Saudi Arabia will boost output in July to match its output OPEC quota while ending deeper, voluntary cuts amid signs of global demand recovering, Saudi Energy Minister Prince Abdulaziz bin Salman said on Monday. OPEC, Russia and other producers agreed on Saturday to extend record output cuts of 9.7 million…

Saudi experts told Asharq Al-Awsat that extending the recent OPEC+ agreement to reduce oil production to the current level of 9.7 million barrels per day for an additional month would contribute to rebalancing the global markets. They noted that the price of a barrel of oil could rise above $50,…

The flow of Iraqi crude oil to Asia’s giant oil consumers took a new turn in the past two months, influenced by waning oil demand, and trading activities amid low prices.

After rising for seven consecutive session, Brent oil futures fell $1.30, or 3.1%, to $41.00 a barrel.WTI, meanwhile, fell $1.35, or 3.4%, to $38.20.

The Saudi government stressed on Tuesday the need for citizens and residents to adhere to the preventive measures aimed at curbing the novel coronavirus. Custodian of the Two Holy Mosques King Salman bin Abdulaziz chaired the virtual cabinet meeting. The ministers reviewed the measures the Kingdom has been taking to…

Saudi Arabia got what it wanted out of this weekend's OPEC+ meeting, but oil prices still dropped on Monday.