Posts Tagged ‘Saudi Arabia’

Saudi Aramco Oil Price Hike Amid Robust Demand

Monday, June 6th, 2016

Saudi Arabia, the world’s largest crude exporter, raised pricing on most oil grades for sale to Asia and the U.S. in July after the nation’s energy minister said demand was robust.

State-owned Saudi Arabian Oil Co. increased its official selling price for Arab Light crude by 35 cents a barrel to 60 cents more than the regional benchmark for sales to Asia, it said in an e-mailed statement.

The company, known as Saudi Aramco, was expected to raise the premium for shipments of Arab Light crude by 40 cents a barrel to 65 cents a barrel more than the benchmark for buyers in Asia, according to the median estimate in a survey by Bloomberg of five refiners and traders in the region last week.

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Iran Won’t Freeze Oil Output Ahead of OPEC Meeting

Monday, May 23rd, 2016

Iran, which is due to meet with OPEC partners on June 2, has no plan to join any freeze in crude output as the country won’t be done ramping up oil exports to pre-sanctions levels before the second half of the year, the head of the state oil company said.

The Persian Gulf state’s oil exports will likely surpass 2.2 million barrels a day by the middle of the summer, Rokneddin Javadi, managing director of National Iranian Oil Co., told Mehr news agency.

Iran last exported at this level before sanctions were imposed on the country for its nuclear program more than four years ago.

Sanctions were eased in January, and Iranian officials said they won’t discuss any output freeze or cut before reaching pre-sanctions levels.

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Oil Isn’t the Only Commodity Threatened by Rise of Electric Cars

Monday, May 9th, 2016

The rise of electric cars and fall of diesel technology threatens an industry from South Africa to Siberia.

The bold plan by Tesla owner Elon Musk to produce 500,000 electric cars every year starting in 2018, promise to disrupt yet another market – platinum.

But it’s not just Tesla. More or less every car manufacturer is rushing to introduce electric cars to end use of petrol and diesel.

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Poor performances for Gold and Oil trading circles

Tuesday, December 1st, 2015

Gold: A Long Winter Ahead?

The bears have once again taken centre stage in terms of online gold trading. However, this is not all bad news for short-term commodity investors.

One of the main reasons for relatively positive news is that it is now widely believed that the Federal Reserve of the United States will raise its interest rates.
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High oil stocks while gold trading price remains subdued

Sunday, April 26th, 2015

Oil pumps in Saudia Arabia
This week, the crude oil price tag has fluctuated a few cents around the $57 per barrel level, while gold futures have been trading at a disappointingly low level for some – in the region of $1,175 to $1,177 per ounce.

Small fluctuations around $57 per barrel

Crude oil stocks are currently at an eighty-year high, this being attributed to Saudi Arabia curbing its military campaign against Yemen.

While there no longer seems to be the threat of oil price crashes, prices have dropped from around $58 to $57, which is a minor fluctuation when considered in the context of thirty-day movements, between $40 and $58.
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