Trump on request to Saudi king for more oil to offset Iran, Venezuela: ‘He agreed!’

Trump on request to Saudi king for more oil to offset Iran, Venezuela: ‘He agreed!’

U.S. President Donald Trump said on June 30 that Saudi King Salman has agreed to Trump’s request to increase oil production “maybe up to 2,000,000 barrels” to offset production cuts from Iran and Venezuela. Trump tweeted on June 30: “Just spoke to King Salman of Saudi Arabia and explained to him that, because of the […]

OPEC backs 10- to 20-year oil deal between Saudi and Russia

OPEC backs 10- to 20-year oil deal between Saudi and Russia

by WorldTribune Staff, March 29, 2018 A deal between Saudi Arabia and Russia that could extend the two nations’ control over crude oil supplies for the next two decades has OPEC’s blessing. Saudi Crown Prince Mohammed Bin Salman told Reuters earlier this week: “We are working to shift from a year-to-year agreement to a 10-20 […]

With OPEC deal to cut output, Saudi signals surrender to U.S. shale

With OPEC deal to cut output, Saudi signals surrender to U.S. shale

by WorldTribune Staff, December 8, 2016 Saudi Arabia’s strategy to drive U.S. shale out of the energy market has failed. “The new OPEC deal to cut oil output – the cartel’s first since 2008 – amounts to nothing less than Saudi Arabia’s surrender to the power of American shale,” John Hulsman wrote for UK business daily City […]

Oil prices slide as Iran refuses to freeze output levels

Oil prices slide as Iran refuses to freeze output levels

by WorldTribune Staff, September 27, 2016 The political rivalry between Iran and Saudi Arabia spilled into OPEC’s informal meeting in Algeria as Iran said it would not freeze oil output and Saudi said the meeting was merely “consultative”. Saudi has said it would support a production freeze only if all OPEC producers are committed to […]

Saudi pumping oil at record levels as U.S. frackers cut back

Saudi pumping oil at record levels as U.S. frackers cut back

by WorldTribune Staff, August 11, 2016 Saudi Arabia continues to pump oil at record levels as U.S. shale producers prepare to cut back amid seasonal maintenance at American refineries. Saudi has said it will not agree on limitations on production unless all OPEC nations, including Iran, agree. Iran, which has resumed production faster than expected […]

Saudis end their war against U.S. frackers

Saudis end their war against U.S. frackers

by WorldTribune Staff, June 24, 2016 Saudi Arabia has declared its war on U.S. shale (frackers) is over. Now the question is:  Who won? Saudi Energy Minister Khalid Al-Falih said that since the worldwide oil glut has vanished, Saudi’s strategy of flooding the global market to try to put American drillers out of business is […]

Analyst: Impossible for Saudis to destroy U.S. shale industry

Analyst: Impossible for Saudis to destroy U.S. shale industry

Special to WorldTribune.com Despite its best efforts, it is impossible for Saudi Arabia to destroy the “resilient” U.S. shale industry, an analyst said. Because of its mid-cost nature, compared to the high cost of conventional drilling, shale will rebound quickly, according to Daniel Yergin, founder of IHS Cambridge Energy Research Associates, who said groups are […]

It’s the oil, stupid: The coming energy revolution

It’s the oil, stupid: The coming energy revolution

Sol W. Sanders   [See Archive] If we can get your attention off Dred Scott II — the Supreme Court decision on health care costs with its byzantine political implications — something perhaps as fundamental for the U.S. and world economies is happening: a second fossil fuel revolution. The Saudis are pumping oil like mad. […]