Saudi Arabia on Monday named the head of its sovereign wealth fund as chairman of oil giant Aramco, replacing Energy Minister Khalid al-Falih as the state-owned company prepares for a much-anticipated initial public offering (IPO).

Saudi Arabia replaces Aramco chairman ahead of potential IPO

Saudi energy minister Khalid Al-Falih discussed oil markets with his Russian counterpart and stressed that Saudi Arabia would continue to comply with production cuts until the end of Q1 2020, he said in a tweet on Saturday.

Saudi energy minister says he discussed oil markets with Russian counterpart

Saudi Arabia and the UAE on Saturday called for decisive action to protect energy supplies amid a tense US-Iran standoff as two tankers attacked in a vital Gulf shipping channel headed to port.

Gulf powers urge action to secure energy supplies as tankers port-bound

Russia on Monday warned of a strong risk of global overproduction of oil that could lead crude prices to drop below $40 a barrel. "There are really great risks of overproduction today," Russian Energy Minister Alexander Novak said during a meeting with Saudi counterpart Khalid al-Falih in Moscow.

Russia warns of 'great risk' of oil overproduction

Oil rose to multi-week highs on Monday after OPEC indicated it will likely maintain production cuts that have helped support prices this year, while tensions continued to escalate in the Middle East.

Oil surges after OPEC indicates it will maintain output cuts

OPEC kingpin Saudi Arabia and key producer United Arab Emirates said Sunday oil supplies were sufficient and stockpiles were still rising despite massive output drops by Iran and Venezuela.

Saudi, UAE see sufficient oil supplies, rising stocks

Saudi Arabia's Energy Minister Khalid al-Falih said on Saturday that OPEC will be responsive to the oil market's needs, but that he was not sure there is an oil shortage with data, particularly from the United States, still showing inventories building.

Oil stocks still building, but OPEC to act if needed: Saudi Arabia's Energy Minister

OPEC kingpin Saudi Arabia said it had stopped pumping crude oil along a major pipeline on Tuesday following a drone attack, hours after Yemen's Huthi rebels said they had targeted vital Saudi installations.

Saudi Arabia stops pumping oil in major pipeline after Huthi rebel drone strike

Saudi Arabia said Monday two of its oil tankers were damaged in "sabotage attacks" in the Gulf as tensions soared in a region already shaken by a standoff between the United States and Iran.

Two Saudi tankers came under 'sabotage attack' off UAE; no casualties

Oil prices rose on Monday, lifted by Saudi oil minister Khalid al-Falih saying an end to OPEC-led supply cuts was unlikely before June and a report of falling US drilling activity.

Oil rises on OPEC-led supply cuts, but slowing economy restricts gains

*By: Gregory Brew The Organization of the Petroleum Exporting Countries likes to look united. That’s evident when OPEC leaders meet in Vienna at the end of each year to decide how much oil its members will aim to produce the next year.

Saudi Arabia is allying with Russia to shore up oil prices as OPEC's power wanes

OPEC will meet with 10 partner countries, including Russia, on Friday to try to thrash out an agreement on oil production cuts, a day after the group's members failed to reach a deal.

OPEC and partners face steep challenge to reach oil cut deal

Saudi Arabia is seeking to persuade Russia on Wednesday to cut oil production substantially with OPEC next year in an attempt to arrest a decline in the price of crude and prevent another global glut.

Saudi Arabia works on convincing Russia to join oil cuts

Saudi Arabia was set to sign deals worth $50 billion on Tuesday at the opening of an investment conference despite being overshadowed by the killing of journalist Jamal Khashoggi which prompted a boycott by Western politicians, top world bankers and company executives.

Saudi sees deals worth $50 billion at investment conference despite boycotts

OPEC's leader Saudi Arabia and its biggest oil-producer ally outside the group, Russia, ruled out on Sunday any immediate, additional increase in crude output, effectively rebuffing US President Donald Trump's calls for action to cool the market.

OPEC, Russia rebuff Trump's call for immediate oil output boost

The appointments come as the Saudi government plans to float around 5 per cent of Aramco in an initial public offering (IPO) later this year or early 2019

Saudi Aramco appoints first woman to the board

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