Sponsored by   Mudabala
 
 
BETA
Loading Loading ...
Fri, 12 Mar 2010 | 21:57 GMT
Fri, Mar 12, 2010, 21:57 GMT
 

Saudi Arabia Opens New Field; Oil Drops Below $105 a Barrel

Press Release
 
 
04 September 2008
The Media Line News Agency
The Media Line Staff

Saudi AramcoSaudi AramcoLoading..., the Saudi Arabian oil giant, will add an additional half a million barrels per day (bpd) to its production capabilities with the opening of the Khursaniyah field, the business newsletter Arabianbusiness reported. Saudi Arabia is the largest oil producer in the world and is sometimes referred to as the kingpin of the Organization of Petroleum Exporting Countries (OPEC)Organization of Petroleum Exporting Countries (OPEC)Loading....

OPECOPECLoading... is an intergovernmental organization made up of 13oil-producing countries and works to regulate the price and production of oil. With the opening of the new field Saudi Arabia's production capabilities are expected to rise to 11.8 million bpd. Riyadh, which is a strong regional ally of Washington, has been under increasing pressure by the latter to increase its oil output in order to combat the rising price of oil, which has hit consumers in the U.S.

The price of oil has largely been pushed up due to fears of an armed conflict between U.S. and Iran over Tehran's nuclear program, which Washington claims is a cover for producing nuclear weapons. Tehran maintains it is only interested in producing nuclear energy. Various members of the Iranian armed forces have on several occasions threatened to close down the Straits of Hurmuz, which is the exit point of the Gulf. This would halt all oil export from the region.

Meanwhile, despite the shutting down of oil production in the Mexican Gulf due to Hurricane Gustav, the price of a barrel of oil fell below $105 on Wednesday. The price fall is attributed largely to the strengthening of the dollar and a drop in demand for gas. The new national average in the U.S. for a gallon of regular fell to $3.681, which is 10 percent less than the all-time high of $4.114 recorded on July 17, various news agencies reported.

- Ends -

For more information, please contact:
Adam
Tel: +1 202 821 4787
Email: agonn@themedialine.org

© Press Release 2008

 
x DISCLAIMER

Zawya is a distributor (and not a publisher) of content supplied by third parties and subscribers. Any opinions, advice, statements, services, offers, or other information or content expressed or made available by those third parties, including information providers, subscribers or other users of the Service, are those of the respective author(s) or distributor(s) and not of the Company. The Company neither endorses nor is responsible for the accuracy or reliability of any opinion, advice or statement made on the Service by anyone other than authorized Service employee spokespersons while acting in their official capacities. The Company is not responsible for any infringement of intellectual property rights or breach of any applicable law or regulation, including regulation in relation to financial services or the distribution of financial products, defamation, data protection, telecommunications (including regulations relating to excessive use, spamming or other abusive activities) or obscene, offensive or illegal content). Under no circumstances will the Company be liable for any loss or damage caused by a member's reliance on information obtained through the Service. It is the responsibility of member to evaluate the accuracy, completeness or usefulness of any information, opinion, advice or other content available through the Service. Please seek the advice of professionals, as appropriate, regarding the evaluation of any specific information, opinion, advice or other content.

Read the full Member Agreement
http://www.zawya.com/legal/NewsLetter.cfm?name=disclaimer
 
 
Access to this article is subject to specific terms and conditions. Read Disclaimer.
 
 
 
Community Comments (0) - Comment on this article
The opinions of the authors expressed herein do not necessarily state or reflect Zawya. Read our Comment Policy.
 
 
 
Loading ...
 
Report Abuse
Loading ...
 
 
Loading ...
Zawya Comment Policy:
 
  1. Zawya encourages you to add a comment to this discussion. You agree that when you add content to this discussion your comments will not:
    1.1   Contain any material which is libelous or defamatory of any person, is obscene, offensive, hateful or inflammatory or causes damage to the reputation of any person or organisation.
    1.2   Promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age or any illegal activity.
    1.3   Be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence.
    1.4   Be threatening, abuse or invade another's privacy, or cause annoyance, inconvenience or needless anxiety.
    1.5   Be used to impersonate any person, to misrepresent your identity or affiliation with any person, or be likely to deceive any person.
    1.6   Give the impression that they represent Zawya.
    1.7   Advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse.
  2. The content posted on www.zawya.com is created by members of the public. The views expressed are theirs and unless specifically stated are not those of Zawya. Zawya reserves the right to review all comments prior to posting and edit or delete any contribution, but Zawya is not responsible for and can not be held liable for any content posted by members of the public on www.zawya.com.
  3. Zawya is not responsible for the availability or content of any third party sites that are accessible through www.zawya.com. Any links to third party websites from www.zawya.com do not amount to any endorsement of that site by Zawya and any use of that site by you is at your own risk.
  4. By submitting your comment, you hereby give Zawya the right, but not the obligation, to post, air, edit, exhibit, telecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comments worldwide, in perpetuity.
 
 
 
 
 
Community Buzz

Stories

Companies

Most viewed companies by Community in the last 24 hrs
Company Name Country Industry
Consolidated Contractors Company Overseas Construction and Design
Saudi Binladin Group Saudi Arabia Construction and Design
Saudi Electricity Company Saudi Arabia Electric Utilities
Maroc Télécom Morocco Telecommunications Services
Dubai Electricity and Water Authority UAE Electric Utilities
National Oil Corporation - Libya Libya Oil
Air Arabia UAE Transportation Services
Saudi Telecom Saudi Arabia Telecommunications Services
Ministry of Health - Saudi Arabia Saudi Arabia Ministries and Municipalities
Fluor Mideast Region-wide Construction and Design
 

Projects

Blogs

 
 
 
Items Related to Story

Projects Monitor

 
Name Country Sector
Aramco - Khursaniyah Field Development Saudi Arabia Oil and Gas
 
 

 
 
 
 
 

Site is optimised for viewing at 1024 x 768 with Internet Explorer v6 and Firefox v3.0 and above.
Copyright © 2010 ABQ Zawya Ltd. All rights reserved. Please read our Membership Agreement