Saudi oil production falls to 8 million bpd after 20% cut amid Iran war: Report

Saudi Arabia's unexpected decision to abandon plans to increase its oil production capacity by 8 per cent to 13 million barrels a day by 2027 has sparked speculation about the kingdom's outlook on future oil demand.

Saudi Arabia shelves oil production expansion plans, raising questions on future demand

In a turn of events, China has successfully bypassed Western sanctions to solidify its oil ties with Russia, making it the country's primary crude oil supplier in 2023.

China defies sanctions, secures Russia as top oil supplier in 2023

In a surprising turn of events, oil traders are displaying a lack of response to Saudi Arabia's Energy Minister, Prince Abdulaziz bin Salman, and his recent pledge to reduce oil production to its lowest level in over a decade, Bloomberg reported.

Oil Traders Remain Unimpressed with Prince Abdulaziz’s ‘Lollipop’ Show

As the global oil prices rose yet again on the World Environment Day, the debate around whether rising oil prices are good or not is back on the ground. Although high oil, gas, and coal prices on consumers are good for the environment as they lower demand. the effect of high prices on producers can be bad for the environment because they encourage increased supply. Oil prices rose after Saudi Arabia pledged to cut production by a further 1 million barrels per day from July.

Oil rises on Saudi plan to deepen output cuts

Veteran oil industry analyst Paul Sankey has sounded the alarm on the rising Russian oil exports to Asia and its threat to Saudi Arabia's dominance in the global oil market.

Russia challenges Saudi Arabia's throne in Asian oil trade: Veteran analyst

Saudi Arabia, the world biggest oil producer, grew slower in the first quarter of 2023 compared to the last quarter. According to the latest Saudi government data, the economy grew by 3.

Saudi Arabia's economy grew slower in 2023 but non-oil sector got a boost

The recent historic agreement between the two geopolitical arch rivals, Saudi Arabia and Iran, has rolled out a red carpet for China in the West Asian region, a country whose diplomatic clout was till now limited only to Indo-Pacific region.

'Nature abhors a vacuum': ex-envoy Jorge Heine on China's rising clout in West Asia as US packs up and leaves

US President Joe Biden failed to win oil and security commitments from the Gulf leaders during the Arab Summit in Jeddah, Reuters news agency reported. Biden’s visit to West Asia was primarily aimed at asking the oil-rich Gulf leaders to keep pumping more oil, which would drive gas prices down back in the US.

US President Joe Biden fails to win oil and security commitments at Arab Summit: Report

A donation of $100 million does not sounds like a big amount for Saudi Arabia. Afterall, the kingdom has been linked to the 9/11 attacks and members of the royal family were being blamed.

Saudi Arabia's petrodollar diplomacy: Pakistan asked to return billion dollar loans

Saudi Arabia's state-owned oil major Aramco profit has plunged 73% in the second quarter of the year. Watch report.

Aramco profit dive: Profits all steeper than expected

Regional heavyweight Saudi Arabia hosts Islamic, Arab and Gulf summits this week as tensions between Iran and the US raised fears of military escalation. The three summits in Mecca, Islam's holiest city, allow US ally Riyadh the chance to present unified Islamic, Arab and Gulf fronts against its arch-rival Tehran.

Iran tensions overshadow Mecca summits

The Port Arthur facility, considered the crown jewel of US oil refineries, can produce 600,000 barrels of crude oil per day

Saudi Arabia's Aramco acquires US' largest oil refinery for $2.2bn

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