ABU DHABI, United Arab Emirates — OPEC and allied oil-producing countries will likely need to cut crude supplies, perhaps as much as 1 million barrels of oil a day, to rebalance the market after proposed U.S. sanctions on Iran failed to cut Tehran's output, Saudi Arabia's energy minister said Monday.The comments from the minister, Khalid al-Falih, show the balancing act the U.S. allies face in dealing with President Donald Trump's actions related to the oil industry.Trump in recent weeks demanded the oil cartel increase production to drive down U.S. gasoline prices. Meanwhile, Trump's administration allowed some of its allies — Greece, India, Italy, Japan, South Korea, Taiwan and Turkey — as well as rival China to continue to purchase Iranian oil despite re-imposed sanctions on Tehran and as long as they work to reduce their imports to zero.Al-Falih, who on Sunday said the kingdom would cut production by over 500,000 barrels per day in December, said Monday that … [Read more...] about Saudi Arabia defies Trump and warns of 1m barrels a day cut to crude oil output
Saudi arabia
Gabon president ‘recovering in Saudi Arabia’ amid health speculation
News / World by Press Association 11/11/2018, 9:24 pm FacebookTwitterWhatsAppEmail Send us a story Sign up to our Daily newsletter Gabonese President Ali Bongo Ondimba is recovering from an undisclosed illness in Saudi Arabia and still performing his duties, according to a statement released on Sunday amid mounting speculation about his health. The issue is a particularly sensitive one in the Central African nation. When Bongo’s father died in 2009 after more than four decades in power, Gabonese officials angrily denied French media reports of his death for almost a day, and shut down the internet in the country for several hours. The statement said that Ali Bongo was suffering dizziness at his hotel in Riyadh, Saudi Arabia on October 24 when he sought medical care at King Faisal Hospital. The information about the president’s health was “extremely reassuring” and the president “continues to perform his duties”, the presidency … [Read more...] about Gabon president ‘recovering in Saudi Arabia’ amid health speculation
Norway halts defence exports to Saudi Arabia over Yemen
Norwegian Foreign Minister Ine Eriksen Soreide at the UN in New York in September. Photo: Frode Overland Andersen / UD/ Flickr Norway said on Friday it was freezing all defence material export licences to Saudi Arabia over recent developments in the country and the war in Yemen. The announcement came amid international outrage over Riyadh's killing of Saudi journalist Jamal Khashoggi in the kingdom's consulate in Istanbul in October, though Norway did not mention the murder specifically. "We have decided that, in the current situation, no new licences are to be granted for exports of defence-related products or dual-use items for military use to Saudi Arabia," Foreign Minister Ine Eriksen Soreide said in a statement. "The decision was taken after an overall assessment of recent developments in Saudi Arabia and the region, and the unpredictable situation in Yemen," the foreign ministry said. Norway sold defence material worth more than 41 … [Read more...] about Norway halts defence exports to Saudi Arabia over Yemen
Saudi Arabia discussing proposal to cut oil output by up to one million bpd by OPEC and allies
ABU DHABI (Reuters) - Saudi Arabia is discussing a proposal to cut oil output by up to 1 million barrels per day by OPEC and its allies, two sources close to the discussions told Reuters on Sunday. The sources said the discussions were not finalised as much depended on the reduction in Iranian exports. “There is a general discussion about this. But the question is how much is needed to reduce by the market,” one of the sources said, speaking in Abu Dhabi where a market monitoring committee is due to be held on Sunday, attended by top exporters Saudi Arabia and Russia. Asked by reporters in Abu Dhabi if the market is in balance, Saudi Energy Minister Khalid Al-Falih said: "We will find out. We have our meeting later.” Al-Falih last month said there could be a need for intervention to reduce oil stockpiles after increases in recent months. The United States this month imposed sanctions curtailing Iran's oil exports as part of efforts to curb Tehran's nuclear and missile … [Read more...] about Saudi Arabia discussing proposal to cut oil output by up to one million bpd by OPEC and allies
Germany, France, Britain, U.S. and Saudi Arabia listened to Khashoggi tapes, Erdogan says
ISTANBUL (Reuters) - Turkey has given recordings on the killing of Saudi journalist Jamal Khashoggi to Saudi Arabia, the United States, Germany, France and Britain, President Tayyip Erdogan said on Saturday. Turkish sources have said previously that authorities have an audio recording purportedly documenting the murder. Speaking ahead of his departure for France to attend commemorations to mark the 100th anniversary of the end of World War One, Erdogan said Saudi Arabia knows the killer of Jamal Khashoggi is among a group of 15 people who arrived in Turkey one day ahead of the Oct. 2 killing. (Writing by Ezgi Erkoyun; Editing by Hugh Lawson) … [Read more...] about Germany, France, Britain, U.S. and Saudi Arabia listened to Khashoggi tapes, Erdogan says