Special to WorldTribune.com Saudi Arabia’s oil minister had a message for high-cost producers on Feb. 23: Saudi is quite content to ride out low prices and those who aren’t should “get out” of the market. “Inefficient, uneconomic producers will have to get out, that is tough to say, but that’s fact,” Ali Al-Naimi said after […]
Special to WorldTribune.com Saudi Arabia is intent on drowning its competition in a sea of cheap oil. “There have been no conversations here that say we should cut production now that we’ve seen the pain,” Saudi Aramco Chairman Khalid al-Falih told the Financial Times. “The only thing to do now is to let the market […]
Special to WorldTribune.com As demand continues to slide, Saudi Aramco is slashing crude oil prices to Asia and the United States. Saudi Aramco is offering a $3.20 per barrel (below the regional benchmark) discount to Asia, the main market for Saudi crude oil. It is the largest discount offered to Asian customers since a $2 […]
Special to WorldTribune.com ABU DHABI — A leading Saudi prince has warned of the threat to the Gulf Arab kingdom by the emerging U.S. shale industry. Prince Al Walid Bin Talal warned that Saudi Arabia was being threatened by the growing U.S. shale energy industry. Al Walid, deemed one of the richest men in the […]