil closed at its highest in more than two years in London, nearing $60 a barrel, as Saudi Crown Prince Mohammed bin Salman backed the extension of OPEC output cuts.
Compliance among OPEC and major non-OPEC producers reached 120% in September, its highest level since the output constraint deal was launched in January, the Joint Ministerial Monitoring Committee said.