Saudi Arabia reduced the official selling price of its flagship crude by $0.50 per barrel for Asian buyers in January.
This is the first price reduction in seven months, although it is a smaller reduction than analysts had expected.
The move was in response to intensified international competition after OPEC production cuts pushed Middle Eastern oil prices higher.
Part of the reason oil prices went lower rather than higher last week despite the OPEC+ announcement was the suspicion that some of the cuts will remain so only on paper.
A recent investigation by the Centre for Climate Reporting and Channel 4 News showed Saudi officials saying they were trying to artificially increase oil demand in some markets
LONDON: Oil prices tanked 4 percent on Wednesday as OPEC+ producers unexpectedly delayed a meeting on output planned for Sunday, raising questions about the future course of crude production cuts.
Oil prices crashed by 4% early on Wednesday morning after confirmation that this weekend’s OPEC+ meeting would be postponed.
Saudi Arabia’s new natural gas discoveries are no threat to Nigeria’s LNG business. This is according to Kayode Oluwadare, the Regional Energy Partner at Energy Compact.
Saudi Arabia’s crude oil exports increased by 170,000 barrels per day (bpd) to 5.75 million bpd in September, data from the Joint Organizations Data Initiative (JODI) showed on Thursday.
Saudi Arabia’s energy minister, Abdulaziz bin Salman, has disclosed that the kingdom signed preliminary agreements with African countries, including Nigeria, on energy-related cooperation.
Saudi Arabia said it would extend its voluntary production cuts of 1 million barrels daily of crude until the end of the year.
Kenera has secured a contract to deliver five top drives and five iron roughnecks to Arabian Drilling for new build rigs to operate on a major project in Saudi Arabia.