Saudi Arabia Economy Recovers, To Accelerate With Higher Oil Production

The Saudi Arabian economy recovered in the first quarter of 2018 of shrinking in 2017. With oil production set to raise 20% with King Salman bin Abdulaziz Al Saud intention to boost oil production by up to 2 million bpd. There are hopes this will boost the stagnant non-oil segments.

U.S. and Saudi Arabia Agree to Increase Oil Production to Balance Markets

King Salman bin Abdulaziz Al Saud on Saturday received a call from U.S. President Donald Trump and agreed on producing countries to compensate for any potential shortage of supplies. Trump tweeted that Saudi Arabia will add up to 2 million bpd.

Russia Sees Gradual Easing of Oil Production Cuts After OPEC Meeting

Russia’s oil minister Novak comments that a gradual easing of oil production cuts is possible from July 1. He will discuss with Saudi’s Falih the gradual exit from the global oil production cut deal. Russian oil companies have been out and loud about their ability to raise production quickly.

Norway Sovereign Wealth ‘Oil’ Fund Hits $US 1 Trillion

Norway’s sovereign wealth fund ‘The Fund’ just reached a massive $US1 trillion in value. The so called ‘oil fund’ is the envy of most countries, particularly countries with large commodity resources such as Saudi Arabia and Australia. Norway is a lesson in foresight and saving for the future and taking account of finite resources and their limitations. This is the antithesis of the US Federal Reserve and Bank of Japan who live in hope and kick the can down the … Continue reading “Norway Sovereign Wealth ‘Oil’ Fund Hits $US 1 Trillion”