At a time when oil and gas investors have been celebrating the latest oil rally after OPEC+ pledged to maintain strict production discipline, not everybody is pleased with the direction Continue Reading
Saudi Arabia’s GDP shrank 3.3% in the first quarter due to lower oil production from a year-earlier period, as the biggest Arab economy suffers from adherence to OPEC+ cuts. Not Continue Reading
Saudi Arabia’s national oil company Aramco has again outperformed forecasts. The world’s largest oil company, and 2nd largest listed company, reported a free cash flow of $18.3 billion in Q1 Continue Reading
The world’s largest oil exporter, Saudi Arabia, could see its budget deficit drop to below 5 percent of gross domestic product (GDP) this year if oil prices average $60 per Continue Reading
Dubai — Saudi Arabia’s real oil GDP is projected to contract by 0.5% in 2021, compared with a contraction of 6.7% in 2020, given production levels agreed by the OPEC+ Continue Reading
Saudi Aramco’s profit soared in the first quarter following a recovery in global oil and gas markets, though free cash flow remained too low to fully cover dividend payments. The Continue Reading
The Saudi government is indeed in advanced talks with several Chinese entities – sovereign wealth funds and oil companies – to sell a 1 per cent stake in its flagship Continue Reading
Aramco’s downstream business consumes 43.8% of its crude production Total Q1 hydrocarbon production averages 11.5 million boe/d Q1 profit rises 30.3% on year to $21.72 billion Dubai — Saudi Aramco’s Continue Reading
Major Chinese investors, including the sovereign wealth fund China Investment Corporation (CIC) and Chinese national oil companies, are the ones looking to buy a stake at the biggest oil company Continue Reading
Crown Prince Mohammed bin Salman has said Saudi Arabia wants to resolve its differences with rival Iran, a marked shift in tone in the wake of the election of US Continue Reading
Saudi Arabia expects to benefit from a future drop in oil supply from major producers such as the US and Russia and pump more crude to cater to global demand Continue Reading
Aramco is considering the sale of a stake in its vast natural gas pipeline network to help free up cash and draw more international investors to Saudi Arabia, people familiar Continue Reading
Saudi Arabia could save some $200 billion over the next ten years by switching from crude oil to natural gas and renewables for electricity production, Reuters reports , citing the Continue Reading
Saudi Arabia is closer to developing 3.3 GW of solar capacity up from only 300 MW currently operational as plans were announced earlier this month for seven projects, according to Continue Reading
Iran welcomed on Monday the idea of talks with its regional rival Saudi Arabia, amid reports that the two Gulf powers were directly talking about bilateral relations and hopes that Continue Reading
Saudi Arabia drew again on its crude stockpiles in February, while exports fell, reflecting the impact of its voluntary 1 million b/d production cut in addition to its OPEC+ production Continue Reading
China’s crude oil imports from top supplier Saudi Arabia rose 8.8% in March from a year earlier, driven by strong demand and as shipments delayed due to a port congestion Continue Reading
The world’s largest oil company and biggest oil exporter, Saudi Aramco, has resumed tendering and development work on major offshore oil expansion projects that would give Saudi Arabia another 1.15 Continue Reading
Higher oil prices and an expected rebound in the global economy and oil demand are set to lower the fiscal breakeven oil price of the major Middle Eastern oil producers Continue Reading
Strict production discipline by OPEC and its partners is the #1 reason why oil prices have managed to stage a remarkable recovery and stay relatively high after plunging to historical Continue Reading
Iran said saboteurs caused a blackout at the country’s main nuclear-enrichment plant, accusing the alleged culprits of attempting to derail informal talks with the U.S. on reviving a 2015 nuclear accord Continue Reading
Investors led by EIG Global Energy Partners LLC agreed to acquire a roughly $12.4 billion stake in a Saudi Aramco oil-pipeline rights company. The group will acquire a 49% equity stake in Aramco Oil Continue Reading
A match has been going on in global oil, which has stayed largely out of the spotlight as the world focuses on the pandemic and its effect on demand. The Continue Reading
The construction site for a new highway and metro development in Riyadh, Saudi Arabia, May 19, 2020. Sign up for our coming Middle East newsletter and follow us @middleeast for Continue Reading
Saudi Arabia raised prices for oil shipments to customers in its main market of Asia, signaling the kingdom’s confidence in the region’s economic recovery. The decision comes after the OPEC+ Continue Reading
Aramco could pay less than the originally planned $73.5 billion to its Saudi state shareholder in order to prioritize investments, Crown Prince Mohammed said earlier this week, opening the door Continue Reading
India continues its efforts to shake off its oil dependence on OPEC’s decisions by asking its state refiners to review what it sees as contracts “loaded against the buyer” with Continue Reading
Saudi Aramco’s profits fell by nearly 50% in 2020 as the pandemic battered oil markets and an oil price war between Russia and Saudi Arabia sent oil prices to record Continue Reading
Saudi Arabia is reportedly ready to extend current OPEC+ production cuts over May and June and also keep cutting 1 million bpd in oil output unilaterally, according to an unnamed Continue Reading
Saudi Arabia’s Crown Prince Mohammed bin Salman Saudi Arabia’s crown prince laid out a 27 trillion riyal ($7.2 trillion) domestic spending and investment plan that relies heavily on commitments from Continue Reading
Despite a 44 percent drop in its 2020 profits, the Saudi Arabian government has instructed majority-state-owned Saudi Aramco to stick to the US$75 billion per year dividend payout for shareholders Continue Reading
Move comes after renewed calls from US lawmakers for Saudi Arabia to lift its air and sea blockade UN data shows food imports through ports of Hodeidah and Saleef dropped Continue Reading
The Saudi-led coalition battling Houthi forces in Yemen said on Thursday it had intercepted and destroyed several explosive-laden drones aimed at Saudi Arabia, state TV reported. The coalition said the Continue Reading
A Saudi Aramco petroleum product distribution terminal in Jazan, near the border with Yemen, was hit by a projectile March 25, causing a fire in a storage tank, the Saudi Continue Reading
Last year, Saudi Arabia’s national oil company Saudi Aramco sent shockwaves through the natural gas markets after it announced that it was kicking off the biggest shale gas development outside Continue Reading
Saudi Aramco is in no hurry to expand its oil production capacity to 13 million bpd as it said it would last year just as the pandemic was beginning to Continue Reading
Saudi Arabia unveiled a proposal for a cease-fire aimed at disentangling itself from Yemen’s civil war, as rebel forces press an offensive and the Biden administration seeks to extricate the U.S. Continue Reading
Saudi Arabia has proposed a ceasefire deal to end the fighting in Yemen’s six-year conflict that would include Riyadh lifting its blockade on rebel-controlled ports in the war-torn country. The initiative Continue Reading
Saudi Aramco, the world’s largest oil company, reported a 44% reduction in revenues in 2020. These losses were largely caused by COVID-demand destruction and lower oil prices. Saudi Arabia’s national Continue Reading
Highlights Capacity gains to 13 mil b/d will be incremental Neutral Zone shared with Kuwait producing 120,000 b/d Aramco will ‘skip’ LNG, focus on developing hydrogen Dubai — Saudi Aramco Continue Reading
After the first oil price war launched by the Saudis against the then-nascent U.S. shale sector in 2014, Washington took the view that the Kingdom had broken the core 1945 Continue Reading
Saudi Arabian state oil giant Aramco is betting on an Asian-led rebound in energy demand this year after it reported a steep slide in net profit for 2020 on Sunday Continue Reading
Saudi Aramco will ensure China’s energy security remains its highest priority for the next 50 years and beyond as new and existing energy sources run in parallel for some time, Continue Reading
Saudi Aramco plans to “expand and intensify” cooperation with China on research in areas including hydrogen and ammonia production from natural gas, according to Chief Executive Officer Amin Nasser. Aramco is Continue Reading
Saudi Arabia’s state-backed oil giant Aramco announced Sunday that its profits nearly halved in 2020 to $49 billion, a big drop that came as the coronavirus pandemic roiled global energy Continue Reading
The oil giant Saudi Aramco has announced that its profits fell sharply last year as lockdowns around the world curbed demand for oil. Earnings in 2020 fell by nearly 45% Continue Reading
The world’s largest oil exporter, Saudi Arabia, increased its crude oil exports to 6.582 million barrels per day (bpd) in January 2021, up from 6.495 million bpd in December 2020, Continue Reading
Saudi Arabia’s energy ministry said it had contained a fire following a March 19 drone attack on its Riyadh refinery, with no interruption to oil supplies and no casualties, in Continue Reading
Having already slashed its capex budget and delayed several projects, Saudi Aramco will release its full-year 2020 results on March 21, with market watchers aiming for greater insight on how Continue Reading
Saudi Arabia plans to reduce domestic consumption of liquid hydrocarbons by 1 million b/d for use “in a better way”, the kingdom’s Energy Minister Prince Abdulaziz bin Salman said on Continue Reading
