While analysts speculate just how low prices have to drop before Saudi Arabia cuts production longtime Saudi oil minister Ali al-Naimi said he has the answer: It's up to Allah.
In an interview with CNBC on Monday al-Naimi said there is no specific price point that would force Saudi Arabia to cut production.
"No one can set the price of oil – it's up to Allah," al-Naimi told CNBC.
The comments echo earlier statements from the oil minister supporting his country's decision to honor OPEC's 30 million barrel per day production target despite crude…
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BP and partners have sanctioned the Azeri Central East (ACE) project, the next stage of development of the giant Azeri-Chirag-Deepwater Gunashli (ACG) oilfield complex in the Azerbaijan sector of the Caspian Sea.
ConocoPhillips's gas-focused North Sea assets pumped 72,000 b/d of oil equivalent last year, and the acquisition will help boost Chrysaor's total production this year to over 185,000 boe/d, Chrysaor said in a statement.
Renewable energy sources generated approximately 33 per cent of Great Britain’s electricity over the first quarter of 2019, according to new figures published by energy consultancy EnAppSys, with wind energy accounting for over 60% of renewable generation.
To further explore opportunities for bilateral energy expansion, Turkish Energy and Natural Resources Minister Fatih Dönmez and German Federal Minister for Economic Affairs and Energy Peter Altmaier met in Ankara for the second Turkish-German Energy Forum in October last year to sign a letter of intent to enhance the Turkish-German energy partnership.