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On 8 March 2020, Saudi Arabia initiated a price war on oil with Russia, which facilitated a 65% quarterly fall in the price of oil. [1] The price war was triggered by a break-up in dialogue between the Organization of the Petroleum Exporting Countries (OPEC) and Russia over proposed oil-production cuts in the midst of the COVID-19 pandemic. [1]
January 20: Six exporting countries - Abu Dhabi, Iran, Iraq, Kuwait, Qatar and Saudi Arabia - conclude ten days of meetings with Western oil companies.An agreement is reached to raise the posted price of crude by 8.49 percent to offset the loss in value of oil concessions attributable to the decline in value of the U.S. dollar.
Paul Marshall Johnson Jr. (May 8, 1955 – c. June 18, 2004) was an American helicopter engineer who lived in Saudi Arabia. In 2004, he was taken hostage by militants and his murder was recorded on video tape .
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More OPEC price cuts. Aug: Saudi Arabia links prices to spot market. Output rises from 2 Mbbl/d (320,000 m 3 /d) in August to 5 Mbbl/d (790,000 m 3 /d) in early 1986. Aug 15: First Iraqi air raid on Iran's main oil export terminal, Kharg Island.
On October 20, 2010, the US State Department notified Congress of its intention to make the biggest arms sale in American history—an estimated $60.5 billion purchase by Saudi Arabia, trumping the former US-Saudi AWACS sale. The package represents a considerable improvement in the offensive capability of the Saudi armed forces.