Why Saudi Arabia won't cut oil production

Nine months after OPEC decided to leave its production target unchanged and pursue market share instead of trying to prop up prices, the group is facing a set of complex problems and decisions going forward.

U.S. vs. Saudi Arabia: The Oil War

Saudi Arabia leads the Organization of the Petroleum Exporting Countries (OPEC), launched an economic oil war with the United States in November last year when it decided not to cut its production despite the declining oil prices.

New oil bull market in sight as Brazil, Iraq cut output targets

LONDON (Reuters) - Massive downward revisions to oil output in Brazil and Iraq have increased the risks for oil markets of going from the current feast to famine within just a few years, leading to a price spike that would give a new boost to the U.S. shale industry.

Saudi Arabia Isn’t Trying to Curb U.S. Oil Firms, Petraeus Says

Saudi Arabia is trying to maintain its share of the global oil market rather than use its power in OPEC to curb U.S. producers, according to David Petraeus, former director of the Central Intelligence Agency.

Saudi Oil Supply Outpaces Rivals in Grab for Record China Demand

Saudi Arabia expanded its share of China’s oil market last month, outpacing rival producers as they compete to meet record demand from the world’s biggest energy consumer.

Saudi Arabia Adds Half a Bakken to Crude Market in a Month

Saudi Arabia boosted crude production to the highest in three decades in March, with a surge equal to half the daily output of the Bakken formation in North Dakota.

Oil prices edge down from 2015-highs, but set for weekly gains

SINGAPORE (Reuters) - Oil prices on Friday edged down from 2015-highs reached in the previous session, but prices remained on track for weekly gains after renewed air strikes in Yemen stoked concerns on the security of Middle East oil shipments.

OPEC Says US Oil Boom Will End This Year

OPEC says the demand for oil – its oil – will rise during 2015 because the cartel is winning its price war against US shale producers by driving them out of business.

Oil prices hit fresh four-year lows in wake of Opec meeting

Oil prices hit a four-and-a half-year low in the wake of the decision by the Opec producers' cartel not to cut output.

Iran to push for Saudi oil output cut at OPEC: Mehr news agency

(Reuters) - Iran will try to persuade Saudi Arabia to cut oil production when the oil ministers from the two OPEC members meet this week in Vienna, Iran's semi-official Mehr news agency reported on Sunday citing a television interview with the country's oil minister.

Oil Rises as Price Plunge Puts Pressure on OPEC to Act

Brent advanced on speculation that the drop in prices below $80 a barrel for the first time in four years increases the likelihood that OPEC will curb output.

Japan Expands, Extends Oil Storage Lease Contract With Abu Dhabi

Japan expanded and extended for three years a lease that allows Abu Dhabi to store crude oil in the Asian country.

Egypt signs $350 million in oil, power financing deals with Saudi Arabia

CAIRO: Egypt signed $350 million worth of financing agreements with Saudi Arabia on Saturday aimed at upgrading its power grid and securing imports of petroleum products as it seeks to end its worst energy crisis in decades.

Kuwait Joins Saudi View of No Immediate OPEC Supply Cuts

Two of OPEC’s biggest members say they won’t immediately reduce oil production to offset tumbling prices, a signal the group is unlikely to heed Venezuelan calls for an emergency meeting.

Iraq Follows Saudi Cuts as Brent Slides to 4-Year Low

Iraq will sell its Basrah Light crude to Asia at the biggest discount since January 2009 as it follows Saudi Arabia and Iran in cutting prices amid a slump in Brent futures to the lowest in almost four years.

Oil price hits two-year low after Saudi price cut

Global oil prices have fallen to their lowest level in more than two years after Saudi Arabia cut its official selling price.

Saudis Said to Maintain Oil Output After Biggest Cut Since ’12

Saudi Arabia, the largest crude producer in OPEC, plans to keep output steady until the end of the year, a person with knowledge of the country’s oil policy said. It made the biggest cut in 20 months in August.

Brent Crude Falls to Two-Year Low After IEA Demand Cut

Brent crude fell to the lowest level in more than two years, narrowing its premium over West Texas Intermediate, after the International Energy Agency cut demand forecasts.

Asia to Get Most 2014 Middle East Fuel, Ship Hirings Show

Persian Gulf oil refineries, going through the biggest expansion in decades, are about to ship the largest amount of fuels such as gasoline to Asia in eight months, lists of shipping charters show.

OPEC Loses Price Power as Saudis Take Control

OPEC isn’t moving oil markets like it used to. As Saudi Arabia, the world’s largest oil exporter, has acted with more independence and crude prices stabilized, the group’s gatherings in Vienna to discuss output have lost potency.