Saudi Arabia's move to slash the price it charges in Asia for its oil this week to the lowest in more than a decade is the latest aggressive action by Gulf states to defend market share in the world's top oil consuming region.
Tags: Saudi Arabia
Saudi Arabia outpaces India to become top defense importer: IHS
Saudi Arabia overtook India to become the world's biggest weapons importer in 2014, a year when global defense trade rose for the sixth straight year to a record $64.4 billion, research company IHS said on Sunday.
Saudi Arabia expects oil price to stabilize
Saudi Arabia's oil minister said on Wednesday he expected oil prices, which hit a near six-year low in January, to stabilize, signaling cautious optimism about the market outlook.
Oil above $60 as Saudi Arabia sees steady market
Brent crude oil steadied above $60 a barrel on Wednesday after Saudi Arabia's oil minister said he expected the oil market to balance itself.
Saudi king keeps close hand on oil in remodelling strategic team
Saudi Arabia's subtle change of energy policymaker line-up since the accession of new King Salman in late January appears to give the monarch's inner circle a firmer hand on the kingdom's oil strategy than previous rulers have enjoyed.
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Crude oil prices rose as much as $1 on Friday, continuing a rebound from near six-year lows plumbed last week, but rising global inventories and steady OPEC supply will likely cap gains.
OPEC's oil supply has risen this month due to more Angolan exports and steady to higher output in Saudi Arabia and other Gulf producers, a Reuters survey showed, a sign key members are standing firm in refusing to prop up prices.
Oil prices jumped on Friday as news of the death of Saudi Arabia's King Abdullah added to uncertainty in energy markets already facing some of the biggest shifts in decades
Brent crude oil prices fell towards $48 a barrel on Tuesday after the International Monetary Fund cut its forecast for global economic growth in 2015 implying lower demand for fuel.
Iran sees no sign of a shift within OPEC toward action to support oil prices, its oil minister said, adding its oil industry could ride out a further price slump to $25 a barrel.
A diplomatic push by Venezuela and Iran for an OPEC oil output cut has failed to soften the refusal of the group's Gulf members to do so for now, delegates said on Monday.
Oil fell 5 percent to its lowest in nearly six years on Monday, extending the second-deepest rout on record, after Goldman Sachs warned that prices would fall further and Gulf oil producers showed no sign of cutting output.
Iran's supreme leader Ayatollah Ali Khamenei told Venezuela's president on Saturday he backed coordinated action between Tehran and Caracas to reverse a rapid fall in global oil prices which he described as a "political ploy hatched by common enemies".
Complicated bureaucracy is delaying the launch of Qatar Airways' domestic operations in Saudi Arabia, and they are now expected to start in six to 18 months, the airline's chief executive was quoted as saying.
