#oil prices
Aramco lowered the April official selling price (OSP) for flagship Arab Light crude by 40 cents to $3.50 a barrel
US West Texas Intermediate crude futures rose 8 cents, or 0.08 per cent, to $66.44 a barrel
Over the three weeks ending January 10, Brent has climbed by close to 7 per cent, while WTI has jumped nearly 8 per cent
Brent crude futures rose 36 cents, or 0.5 per cent, to $73.30 a barrel
Saudi Aramco said it is lowering the official selling prices for refiners in Asia, which buy about 70 per cent of the kingdom’s crude
Saudi Arabia is preparing to abandon its unofficial price target of $100 a barrel for crude as it prepares to increase output, cites a report
The fuel price committee slashed the retail prices for Super 98, Special 95, and E-Plus 91 by 20 fils per litre compared to the previous month
Equities, which tend to move in tandem with oil prices, rose on the rate cut hopes, with the Dow reaching an all-time high of 40,000 for the first time
The Bloomberg Intelligence survey found that despite notable geopolitical tensions, 92 per cent of respondents believe there is currently a geopolitical risk premium of less than $5 per barrel attached to oil prices
The fuel price committee increased the retail rates for Super 98, Special 95, and E-Plus 91 by as much as 6 fils per litre in February
A bearish International Energy Agency report last week revised the 2024 oil demand growth forecast downward as the world shifts to cleaner energy
Geopolitical risks including a feared broadening of the Middle East conflict pushed oil prices up by about 6 per cent last week
The eruption of the Israel-Palestine crisis threatens to derail US efforts to broker a rapprochement between regional powers
Saudi Arabia, Russia will continue with their respective production cuts in a bid to “balance the global oil market”
The largest Arab economy expects real gross domestic product to grow by 0.03 per cent this year
High-interest rates and a strong dollar have hit demand in the US, Europe and China
Crude is heading for the first back-to-back quarterly loss since 2019 after a volatile year
The group agreed on October 5 to reduce its collective crude-output target by 2 million barrels
The UAE is the third largest producer in OPEC
The Finance Ministry expects the economy to grow 5.6 per cent in 2022, in line with IMF predictions
Energy supplies are struggling to keep up with a robust economic recovery
The kingdom’s economy expanded 6.8 per cent in the fourth quarter of 2021
Euro-denominated outstanding debt is currently around 2 per cent of the kingdom’s overall portfolio
While oil has soared about 45 per cent this year, it slumped more than 10 per cent on November 26, the day after Thanksgiving
Saudi Arabia sends more than 60 per cent of its crude exports to Asia
The world’s biggest crude producer’s third-quarter profit climbed to $30.4bn
Qatar decided to leave the cartel in late 2018
The recovery in oil prices presents an opportunity for Gulf economies to accelerate the recovery from the pandemic and strengthen diversification
The attack on the kingdom’s Ras Tanura port on Sunday caused a brief spike in oil prices
To generate liquidity, the government began last year swapping its best assets for cash with the $600bn Future Generations Fund