Saudi Arabia

Global Oil & Gas: Oil Unchanged as Market Struggles for Direction

Posted on by Mozambique Resources Post
Global Oil & Gas: Oil Unchanged as Market Struggles for Direction

Oil narrowly held onto a four-day winning streak as investors weighed a mixed supply-and-demand outlook. West Texas Intermediate settled unchanged near $78 a barrel, erasing an equities-led morning rally. The US benchmark has struggled for direction — crossing above its 200-day moving average just one week after breaching it on the way down. Prices earlier tested the 13-day moving average, another key resistance level, before retreating.  While oil demand is healthy, according to the International…

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Global Oil & Gas: Saudi Arabia OPEC Manipulation Behind Qatar’s Sudden Exit

Posted on by Mozambique Resources Post
Global Oil & Gas: Saudi Arabia OPEC Manipulation Behind Qatar’s Sudden Exit

Qatar announced its withdrawal from OPEC on Monday, after nearly six decades inside the group. The Qatari government said it was for “technical” reasons; mainly to focus on natural gas production. But a member of the ruling family also criticized OPEC, which seemed to undercut the official reason for the country’s exit. “The withdrawal of Qatar from OPEC is a wise decision, as this organization has become useless and does not bring us anything,” said former prime…

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Global Markets: Saudis Boosted Oil Exports, Pumped At Record Level In Early November

Posted on by Mozambique Resources Post
Global Markets: Saudis Boosted Oil Exports, Pumped At Record Level In Early November

Saudi Arabia’s crude oil exports hit their highest in 20 months in September, while the Kingdom’s production in early November appears to have hit the highest on record, on the back of high customer requests made in early October when the market feared a hefty loss of Iranian supply this month.

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