Saudi Arabia is prepared to increase its oil output and claim a bigger market share to meet the demands of any new customers, Monday's edition of the Saudi-owned Al-Hayat newspaper quoted the kingdom's oil minister as saying.
Saudi Arabia said on Sunday it would not cut output to prop up oil markets even if non-Opec nations did so, in one of the toughest signals yet that the world's top petroleum exporter plans to ride out the market's biggest slump in years.
Saudi Arabia's oil minister said on Sunday non-cooperation by producers outside of the Organisation of the Petroleum Exporting Countries (Opec) and the actions of speculators had led to the oil price fall, but he was confident the market wou
One of the biggest reasons for the slide of oil prices is the "irresponsible" supply from producers outside Opec, the United Arab Emirates oil minister said in a speech on Sunday.
Suhail Bin Mohammed Al Mazroui was addre
Oil closed up as much as 5 per cent on Friday, its biggest gain in over two years, as some traders took profits on short positions after prices this week hit their lowest since 2009.
A sharp bout of short-covering prior to expiry
Saudi Arabia's powerful oil minister said on Thursday that Opec could not cut output without the support of other big producers and attempts to get them on board had not worked.
Al Naimi said it was impossible for Opec to cut
Opec members which backed an output cut at the group's meeting last month are coming around to the view of Saudi Arabia that they need to focus on market share, further reducing the chance of any action to de
Gulf stock markets plunged in early trade on Tuesday after oil resumed its slide on bearish comments about Opec and weak Chinese manufacturing data.
Brent crude prices fell below $60 a barrel for the first time since July 2009 as
There was no need for an emergency Opec meeting despite the drop in oil prices, UAE Oil Minister Suhail Bin Mohammed Al-Mazroui said, reinforcing the idea that major Gulf producers are ready to wait out lower prices.