OPEC cancels April meeting, leaving price-boosting oil output cuts in place through June

When they agreed to the new production cuts in December, the so-called OPEC+ alliance said it would assess the oil market in April, two months ahead of OPEC’s usual meeting in June. The latest round of cuts have helped boost oil prices from 18-month lows this year. Falih said Monday he does not expect OPEC to leave the oil market “unguided in the second half,” Dow Jones reported. Last month, the Saudi oil minister told CNBC he was leaning toward extending the production cuts through the end of t


When they agreed to the new production cuts in December, the so-called OPEC+ alliance said it would assess the oil market in April, two months ahead of OPEC’s usual meeting in June. The latest round of cuts have helped boost oil prices from 18-month lows this year. Falih said Monday he does not expect OPEC to leave the oil market “unguided in the second half,” Dow Jones reported. Last month, the Saudi oil minister told CNBC he was leaning toward extending the production cuts through the end of t
OPEC cancels April meeting, leaving price-boosting oil output cuts in place through June Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-18  Authors: tom dichristopher, faisal al nasser
Keywords: news, cnbc, companies, told, output, opec, priceboosting, saudi, place, group, meeting, oil, russia, production, leaving, cancels, cuts, prices, market


OPEC cancels April meeting, leaving price-boosting oil output cuts in place through June

When they agreed to the new production cuts in December, the so-called OPEC+ alliance said it would assess the oil market in April, two months ahead of OPEC’s usual meeting in June. But on Monday, a committee tasked with monitoring the deal said “market fundamentals are unlikely to materially change in the next two months.”

The Joint Ministerial Monitoring Committee said it will next meet in May, with the full group convening on June 25 to decide whether to extend the output cuts through the end of 2019.

The latest round of cuts have helped boost oil prices from 18-month lows this year. U.S. West Texas Intermediate crude has rallied 29 percent to more than $58 a barrel, while international benchmark Brent crude is up 25 percent to about $67 a barrel.

OPEC and its allies are aiming to keep 1.2 million barrels per day off the market, but some producers are still pumping above their quotas, including Russia, the world’s second biggest oil producer.

Russian Energy Minister Alexander Novak told CNBC on Sunday that Russia will hit its target in coming weeks. He said it is premature to to discuss whether the group should continue capping output beyond June.

Falih said Monday he does not expect OPEC to leave the oil market “unguided in the second half,” Dow Jones reported. Last month, the Saudi oil minister told CNBC he was leaning toward extending the production cuts through the end of the year.

Helima Croft, global head of commodity strategy at RBC Capital Markets, says the group is likely to continue cutting production throughout 2019. However, extending the cuts will highlight divisions between Russia, where partly private companies produce oil, and OPEC members like Saudi Arabia, where state-owned energy companies underwrite the nation’s budget.

“The Russian corporates hate shutting in production. They benefit from volume. The state takes the upside of higher prices, so for them, they don’t like the agreement,” she told CNBC’s “Worldwide Exchange” on Monday.

“But for Saudi Arabia and for the rest of the OPEC producers, current prices still remain below their fiscal breakevens, so they would like to see prices a bit higher from here.”


Company: cnbc, Activity: cnbc, Date: 2019-03-18  Authors: tom dichristopher, faisal al nasser
Keywords: news, cnbc, companies, told, output, opec, priceboosting, saudi, place, group, meeting, oil, russia, production, leaving, cancels, cuts, prices, market


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Saudi Arabia’s stock exchange makes its debut on global emerging markets indexes

Saudi Arabia’s stock exchange, the Tadawul, took its first step Monday of inclusion in two major international indexes: the FTSE Russell and S&P Dow Jones’ emerging markets indices. The inclusion marks a continuation of efforts by the Saudi kingdom to open up its market to international investors, Tadawul CEO Khalid Abdullah al-Hussan told CNBC’s Hadley Gamble in Riyadh. “We haven’t seen any turbulence on inflows of cash for the first tranche of FTSE and it was very smooth by both the sellers an


Saudi Arabia’s stock exchange, the Tadawul, took its first step Monday of inclusion in two major international indexes: the FTSE Russell and S&P Dow Jones’ emerging markets indices. The inclusion marks a continuation of efforts by the Saudi kingdom to open up its market to international investors, Tadawul CEO Khalid Abdullah al-Hussan told CNBC’s Hadley Gamble in Riyadh. “We haven’t seen any turbulence on inflows of cash for the first tranche of FTSE and it was very smooth by both the sellers an
Saudi Arabia’s stock exchange makes its debut on global emerging markets indexes Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-18  Authors: natasha turak, simon dawson bloomberg getty images
Keywords: news, cnbc, companies, debut, stock, alhussan, inclusion, saudi, investors, global, makes, exchange, emerging, markets, arabias, inflows, international, market, tadawul, ftse, indexes


Saudi Arabia's stock exchange makes its debut on global emerging markets indexes

Saudi Arabia’s stock exchange, the Tadawul, took its first step Monday of inclusion in two major international indexes: the FTSE Russell and S&P Dow Jones’ emerging markets indices.

The inclusion marks a continuation of efforts by the Saudi kingdom to open up its market to international investors, Tadawul CEO Khalid Abdullah al-Hussan told CNBC’s Hadley Gamble in Riyadh.

“We haven’t seen any turbulence on inflows of cash for the first tranche of FTSE and it was very smooth by both the sellers and as well as the buyers, which in my opinion confirmed the confidence of international investors to participate in the Saudi markets and the regulatory framework of the Saudi capital market,” al-Hussan said.

Al-Hussan expects this inclusion to bring in around $15 billion in passive inflows across the indices, adding that calculating the expected active funds is more challenging.


Company: cnbc, Activity: cnbc, Date: 2019-03-18  Authors: natasha turak, simon dawson bloomberg getty images
Keywords: news, cnbc, companies, debut, stock, alhussan, inclusion, saudi, investors, global, makes, exchange, emerging, markets, arabias, inflows, international, market, tadawul, ftse, indexes


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State Department calls Jamal Khashoggi’s death human rights violation

The State Department acknowledges Saudi Arabia’s killing of U.S. resident Jamal Khashoggi in its annual human rights report but makes no mention of Saudi Crown Prince Mohammed bin Salman in the section on his death. The Trump administration has long resisted implicating the crown prince in the murder, citing what it says is insufficient evidence. Initially, Saudi Arabia claimed Khashoggi, an outspoken critic of the Saudi government, left the consulate unharmed. At a press conference unveiling th


The State Department acknowledges Saudi Arabia’s killing of U.S. resident Jamal Khashoggi in its annual human rights report but makes no mention of Saudi Crown Prince Mohammed bin Salman in the section on his death. The Trump administration has long resisted implicating the crown prince in the murder, citing what it says is insufficient evidence. Initially, Saudi Arabia claimed Khashoggi, an outspoken critic of the Saudi government, left the consulate unharmed. At a press conference unveiling th
State Department calls Jamal Khashoggi’s death human rights violation Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-13  Authors: ashley turner, kevin lamarque
Keywords: news, cnbc, companies, salman, arabia, involved, human, prince, department, state, jamal, khashoggis, death, calls, trump, rights, violation, saudi, report, crown


State Department calls Jamal Khashoggi's death human rights violation

The State Department acknowledges Saudi Arabia’s killing of U.S. resident Jamal Khashoggi in its annual human rights report but makes no mention of Saudi Crown Prince Mohammed bin Salman in the section on his death. That’s despite reports that the CIA determined the Saudi leader ordered Khashoggi’s assassination.

The Trump administration has long resisted implicating the crown prince in the murder, citing what it says is insufficient evidence.

While the report fails to connect the crown prince to Khashoggi’s death, it notes that Saudi Arabia’s King Salman “pledged to hold all individuals involved accountable, regardless of position or rank,” adding that several officials have been removed from their positions.

Khashoggi, who was a columnist for The Washington Post, was killed in October when he entered the Saudi consulate in Istanbul to pick up documents that would allow him to marry his Turkish fiancee.

Initially, Saudi Arabia claimed Khashoggi, an outspoken critic of the Saudi government, left the consulate unharmed. Days later, Turkish authorities released images of a 15-person “hit squad” from Saudi Arabia arriving at the consulate at the time of Khashoggi’s disappearance and later said he was killed by them.

Saudi Arabia has charged 11 people in the murder — the kingdom said it’s seeking the death penalty for five of those people — but the country has remained firm in its assertion that the crown prince was not involved in the plot.

At a press conference unveiling the report, Ambassador Michael Kozak said the U.S. has made it clear Khashoggi’s death was a “horrendous” and “horrific” act. Regarding the crown prince’s possible role in the killing, Kozak said the U.S. is committed to getting all the facts and that Saudi Arabia has not completed its own investigation.

“We’re going to hold the government of Saudi Arabia to its promise that it will do a thorough investigation and find all of the facts,” Kozak said. We “can all have our suspicions or our speculation as to where it may lead, but our effort has been to have where it comes out be fact-driven rather than opinion-driven.”

The U.S. sanctioned 17 people allegedly involved in the murder. Despite outcry from lawmakers demanding an answer from Trump on whether he believes Mohammed bin Salman was involved, Trump has cast doubt that the crown prince played a role.

“Maybe he did and maybe he didn’t!” Trump said.

The Saudis have denied the CIA allegations.

Trump said in November that he stood with Saudi Arabia because spoiling relations could negatively impact oil prices, the U.S.’ plan to counter Iran in the Middle East and a promise to buy U.S.-made arms. Secretary of State Mike Pompeo, however, told CNBC in January that oil prices would not affect America’s response to the Khashoggi killing.

The Saudi Arabian Embassy in Washington, D.C., did not immediately respond to CNBC’s requests for comment.


Company: cnbc, Activity: cnbc, Date: 2019-03-13  Authors: ashley turner, kevin lamarque
Keywords: news, cnbc, companies, salman, arabia, involved, human, prince, department, state, jamal, khashoggis, death, calls, trump, rights, violation, saudi, report, crown


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Saudi oil minister Khalid al-Falih says no OPEC+ output policy change until June

Saudi oil minister Khalid al-Falih said on Sunday it would be too early to change OPEC+ output policy at the group’s meeting in April and that China and the U.S. would lead healthy global demand for oil this year. Falih said the group was unlikely to change its output policy in April and if required would make adjustments in June. “We will see where the market is by June and adjust appropriately,” Falih said after a meeting with Indian oil minister Dharmendra Pradhan in New Delhi. On Jan. 1, OPE


Saudi oil minister Khalid al-Falih said on Sunday it would be too early to change OPEC+ output policy at the group’s meeting in April and that China and the U.S. would lead healthy global demand for oil this year. Falih said the group was unlikely to change its output policy in April and if required would make adjustments in June. “We will see where the market is by June and adjust appropriately,” Falih said after a meeting with Indian oil minister Dharmendra Pradhan in New Delhi. On Jan. 1, OPE
Saudi oil minister Khalid al-Falih says no OPEC+ output policy change until June Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-10  Authors: heinz-peter bader
Keywords: news, cnbc, companies, minister, khalid, saudi, change, alfalih, supply, output, policy, falih, oil, cuts, opec, production


Saudi oil minister Khalid al-Falih says no OPEC+ output policy change until June

Saudi oil minister Khalid al-Falih said on Sunday it would be too early to change OPEC+ output policy at the group’s meeting in April and that China and the U.S. would lead healthy global demand for oil this year.

The Organization of the Petroleum Exporting Countries and its allies such as Russia — known as the OPEC+ alliance — will meet in Vienna on April 17-18, with another gathering scheduled for June 25-26.

Falih said the group was unlikely to change its output policy in April and if required would make adjustments in June.

“We will see what happens by April, if there is any unforeseen disruption somewhere else, but barring this I think we will just be kicking the can forward,” Falih said.

“We will see where the market is by June and adjust appropriately,” Falih said after a meeting with Indian oil minister Dharmendra Pradhan in New Delhi.

OPEC member United Arab Emirates (UAE) said on Sunday it would continue to meet its obligations to cut supply under the producer agreement.

“We will continue to deliver on the OPEC & Non-OPEC commitment for voluntary production adjustments until the global market is re-balanced,” Minister of Energy and Industry Suhail al-Mazrouei said on Twitter.

On Jan. 1, OPEC+ began new production cuts to avoid a supply glut that threatened to soften prices. The group agreed to reduce supply by 1.2 million barrels per day for six months.

Sources recently said the most likely scenario is that the current supply cuts will be extended in June but much depends on the extent of U.S. sanctions on OPEC members Iran and Venezuela.

OPEC’s share of the cuts is 800,000 bpd, to be delivered by 11 members — all except Iran, Libya and Venezuela, which are exempt. The baseline for the reduction was in most cases their output in October 2018.

For Saudi Arabia, the world’s top oil exporter, Falih said output in April was expected to remain at this month’s level of 9.8 million bpd.

“Aramco is finalizing their April allocations today or tomorrow so we will know more on Monday. But my expectation is that April is going to be pretty much like March.”


Company: cnbc, Activity: cnbc, Date: 2019-03-10  Authors: heinz-peter bader
Keywords: news, cnbc, companies, minister, khalid, saudi, change, alfalih, supply, output, policy, falih, oil, cuts, opec, production


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How cash-strapped Pakistan could get sucked into Saudi-Iran rivalry

“I don’t think the Pakistanis want to declare Iran an enemy and have a full-on confrontation… but they have to do something for that Saudi money.” “Mohammed bin Salman has this strategic view that you’ve got to pressure Iran. And with Pakistan, he’d love to be able to pressure Iran from two sides,” Gregory Gause, head of the International Affairs Department at Texas A&M University, told CNBC. “I don’t think the Pakistanis want to declare Iran an enemy and have a full-on confrontation,” Gause s


“I don’t think the Pakistanis want to declare Iran an enemy and have a full-on confrontation… but they have to do something for that Saudi money.” “Mohammed bin Salman has this strategic view that you’ve got to pressure Iran. And with Pakistan, he’d love to be able to pressure Iran from two sides,” Gregory Gause, head of the International Affairs Department at Texas A&M University, told CNBC. “I don’t think the Pakistanis want to declare Iran an enemy and have a full-on confrontation,” Gause s
How cash-strapped Pakistan could get sucked into Saudi-Iran rivalry Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-06  Authors: natasha turak, aamir qureshi, afp, getty images, handout, senate of pakistan, prime ministry of pakistan, anadolu agency, -gregory gause, international affairs department head
Keywords: news, cnbc, companies, iranian, tehran, saudi, sucked, militants, think, iran, saudiiran, pakistanis, pakistan, cashstrapped, rivalry, sunni, pressure


How cash-strapped Pakistan could get sucked into Saudi-Iran rivalry

“I don’t think the Pakistanis want to declare Iran an enemy and have a full-on confrontation… but they have to do something for that Saudi money.”

“Mohammed bin Salman has this strategic view that you’ve got to pressure Iran. And with Pakistan, he’d love to be able to pressure Iran from two sides,” Gregory Gause, head of the International Affairs Department at Texas A&M University, told CNBC.

That presents a hard choice for the Pakistanis, who currently neither see Iran as a major ally nor a major threat, though they are wary of Iran’s increasing cooperation with their own arch-rival, India.

“I don’t think the Pakistanis want to declare Iran an enemy and have a full-on confrontation,” Gause said, “but they have to do something for that Saudi money.”

And the Iranians aren’t taking it lightly — Tehran has long accused Saudi Arabia of fomenting unrest in its border area with Pakistan, which is home to Iranian Sunni anti-regime militants who have launched numerous attacks on Iranian military personnel. The Saudis deny the accusations.

In February, Sunni militants from the extremist group Jaish al-Adl killed 27 Iranian Revolutionary Guards along the border, triggering the accusation from Tehran that Pakistan is housing militants and allowing them to attack Iran.


Company: cnbc, Activity: cnbc, Date: 2019-03-06  Authors: natasha turak, aamir qureshi, afp, getty images, handout, senate of pakistan, prime ministry of pakistan, anadolu agency, -gregory gause, international affairs department head
Keywords: news, cnbc, companies, iranian, tehran, saudi, sucked, militants, think, iran, saudiiran, pakistanis, pakistan, cashstrapped, rivalry, sunni, pressure


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Google won’t remove a Saudi app that lets men track women

Google’s investigation into a Saudi app that lets men track women and prevent them from travelling found that it complies with the company’s terms and conditions, a U.S. Representative’s office told CNBC Wednesday. The Absher app asks male users to list any dependent women, and then allows them to ban travel. “The ingenuity of American technology companies should not be perverted to violate the human rights of Saudi women. The app has also faced condemnation from human rights advocacy groups Amn


Google’s investigation into a Saudi app that lets men track women and prevent them from travelling found that it complies with the company’s terms and conditions, a U.S. Representative’s office told CNBC Wednesday. The Absher app asks male users to list any dependent women, and then allows them to ban travel. “The ingenuity of American technology companies should not be perverted to violate the human rights of Saudi women. The app has also faced condemnation from human rights advocacy groups Amn
Google won’t remove a Saudi app that lets men track women Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-06  Authors: chloe taylor, alexander pohl, nurphoto, getty images
Keywords: news, cnbc, companies, violate, saudi, app, rights, google, apple, women, men, remove, track, lets, absher, human, wont


Google won't remove a Saudi app that lets men track women

Google’s investigation into a Saudi app that lets men track women and prevent them from travelling found that it complies with the company’s terms and conditions, a U.S. Representative’s office told CNBC Wednesday.

Absher, powered by the Saudi government’s National Information Center, can be used by men to monitor women’s whereabouts and stop them from travelling. Both Apple and Google’s app stores offer the app, which can also be used to access government services.

Under the kingdom’s guardianship system, women are assigned a male relative whose approval is needed to apply for a passport, get married, or travel abroad. The Absher app asks male users to list any dependent women, and then allows them to ban travel.

Last month, 14 U.S. lawmakers wrote to the CEOs of Apple and Google calling for the removal of Absher from their app stores.

“The ingenuity of American technology companies should not be perverted to violate the human rights of Saudi women. Twenty first century innovations should not perpetuate sixteenth century tyranny,” the Representatives said in the letter. “Keeping this application in your stores allows your companies and your American employees to be accomplices in the oppression of Saudi Arabian women and migrant workers.”

The office of Congresswoman Jackie Speier confirmed to CNBC that a Google investigation found the app did not violate its terms and conditions – which means the app can remain on the Google Play store.

Apple CEO Tim Cook told U.S. radio station NPR last month that Apple would “take a look at” Absher.

The app has also faced condemnation from human rights advocacy groups Amnesty International and Human Rights Watch.

Spokespersons for Google, Apple and Absher were not immediately available for comment when contacted by CNBC.


Company: cnbc, Activity: cnbc, Date: 2019-03-06  Authors: chloe taylor, alexander pohl, nurphoto, getty images
Keywords: news, cnbc, companies, violate, saudi, app, rights, google, apple, women, men, remove, track, lets, absher, human, wont


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China won’t judge you: Why Saudi Arabia’s crown prince is betting billions on Asia

Saudi Arabia is aggressively expanding its international relationships, and that will have inevitable consequences for the United States and its influence in the country. A high-profile tour by Crown Prince Mohammed bin Salman last month culminated in pledges of $20 billion worth of investment in longtime partner Pakistan, $28 billion in economic accords with China and an open-ended goal to invest $100 billion in India, along with promises of increased trade and security cooperation. In a post-K


Saudi Arabia is aggressively expanding its international relationships, and that will have inevitable consequences for the United States and its influence in the country. A high-profile tour by Crown Prince Mohammed bin Salman last month culminated in pledges of $20 billion worth of investment in longtime partner Pakistan, $28 billion in economic accords with China and an open-ended goal to invest $100 billion in India, along with promises of increased trade and security cooperation. In a post-K
China won’t judge you: Why Saudi Arabia’s crown prince is betting billions on Asia Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-05  Authors: natasha turak, lintao zhang, getty images, -hasnain malik, global head of equity research, strategy, exotix capital
Keywords: news, cnbc, companies, worth, arabias, billion, working, asia, wont, washington, arabia, security, judge, crown, saudi, china, longtime, billions, prince, world, betting, trade, economic


China won't judge you: Why Saudi Arabia's crown prince is betting billions on Asia

Saudi Arabia is aggressively expanding its international relationships, and that will have inevitable consequences for the United States and its influence in the country.

A high-profile tour by Crown Prince Mohammed bin Salman last month culminated in pledges of $20 billion worth of investment in longtime partner Pakistan, $28 billion in economic accords with China and an open-ended goal to invest $100 billion in India, along with promises of increased trade and security cooperation.

In a post-Khashoggi world — where Riyadh’s longtime bond with its foremost security ally, Washington, faced its biggest crisis in years over human rights issues — the kingdom is working to ensure it has a range of options at its disposal.

Saudi Arabia also needs a survival strategy: With falling oil prices and a highly fossil-fuel dependent economy, it’s racing against the clock to diversify its revenue streams and bolster partnerships with larger powers to secure trade and security alliances. This pursuit is set to continue with help from the U.S., but it will also foster greater engagement with the East — both for economic and geopolitically strategic aims.


Company: cnbc, Activity: cnbc, Date: 2019-03-05  Authors: natasha turak, lintao zhang, getty images, -hasnain malik, global head of equity research, strategy, exotix capital
Keywords: news, cnbc, companies, worth, arabias, billion, working, asia, wont, washington, arabia, security, judge, crown, saudi, china, longtime, billions, prince, world, betting, trade, economic


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Saudi Aramco says electric vehicles won’t heavily impact oil demand

The world’s largest energy company says the electrification of vehicles isn’t anywhere near ready to overtake the traditional engine in the transport sector. The transport industry accounts for more than half of oil demand and last year Morgan Stanley forecast that by 2025 there could be 36 million electric vehicles on the road globally. Meanwhile, the state-owned oil giant Saudi Aramco produces roughly 10 million barrels of crude a day, suggesting that any fall in demand could be highly damagin


The world’s largest energy company says the electrification of vehicles isn’t anywhere near ready to overtake the traditional engine in the transport sector. The transport industry accounts for more than half of oil demand and last year Morgan Stanley forecast that by 2025 there could be 36 million electric vehicles on the road globally. Meanwhile, the state-owned oil giant Saudi Aramco produces roughly 10 million barrels of crude a day, suggesting that any fall in demand could be highly damagin
Saudi Aramco says electric vehicles won’t heavily impact oil demand Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-05  Authors: david reid
Keywords: news, cnbc, companies, oil, engine, wont, traditional, transport, vehicles, heavily, electric, saudi, energy, ice, source, demand, impact, aramco


Saudi Aramco says electric vehicles won't heavily impact oil demand

The world’s largest energy company says the electrification of vehicles isn’t anywhere near ready to overtake the traditional engine in the transport sector.

The transport industry accounts for more than half of oil demand and last year Morgan Stanley forecast that by 2025 there could be 36 million electric vehicles on the road globally. Further analysis at IHS Markit claimed that 30 percent of new car sales by 2040 would be electric. The switch from gasoline and diesel cars to electric powertrains has led some to suggest that global oil consumption could fall.

Meanwhile, the state-owned oil giant Saudi Aramco produces roughly 10 million barrels of crude a day, suggesting that any fall in demand could be highly damaging to the business.

But Chief Technology Officer, Ahmad Al Khowaiter, told CNBC’s Annette Weisbach at the Geneva Motor Show Tuesday that electrification is not about to defeat the internal combustion engine (ICE) any time soon.

“The consensus from forecasters is that the internal combustion engine will be with us for decades to come,” he said, before adding “We are still expecting 90 percent of vehicles to be driven by ICE by the mid-century.”

Al Khowaiter is at the Geneva International Motor Show in a bid to showcase how his firm can help bring down emissions in a traditional ICE engine. He argued that, at least in the medium term, making gasoline and diesel engines more efficient would be the best way to reduce emissions.

“We see a lot of value in improving the efficiency of the ICE which is a primary source of energy for much of what we are talking about. So even electrified vehicles get their source of energy from a power plant somewhere,” he said.

The executive said Saudi Aramco views working with the auto industry on reducing emissions as part of its “responsibility.”


Company: cnbc, Activity: cnbc, Date: 2019-03-05  Authors: david reid
Keywords: news, cnbc, companies, oil, engine, wont, traditional, transport, vehicles, heavily, electric, saudi, energy, ice, source, demand, impact, aramco


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Saudi energy minister responds to Trump’s tweet that said OPEC should ‘relax’

We’ll see better OPEC compliance in 2019, Saudi energy minister says 1 Hour Ago | 03:49Saudi Energy Minister Khalid al-Falih said OPEC is taking a measured approach to supply cuts, directly responding to comments from President Donald Trump earlier in the week telling the oil producing body to “relax.” “We are taking it easy,” he told CNBC’s Dan Murphy while at an OPEC symposium in Riyadh, when asked about the U.S. president’s tweet. Just as the second half last year proved, we are interested in


We’ll see better OPEC compliance in 2019, Saudi energy minister says 1 Hour Ago | 03:49Saudi Energy Minister Khalid al-Falih said OPEC is taking a measured approach to supply cuts, directly responding to comments from President Donald Trump earlier in the week telling the oil producing body to “relax.” “We are taking it easy,” he told CNBC’s Dan Murphy while at an OPEC symposium in Riyadh, when asked about the U.S. president’s tweet. Just as the second half last year proved, we are interested in
Saudi energy minister responds to Trump’s tweet that said OPEC should ‘relax’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-27  Authors: natasha turak, faisal al nasser
Keywords: news, cnbc, companies, energy, oil, opec, relax, saudi, interests, trump, responds, prices, president, trumps, taking, measured, world, minister


Saudi energy minister responds to Trump's tweet that said OPEC should 'relax'

We’ll see better OPEC compliance in 2019, Saudi energy minister says 1 Hour Ago | 03:49

Saudi Energy Minister Khalid al-Falih said OPEC is taking a measured approach to supply cuts, directly responding to comments from President Donald Trump earlier in the week telling the oil producing body to “relax.”

“We are taking it easy,” he told CNBC’s Dan Murphy while at an OPEC symposium in Riyadh, when asked about the U.S. president’s tweet.

“The 25 countries are taking a very slow and measured approach. Just as the second half last year proved, we are interested in market stability first and foremost.”

On Monday, Trump lobbed the latest of a series of tweets aimed at OPEC’s planned production cuts, agreed upon between the cartel’s members and non-member allies in December of last year to counter a drop in oil prices and soaring inventories.

“Oil prices getting too high. OPEC, please relax and take it easy. World cannot take a price hike – fragile!” the president said.

“We listen to the honorable president, and hear his concern about consumers and assure everybody, whether it’s him or developing country leaders, that we are as focused on the interests of the global economy and consumers around the world as we are focused on the interests of producers,” al-Falih said. The U.S. became the world’s largest oil producer in late 2018.


Company: cnbc, Activity: cnbc, Date: 2019-02-27  Authors: natasha turak, faisal al nasser
Keywords: news, cnbc, companies, energy, oil, opec, relax, saudi, interests, trump, responds, prices, president, trumps, taking, measured, world, minister


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China sees ‘enormous potential’ in Saudi economy as crown prince visits

China sees “enormous potential” in Saudi Arabia’s economy and wants more high-tech cooperation, the Chinese government’s top diplomat said, as Saudi Crown Prince Mohammed bin Salman began a two-day trip to Beijing. Meeting Saudi Foreign Minister Adel al-Jubeir, State Councillor Wang Yi said the main features of their ties were respect, understanding and support for each other, China’s Foreign Ministry said in a statement late on Thursday. “All countries in the world have the right to develop, an


China sees “enormous potential” in Saudi Arabia’s economy and wants more high-tech cooperation, the Chinese government’s top diplomat said, as Saudi Crown Prince Mohammed bin Salman began a two-day trip to Beijing. Meeting Saudi Foreign Minister Adel al-Jubeir, State Councillor Wang Yi said the main features of their ties were respect, understanding and support for each other, China’s Foreign Ministry said in a statement late on Thursday. “All countries in the world have the right to develop, an
China sees ‘enormous potential’ in Saudi economy as crown prince visits Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-22  Authors: lintao zhang, getty images
Keywords: news, cnbc, companies, ministry, china, chinas, market, crown, prince, foreign, potential, enormous, wang, aramco, oil, visits, sees, saudi, economy


China sees 'enormous potential' in Saudi economy as crown prince visits

China sees “enormous potential” in Saudi Arabia’s economy and wants more high-tech cooperation, the Chinese government’s top diplomat said, as Saudi Crown Prince Mohammed bin Salman began a two-day trip to Beijing.

The Saudi delegation, including top executives from Aramco, arrived on Thursday on an Asia tour that has already seen the kingdom pledge investment of $20 billion in Pakistan and seek additional investment in India’s refining industry.

The crown prince will meet President Xi Jinping, who has made stepping up China’s presence in the Middle East a key foreign policy objective, despite its traditional low-key role there.

Meeting Saudi Foreign Minister Adel al-Jubeir, State Councillor Wang Yi said the main features of their ties were respect, understanding and support for each other, China’s Foreign Ministry said in a statement late on Thursday.

“All countries in the world have the right to develop, and Saudi Arabia is an emerging market country with enormous potential,” the ministry paraphrased Wang as saying.

China supports Saudi’s efforts to diversify its economy and is willing to strengthen high-tech cooperation, Wang added.

Saudi Aramco, the world’s top oil exporter, will sign a pact to build a refinery and petrochemical project in northeastern Liaoning province in a joint venture with China’s defense conglomerate Norinco, three sources with knowledge of the matter said.

The investments could help Saudi Arabia regain its place as the top oil exporter to China, a position Russia has held for the last three years. Saudi Aramco is set to boost market share by signing supply deals with non-state Chinese refiners.


Company: cnbc, Activity: cnbc, Date: 2019-02-22  Authors: lintao zhang, getty images
Keywords: news, cnbc, companies, ministry, china, chinas, market, crown, prince, foreign, potential, enormous, wang, aramco, oil, visits, sees, saudi, economy


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