Oil and Gas
Saudi Arabia’s fiscal breakeven oil price is rising fast. What will the kingdom do about it?
An offshore drilling platform stands in shallow waters at the Manifa offshore oilfield, operated by Saudi Aramco, in Manifa, Saudi Arabia, on Wednesday, Oct. 3, 2018. Simon Dawson | Bloomberg | Getty Images Saudi Arabia has a superpower. Not only is it the largest exporter of crude oil in the world; its production costs for […]
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CNBC Daily Open: Nvidia sinks and data’s weak, but hold on
The Nvidia headquarters in Santa Clara, California, US, on Wednesday, Aug. 28, 2024. Loren Elliott | Bloomberg | Getty Images This report is from today’s CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? […]
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Oil prices extend slump on likely restoration of Libyan production, OPEC+ plans to raise output
Oil pumpjacks operate as the Lake Fire burns in Los Padres National Forest with evacuation warnings in the area on July 6, 2024 near Los Olivos, California. Mario Tama | Getty Images Oil prices extended declines during Asia trading hours, after a report that Libya’s oil production was set to be restored pressured prices overnight. […]
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U.S. military says Yemen’s Houthis attacked two crude oil tankers in Red Sea
Tankers located in the waters near Ceuta, Spain are transferring crude oil from Russia to reach the Asian markets in spite of Western sanctions. Europa Press News | Europa Press | Getty Images Yemen’s Iran-backed Houthi rebels attacked two crude oil tankers — the Saudi-flagged Amjad and the Panama-flagged Blue Lagoon I — in the Red Sea on Monday, the U.S. military said, calling the assaults “reckless […]
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Libya’s power divisions could once more fracture its oil output – as markets question for how long
Crude oil leaks from an oil pumping jack in an oil field in Russia. Bloomberg Creative | Bloomberg Creative Photos | Getty Images A political standoff in Libya risks once more paralyzing the north African country’s lucrative oil sector — but the frequency of its power tussles and crude disruptions have called long-term oil price […]
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PetroChina posts record earnings for first half of the year
Brent Lewin | Bloomberg | Getty Images PetroChina Co. posted record operating profits for the first half of the year on the back of strong drilling output and higher oil prices, which allowed it to offset weak fuel demand in China. China’s largest oil and gas company posted a net income of 88.61 billion yuan […]
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Oil prices to remain elevated as Middle East tensions threaten a wider conflict, CBA analyst warns
This photo taken from a position in northern Israel shows a Hezbollah UAV intercepted by Israeli air forces over north Israel on August 25, 2024. The Israeli military announced early August 25, 2024 that it was conducting pre-emptive strikes in Lebanon after detecting preparations for “large-scale” attacks by the Iran-backed militant group Hezbollah. Hezbollah said […]
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No longer a financial reservoir? Saudi Arabia’s spending confirms clear shift in strategy
Riyadh, Saudi Arabia. Xavierarnau | E+ | Getty Images Saudi Arabia is moving full steam ahead with its focus on domestic investment — and with that, higher requirements for foreigners coming to the kingdom to take capital elsewhere. The kingdom’s $925 billion sovereign wealth fund, the Public Investment Fund, saw its assets jump 29% to […]
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CNBC Daily Open: A ‘crazy’ summer
Traders work on the floor of the New York Stock Exchange during morning trading on August 20, 2024 in New York City. Michael M. Santiago | Getty Images This report is from today’s CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no […]
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CNBC Daily Open: ‘Crazy’ summer
Traders work on the floor of the New York Stock Exchange during morning trading on Aug. 20, 2024. Michael M. Santiago | Getty Images This report is from today’s CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. […]
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