• 7 hours Russia Approves Profit-Based Oil Tax For 2019
  • 11 hours French Strike Disrupts Exxon And Total’s Oil Product Shipments
  • 13 hours Kurdistan’s Oil Exports Still Below Pre-Conflict Levels
  • 15 hours Oil Production Cuts Taking A Toll On Russia’s Economy
  • 17 hours Aramco In Talks With Chinese Petrochemical Producers
  • 18 hours Federal Judge Grants Go-Ahead On Keystone XL Lawsuit
  • 20 hours Maduro Names Chavez’ Cousin As Citgo Boss
  • 1 day Bidding Action Heats Up In UK’s Continental Shelf
  • 1 day Keystone Pipeline Restart Still Unknown
  • 1 day UK Offers North Sea Oil Producers Tax Relief To Boost Investment
  • 2 days Iraq Wants To Build Gas Pipeline To Kuwait In Blow To Shell
  • 2 days Trader Trafigura Raises Share Of Oil Purchases From State Firms
  • 2 days German Energy Group Uniper Rejects $9B Finnish Takeover Bid
  • 2 days Total Could Lose Big If It Pulls Out Of South Pars Deal
  • 2 days Dakota Watchdog Warns It Could Revoke Keystone XL Approval
  • 3 days Oil Prices Rise After API Reports Major Crude Draw
  • 3 days Citgo President And 5 VPs Arrested On Embezzlement Charges
  • 3 days Gazprom Speaks Out Against OPEC Production Cut Extension
  • 3 days Statoil Looks To Lighter Oil To Boost Profitability
  • 3 days Oil Billionaire Becomes Wind Energy’s Top Influencer
  • 3 days Transneft Warns Urals Oil Quality Reaching Critical Levels
  • 3 days Whitefish Energy Suspends Work In Puerto Rico
  • 3 days U.S. Authorities Arrest Two On Major Energy Corruption Scheme
  • 3 days Thanksgiving Gas Prices At 3-Year High
  • 3 days Iraq’s Giant Majnoon Oilfield Attracts Attention Of Supermajors
  • 4 days South Iraq Oil Exports Close To Record High To Offset Kirkuk Drop
  • 4 days Iraqi Forces Find Mass Graves In Oil Wells Near Kirkuk
  • 4 days Chevron Joint Venture Signs $1.7B Oil, Gas Deal In Nigeria
  • 4 days Iraq Steps In To Offset Falling Venezuela Oil Production
  • 4 days ConocoPhillips Sets Price Ceiling For New Projects
  • 6 days Shell Oil Trading Head Steps Down After 29 Years
  • 6 days Higher Oil Prices Reduce North American Oil Bankruptcies
  • 7 days Statoil To Boost Exploration Drilling Offshore Norway In 2018
  • 7 days $1.6 Billion Canadian-US Hydropower Project Approved
  • 7 days Venezuela Officially In Default
  • 7 days Iran Prepares To Export LNG To Boost Trade Relations
  • 7 days Keystone Pipeline Leaks 5,000 Barrels Into Farmland
  • 7 days Saudi Oil Minister: Markets Will Not Rebalance By March
  • 7 days Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount
  • 7 days Rosneft Announces Completion Of World’s Longest Well
Are Oil Prices About To Turn Lower?

Are Oil Prices About To Turn Lower?

As too many bearish factors…

James Burgess

James Burgess

James Burgess studied Business Management at the University of Nottingham. He has worked in property development, chartered surveying, marketing, law, and accounts. He has also…

More Info

President Obama Meets Saudi King amid Changing Relationship

President Obama Meets Saudi King amid Changing Relationship

U.S. President Barack Obama will meet Saudi Arabia’s King Abdullah on March 28, a time in which their nations’ long-held alliance is undergoing a dramatic shift. For decades, the U.S. relied heavily on Saudi crude not only for direct imports into America, but also for the Saudis to maintain global supplies and temper prices. The Saudis were able to depend on their customer’s insatiable demand for oil. The U.S. in return, guaranteed security in the Middle East.

That balance has been upended over the last few years with the tight oil boom in the U.S. Now, the U.S. is producing 10% of the world’s oil, and could within a few years challenge Saudi Arabia for claim of world’s largest oil producer. That also means that the U.S. is importing the least amount of oil in over two decades, weakening the bonds that have traditionally tied the U.S. and Saudi Arabia together. As the U.S. doesn’t need Saudi crude as much anymore, its political objectives have strayed from Saudi Arabia’s. The U.S. has taken a back seat when it comes to the multi-year civil war in Syria – Saudi Arabia has expressed a deep desire to unseat Syrian President Bashar al-Assad and criticized U.S. inaction on the issue. The U.S. has also pursued warmer relations with Iran, a major enemy of the Saudi Kingdom. As a result, trust between the U.S. and Saudi Arabia has frayed.

Related Article: Can Oil Turn Beirut into a New Dubai or a New Baghdad?

For Saudi Arabia, it now has a potentially bigger customer to the East. China is now the world’s largest importer of oil, and its relationship with Saudi Arabia is growing. “The global picture for Saudi Arabia has changed fundamentally as a result of the growth of unconventional oil in the U.S.,” said Valerie Marcel, an associate fellow at Chatham House, according to Bloomberg News. “Saudi Arabia and the rest of the Gulf exporters are turning their attention eastward and that has an impact on how they see the West.”

By James Burgess of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News