Oil settled higher on Monday after a day of volatile trading following a weekend meeting in Saudi Arabia that failed to yield concrete solutions to the world's energy problems.
Oil prices rose Monday as investors shrugged off Saudi Arabia's pledge to increase its oil production if needed, focusing instead on disruptions to Nigerian supply and heightened Middle East tensions.
Oil prices rose Monday as investors shrugged off Saudi Arabia's pledge to increase its oil production if needed, focusing instead on disruptions to Nigerian supply and heightened Middle East tensions.
Saudi Arabia blamed speculators. The United States pushed for more production. A meeting Sunday designed to find ways to calm soaring oil prices instead highlighted the sharp disagreements over what has caused the spike.
Saudi King Abdullah confirmed Sunday that his country will increase daily oil production to 9.7 million barrels from 9 million to counter the sharp rise in international oil prices.
The supply and demand of oil around the world is "normal," a key adviser to Saudi Arabia's oil minister said Friday, pointing to factors including speculators and currency fluctuations for rocketing oil prices.
Oil eased in Asia on Tuesday after hitting a record of nearly $140 a barrel the previous volatile session, but traders said prices may climb again amid persistent supply concerns and strong demand.
Oil settled higher on Monday after a day of volatile trading following a weekend meeting in Saudi Arabia that failed to yield concrete solutions to the world's energy problems.
Oil prices rose Monday as investors shrugged off Saudi Arabia's pledge to increase its oil production if needed, focusing instead on disruptions to Nigerian supply and heightened Middle East tensions.
Oil prices rose Monday as investors shrugged off Saudi Arabia's pledge to increase its oil production if needed, focusing instead on disruptions to Nigerian supply and heightened Middle East tensions.
Saudi Arabia blamed speculators. The United States pushed for more production. A meeting Sunday designed to find ways to calm soaring oil prices instead highlighted the sharp disagreements over what has caused the spike.
Saudi King Abdullah confirmed Sunday that his country will increase daily oil production to 9.7 million barrels from 9 million to counter the sharp rise in international oil prices.
The supply and demand of oil around the world is "normal," a key adviser to Saudi Arabia's oil minister said Friday, pointing to factors including speculators and currency fluctuations for rocketing oil prices.
Oil eased in Asia on Tuesday after hitting a record of nearly $140 a barrel the previous volatile session, but traders said prices may climb again amid persistent supply concerns and strong demand.
Oil prices briefly spiked more than $5 per barrel to a trading record Monday, but crude tumbled throughout the afternoon as traders took profits after prices couldn't get over the $140 a barrel hump.
Saudi Arabia plans to increase its oil production by 200,000 barrels a day next month, the kingdom's oil minister told U.N. chief Ban Ki-moon on Sunday, according to Ban's spokesman.
Crude prices lost more than $3 a barrel Tuesday on a strengthened dollar and a report showing increased output from Saudi Arabia and OPEC, while gasoline reached another record high average that stretched above the $4-a-gallon threshold.
Saudi Arabia will call for a summit between oil producing countries and consumer states to discuss soaring energy prices, Information and Culture Minister Iyad Madani said Monday
Saudi Arabia will call for a summit between oil producing countries and consumer states to discuss soaring energy prices, Information and Culture Minister Iyad Madani said Monday.
Roads in Saudi Arabia are among the world's most dangerous but
one type of victim stands out: female teachers who are dying at alarming
rates because of long commutes through the desert to reach remote
schools
Saudi Arabia has asked florists and gift shops to remove all red items until after Valentine's Day, calling the celebration of such a holiday a sin, local media reported Monday.
A Saudi court will review the case of a teenage gang rape victim sentenced to jail and flogging after she was convicted of violating the country's strict sex segregation laws
Saber-rattling in the Middle East has been growing, with Israeli air strikes over Syria at the beginning of the month and France's Foreign Minister talking of war with Iran, but behind the scenes there are fears of a new arms race in the region.
Saudi Arabia, which already has aggressively shaved its oil output in a battle to shore up prices, will reduce production by another 158,000 barrels per day beginning Thursday and more cuts are on the way, according to a media report.
Saudi Arabia's King Abdullah has warned Vice President Dick Cheney that Saudi Arabia would back the Sunnis if the United States pulls out of Iraq, according to a senior American official.
Saudi Arabia has promised a comprehensive review of all of its educational textbooks and to remove all language promoting intolerance, the State Department's ambassador for religious freedom said Wednesday.
Saudi Arabia is experimenting with new techniques to tap into its supply of heavy crude oil, according to a published report Monday that says the move could help significantly increase the supply of oil to meet growing global demands.
Saudi security forces shot and killed five suspected militants Monday in a two-hour gun battle in an eastern suburb of the capital, Riyadh, the Saudi Arabia's Interior Ministry told CNN.
Stocks could have some trouble in early trading Friday after a report of an explosion at an Saudi Arabian oil facility and other global uncertainty lifted oil prices.
More than 2 million Muslim pilgrims from almost 180 countries started moving after sunrise Monday towards Mount Arafat to perform the central rite of Hajj, the annual pilgrimage to the holy city.
A high-ranking member of al Qaeda in Saudi Arabia was killed Sunday in a clash between several suspected militants and security forces in the capital of Riyadh, a senior interior ministry official confirmed to CNN.
Saudi Arabia, facing mounting pressure from the U.S. and others to step up output of oil and gas amid a surge in prices, plans to more than double its investment in energy development to $50 billion in the next five years from the previous five-year period, Friday's Wall Street Journal reported.
Crude oil prices tumbled 3 percent Wednesday reaching a seven-week low, after a government report showed a rise in crude inventories and a buildup in gasoline stocks ahead of summer.
An unspecified threat has prompted U.S. officials to move American residents in Jeddah, Saudi Arabia, to another location, a statement from the U.S. Consulate said.
A telethon for tsunami victims on Saudi state-run television has raised more than $77 million, and the Saudi-based Islamic Development Bank pledged an additional $500 million for affected countries.
Saudi Arabia, criticized in the Arab world for not offering more money for tsunami disaster relief, said Tuesday it will triple the aid it has pledged to $30 million and will hold a fund-raising telethon to benefit victims.
Fighting between Saudi security forces and militants has left a police officer dead and nine others wounded, and led to the arrests of five militants, according to an Interior Ministry official.
According to a recent U.S. military intelligence report, insurgents depend on external donors to finance attacks in Iraq. Attacks the United States believes are being bankrolled with Saudi money.
ABU DHABI (Reuters) - Top world oil exporter Saudi Arabia vowed on Sunday to maintain a cushion of spare supplies of up to 2 million barrels per day (bpd) to meet future demand growth.
Oil prices closed at record highs for a third straight session on Tuesday, despite a pledge to increase production by Saudi Arabia, a top exporter in the Organization of Petroleum Exporting Countries (OPEC).
The head of slain American hostage Paul M. Johnson Jr., who was kidnapped and beheaded in Saudi Arabia last month, has been found in a freezer, a Saudi Interior Ministry official said.
Another 27 wanted militants have surrendered to Saudi security officials over the last several days under a month-long leniency offer set to expire this week, according to the Saudi Interior Ministry.
Two separate releases of prisoners last year were part of a secret prisoner swap that involved the United States, Saudi Arabia and Britain, The New York Times reported Sunday.
In a bold, chilling claim posted on an Islamist Web site, terrorists linked to al Qaeda say sympathizers within the Saudi security forces helped them kidnap American Paul Johnson.
After news of the beheading of American hostage Paul Johnson Jr. by al Qaeda militants in Saudi Arabia, two Democratic lawmakers denounced the kingdom Friday for not doing enough to rid itself of terrorists.
Soon after a U.S. hostage was beheaded Friday in Saudi Arabia, a senior State Department official warned that further attacks are likely and urged Americans to leave the kingdom.
Saudi Arabia announced Wednesday that it will dissolve all Saudi international charities and fold them into a single government-sponsored entity, in an effort to stop the flow of money to terrorist organizations.
The United States and Saudi Arabia will ask the U.N. Security Council on Wednesday to provide more help in blocking the assets of a Muslim charity accused of backing terrorist groups, including al Qaeda, a senior Saudi official told CNN Tuesday night.
The attack in Saudi Arabia on an oil workers' compound in Khobar last weekend, sent a shock wave through world oil markets. When U.S. traders hit the floor after the holiday weekend, the impact was immediate: Oil prices jumped almost two and a half dollars per barrel -- a new high.
Oil prices reached a record $42 a barrel on Tuesday, following a weekend terrorist attack in Saudi Arabia. Although the major indexes closed up, the S&P 500 dipped below its 50-day moving average during the day -- which some market watchers interpreted as a signal of a weaker market ahead.
Oil prices soaring in the wake of the terrorist carnage in Saudi Arabia over the weekend are just another sign of how vulnerable we are to the geopolitics of petroleum and the madness of assassins.
The State Department has ordered all nonessential personnel serving in the U.S. Embassy and consulates in Saudi Arabia and their families out of the country, according to an updated travel warning issued Thursday.
With OPEC planning to cut oil production, Saudi Arabia's ambassador to the United States met Thursday with national security adviser Condoleezza Rice and said Riyadh is committed to heading off problems in the world energy market.
Top U.S. counterterrorism officials told a congressional panel on Wednesday that Saudi Arabia has demonstrated a turnaround in cooperating with U.S.-led efforts to stem the flow of financial support to terrorist organizations.
Amid accusations that a Saudi-based Islamic charity has financed terrorist groups, including al Qaeda, Saudi Arabia's King Fahd said the kingdom is moving to change the way it raises charity funds abroad.
The Saudi government has launched an investigation into why its tourism Web site posted a notice that travel visas to Saudi Arabia would not be issued to people of the Jewish faith, according to the spokesman for the Saudi embassy in Washington.
British nationals should forgo all but "essential" travel to Saudi Arabia because of possible terrorist attacks that "may be in the final stages of preparation," according to the British Foreign Office.
The United States and Saudi Arabia are asking for international help to block the assets of a Muslim charity accused of backing terrorist groups, including al Qaeda.
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