2016, February, 23, 19:00:00ACCEPTABLE OIL PRICE: $50
“We’ve worked out a common position,” Novak said, commenting on the deal. “We discussed various options, including doing nothing and cutting production.” An oil price at $50 a barrel is acceptable for exporters and consumers over the long term, he said. Brent crude, a global benchmark, traded at about $33 on Friday after dropping 45 percent over the past year.
2016, February, 20, 20:50:00THE HIGHEST INDIAN OIL
India's oil imports from Saudi Arabia and Iraq hit the highest in more than a decade last month as OPEC's top producers gained at the expense of Latin American crudes, a validation of the OPEC policy of maintaining output and fighting for market share.
2016, February, 20, 20:45:00IRAN WILL INCREASE
On Tuesday, Saudi Arabia, Russia, Venezuela and Qatar conditionally agreed to cap their output at last month’s levels in order to halt a slide that has pushed oil prices to their lowest point in more than a decade. Oil prices recently plummeted below $30 a barrel, the lowest in 13 years.
2016, January, 31, 12:00:00SAUDI & RUSSIA OIL TALKS
“Co-ordination between Russia and Opec has been discussed in the past and has always come to nothing, and it would be a shock if any different outcome occurred this time,” says James Henderson at the Oxford Institute for Energy Studies.
2016, January, 10, 18:15:00SAUDI - IRANIAN COMPETITION - 2
The escalating rivalry between Saudi Arabia and Iran is intensifying bilateral market competition, which some observers say eclipses in importance Saudi concern over expansion of supply from North America.
2016, January, 10, 18:05:00SAUDI'S IPO PLAN
The IPO proposal is consistent with the broader direction of economic reform in the kingdom, including state asset sales and market deregulation, Aramco said. Bringing in investors would also strengthen the company’s focus on long-term growth and the prudent management of its reserves, according to the statement.
2016, January, 7, 20:45:00SUBTLE IRANIAN APPROACH
"We will be more subtle in our approach and may gradually increase output," Qamsari said. "I have to say that there is no room to push prices down any further, given the level where they are."
2016, January, 5, 16:45:00SAUDI-IRANIAN COMPETITION
Iran, which holds the world’s largest gas reserves, was aiming to double its gas production in the next 30 months and to raise its share of global cross-border gas trade from a minuscule one per cent at present to ten per cent at some unspecified future date. In production terms, this means increasing output from 172.6 bcm in 2014 (five per cent of the total world output) to around 350 bcm in 2018-19.
2016, January, 5, 16:40:00SAUDI'S RESTRICTIONS UP
The changes come at a difficult time for the Saudi kingdom, which is still adjusting to last year's leadership transition while also facing pressure from regional rivals like Iran.