Saudi Arabia

Kiran Stacey

Brent priceThe only thing more surprising than the comment from Ali Naimi, the Saudi oil minister, that the oil market is oversupplied, is how seriously the market appears to have taken it. The oil price has dipped sharply today, according to some at least, because of Naimi’s comments. Read more

Kiran Stacey

In this week’s readers’ Q&A session, Amrita Sen, oil analyst at Barclays Capital, answers your questions.
In the first of two posts, she discusses whether speculation is driving up the oil price, whether such an increase could trigger another recession and when “peak oil” might occur. Read more

Libyan rebels are set for their first oil export as soon as Tuesday as they seek funding to sustain their uprising against Muammer Gaddafi’s 41-year rule of the north African nation.

The Liberia-flagged Equator tanker was off Port Said, Egypt, early on Monday and is expected to dock at the Marsa el-Hariga crude oil export terminal near Tubruq, in east Libya, on Tuesday morning, according to Lloyd’s Intelligence, the shipping industry data provider.

The owner of the tanker, Greek-based Dynacom Tankers Management Ltd, declined to comment when contacted by the Financial Times. Dynacom is Greece’s third-largest tanker operator.

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With Brent Crude at $115 a barrel, it is little surprise to see the International Energy Agency talking in terms of oil remaining at $100 for 2011. And if it does, the organisation expects OPEC members to generate over $1,000bn in export revenues for the first time, as the FT reported on Wednesday. Read more

Could Saudi Arabia be telling porkies when it comes to its spare capacity capabilities? It’s something Goldman Sachs analysts are wondering on Tuesday. Read more

Influential members of Opec, the oil cartel, are joining Saudi Arabia in raising output to cool soaring prices and allay fears of a supply crunch in the west. Read more

As Brent crude climbs to $118 a barrel on the back of events in Libya, Javier Blas, commodities editor, talks to Daniel Garrahan about how high prices could go if the unrest in Middle East spreads to Saudi Arabia. Read more

Wondering why Saudi Arabia is so fussed about Bahrain?

JBC Energy encapsulates the reason in one helpful chart:

Most of Saudi Arabia’s chief producing fields are right around the corner.

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David Blair

We now have confirmation from the International Energy Agency that the Saudis have indeed raised their output. Read more

The fact that active negotiations are taking place between Saudi Arabia and European refiners to establish how the kingdom might replace Libyan supplies has calmed the market after Thursday’s panic-buying sent a barrel of Brent crude above $119. Read more