Saudi Arabia

Saudi Arabia: ‘Rampaging Domestic Demand’ Threatens Future as Oil Exporter

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Most people associate Saudi Arabia with oil, but natural gas supply is one of the most important issues in the Kingdom today. If the Saudis want to remain one of the world’s largest oil exporters, they need to simultaneously address the challenges associated with subsidized domestic energy prices, their internal energy consumption rate and domestic non-associated natural gas development.

“The Kingdom is in desperate need of rolling back the world’s second-largest portfolio of energy subsidies, which are driving domestic demand for its chief export commodity, crude oil,” Jim Krane, Gulf energy analyst at Cambridge University’s Judge Business School told Breaking Energy in an email. Keep reading →

 /  Published January 25, 2013 at 11:00 AM

Why Has Saudi Arabia Cut Its Oil Output?

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The world’s most influential oil producer, Saudi Arabia, reduced its oil production towards the end of 2012, causing many to conclude the Kingdom sought to reinforce global oil prices, but the Internal Energy Agency has a different take.

Saudi Arabia had been pumping oil at 30-year highs for most of 2012, but cut back supplies by just below 300,000 barrels per day in December to 9.36 million b/d, the IEA said in its most recent Monthly Oil Market Report. Keep reading →

 /  Published January 22, 2013 at 11:00 AM

Refineries – The Missing Link: Part Two

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Refining has long been a low-margin business, not for the faint of heart. The difference between what refiners pay for input and what they get for output, known as the crack spread, is traded on major oil markets. It sometimes goes negative, meaning refiners lose money on every barrel.

In the 1970s, with widespread worries over fuel supplies, US refiners overbuilt capacity. Since the 1980s, refiners have sold, merged, and shut down excess capacity, and upgraded capabilities, resulting in fewer refiners but more capacity actually utilized and better economics overall. Keep reading →

 /  Published August 15, 2012 at 8:30 AM

U.S. Tightens Oil Sanctions on Iran

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President Obama ratcheted up the pressure on Iran Friday, deciding to implement previously announced sanctions that will be the toughest to date.

The decision declares that world oil markets can be adequately supplied even if a significant portion of Iran’s 2.2 million barrels a day in oil exports is taken off the table. Keep reading →

 /  Published March 30, 2012 at 3:15 PM

Saudi Op-Ed Leaves Some Demanding: Show Us the Oil

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Doing its best Ben Bernanke (or maybe Greg Smith?) impression, Saudi Arabia took the somewhat unusual step this week of penning an Op-Ed to make its case that global oil prices are too high.

But by writing a letter to the Financial Times, the world’s largest supplier of oil has left some in the energy markets wondering one question: If Saudi Arabia truly wants to lower prices, why doesn’t it simply produce more oil? Keep reading →

 /  Published March 30, 2012 at 12:00 PM

Even the Saudis think the current price of #oil is too high says Atlas Energy CEO Cohen at #ECOnomics #energy

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Even the Saudis think the current price of #oil is too high says Atlas Energy CEO Cohen at #ECOnomics #energy petergardett

 /  Published March 22, 2012 at 12:15 PM
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