Saudi Oil Revenue To Surge 66% To $249 Billion On High Prices
Saudi Arabia is expected to see its oil revenues surge by 66 percent this year to around $249 billion on the back of higher oil prices and rising oil production Continue Reading
Saudi Arabia set for oil output capacity above 13 mln bpd by 2027, says minister
Saudi Arabia is on track to lift oil production capacity by more than 1 million barrels per day to over 13 million barrels bpd by the end of 2026 or Continue Reading
Saudi Aramco net profit soars 82% in Q1 on high oil prices
State-owned oil producer Saudi Aramco on Sunday reported an almost 82% rise in first-quarter net profit, broadly in line with analyst forecasts, helped by strong oil prices. Aramco, which is Continue Reading
Saudis, UAE: The World Has A Serious Energy Spare Capacity Problem
Prince Abdulaziz bin Salman: “The world is running out of energy capacity at all levels,”. Saudis see underinvestment in refining capacity as on of the reasons for soaring fuel prices. Continue Reading
Saudi, UAE energy ministers say NOPEC bill risks destabilizing the oil market
Ministers warn that energy investment at crisis levels No current shortage in the oil market, Mazrouei says OPEC+ blamed unfairly for high prices, Prince Abdulaziz says Targeted by so-called NOPEC Continue Reading
Saudi to Extend Oil Loan to Pakistan, Discussing Dollar Deposits
Saudi Arabia will extend an oil loan facility to Pakistan and is considering rolling over dollar deposits as the South Asian nation looks to rein in one of Asia’s highest Continue Reading
Iran says talks with regional rival Saudi Arabia resumed in Baghdad
Rival regional powers Iran and Saudi Arabia resumed talks in the Iraqi capital after they were suspended in March, Iran’s semi-official Nour News reported on Saturday. There was no confirmation Continue Reading
How U.S.-Saudi Relations Reached the Breaking Point
Saudi Crown Prince Mohammed bin Salman, wearing shorts at his seaside palace, sought a relaxed tone for his first meeting with President Biden’s national security adviser, Jake Sullivan, last September. The Continue Reading
Saudi Economic Growth To Double This Year On High Oil Prices
The IMF is targeting 7.6% growth for the Saudi economy this year, raising its forecast by 2.8%. The increase in oil production and export revenues fuel the Saudi economy. High Continue Reading
China imports 13% less crude oil from Saudi in March, 14% less from Russia -customs
Saudi Arabia exported nearly 13% less oil to China in March than a year earlier but retained its top supplier spot, while shipments from second-ranking Russia slipped 14%, Reuters’ calculations Continue Reading
Saudi Arabia leads OPEC decision to drop IEA data as US ties fray
A decision driven by Saudi Arabia that OPEC+ should stop using oil data from the West’s energy watchdog reflected concern about U.S. influence on the figures, sources close to the Continue Reading
Attacks on Saudi oil infrastructure increase in Q1: SPGCI Oil Security Sentinel
Oil supply unaffected despite increased attacks Saudi Arabia has said it is no longer responsible for any shortages in oil supply because of attacks on its facilities. An S&P Global Continue Reading
Saudi’s record crude oil price for Asia shows Russia war impact
The jump in Saudi Arabia’s crude oil prices for its Asian customers is a real world example of how the Russian invasion of Ukraine is starting to force a realignment Continue Reading
Saudi Aramco Further Tightens Its Ties To China
Saudi Aramco, is looking at several further opportunities to expand its downstream dealings with China. The new downstream projects with Sinopec follow this year’s earlier series of meetings in Beijing Continue Reading
Gulf Oil Producers Seek U.S. Military Support Against Yemen Attacks
Some of the largest Gulf oil producers, including Saudi Arabia and the United Arab Emirates, are seeking to sign a written treaty with the United States under which the U.S. Continue Reading
Saudi Led Coalition in Military Oil Operation
The move follows a series of drone and rocket attacks by Houthi Rebels against Saudi Arabia in the past week. The Saudi-led Coalition has announced a military operation to neutralize Continue Reading
Saudi-Led Coalition Strikes Yemen After Aramco Depot Attack
A Saudi-led coalition fighting Houthi rebels in Yemen launched airstrikes against sites in the southern Arabian country in response to multiple attacks Friday, including one that caused a fire at Continue Reading
Iran will develop its part of gas field eyed by Saudi Arabia, Kuwait
Dorra/Arash gas field discovered in 1962 Field is partly in Neutral Zone shared by Saudis, Kuwait Iran open to talks with Kuwait, Saudis Iran is set to develop its part Continue Reading
USA Condemns Attacks Reportedly Targeting Saudi Oil Site
The U.S. condemns the Houthi attacks over the weekend. U.S. National Security Advisor Jake Sullivan has announced that the U.S. condemns the Houthi attacks over the weekend against civilian infrastructure Continue Reading
Yemen Houthis attack Saudi energy facilities, refinery output hit
Yemen’s Iran-aligned Houthi group fired missiles and drones at Saudi energy and water desalination facilities, causing a temporary drop in output at a refinery but no casualties, the Saudi energy Continue Reading
Saudi Arabia’s Yasref refinery output disrupted from attacks: ministry
Highlights Refinery produces diesel, gasoline, butane Attacks also targeted other cities Houthi missile, drone attacks remain major Gulf oil security risk Saudi Arabia’s energy ministry on March 20 said the Continue Reading
Saudi Aramco raises 2022 capex guidance to $40-$50 bil
Highlights Average oil output steady at 9.2 mil b/d Capex was $31.9 bil in 2021 ‘Economic conditions have improved’: CEO Saudi Aramco, the world’s largest oil company, said March 20 Continue Reading
Saudi Armco net revenues double to $110bn on surging oil demand
The state-backed group, which had reported earnings of $49bn a year earlier, said the 124 per cent increase was driven by “higher crude oil prices, stronger refining and chemicals margins Continue Reading
New Saudi Data Law Could Discourage Foreign Investment
Saudi Arabia’s new personal data protection law would discourage foreign investment in the world’s top crude exporter which looks to diversify from oil with tech and digital hubs, the U.S. Continue Reading
Saudi prince, rebuked by West, faces dilemma over Russia and China
West pressing Saudi to use capacity to pump more oil Saudi, UAE still sticking to OPEC+ oil deal with Russia Riyadh threatens to shift some oil sales away from dollar Continue Reading
Apple Supplier Foxconn in Talks to Build $9 Billion Factory in Saudi Arabia
Foxconn 2317 -1.46% Technology Group, the biggest assembler of Apple Inc. iPhones, is in talks with Saudi Arabia about jointly building a $9 billion multipurpose facility that could make microchips, electric-vehicle components and other electronics Continue Reading
Saudis Fight to Turn the Tide in Yemen’s Civil War
Enemy bullets ripped overhead. A barefoot Yemeni soldier who calls himself Fouad the Brave grabbed a rifle and returned fire from behind a sand berm, taking aim at Iran-backed Houthi Continue Reading
Saudi Arabia Puts 81 People to Death in Its Largest Execution Ever
Saudi Arabia put to death 81 people who had been convicted of crimes including murders, rape, arms smuggling and links to terrorist groups, in the largest known mass execution in Continue Reading
Saudi Arabia Reaffirms Commitment To Russia Despite War In Ukraine
Saudi Crown Prince Mohammed bin Salman has reaffirmed his country’s commitment to the OPEC+ agreement with Russia. The Kingdom has not made a move to bring extra crude onto the Continue Reading
Saudi crown prince plays the oil card in quest for U.S. recognition
Saudi Crown Prince Mohammed bin Salman is seen during the Emirates Formula One Grand Prix at the Yas Marina racetrack in Abu Dhabi, United Arab Emirates November 25, 2018. Bandar Continue Reading
The Gulf’s Largest Economy Is Taking Advantage Of Triple Digit Oil Prices
As oil prices reach seven-a-half-year highs, a number of countries in the Middle East have unveiled fiscal measures designed to balance their budgets after two years of pandemic-related spending. Saudi Continue Reading
Saudi crown prince says kingdom still committed to OPEC+ oil agreement with Russia
Highlights MBS discusses Ukraine crisis’ energy impact in call with France’s Macron Saudi Arabia keen to maintain stable, balanced oil market, MBS says OPEC ministers have said no need to Continue Reading
Saudi Arabia Slams Shortsighted Campaign Against Oil
Saudi Arabia has a stark warning about the dangers of underinvesting in oil. The world’s top oil exporter is cautioning that the underinvestment in oil and gas could spark a Continue Reading
Saudi Arabia Raises Asia Oil Prices as Crude Surges
Saudi Arabia raised oil prices for its main market of Asia after crude’s surge to almost $95 a barrel. State firm Saudi Aramco increased pricing for all grades for Asian Continue Reading
Saudi Aramco Looks to Sell $50 Billion Stake in Fresh Share Listing
Saudi Arabia has restarted plans to list more shares of Aramco, the world’s most valuable oil company, according to people familiar with the company’s strategy, with an ambition to sell Continue Reading
Saudi Arabia’s Exports Surge in October on Higher Oil Prices
Saudi Arabia’s exports soared in October as the world’s biggest oil exporter benefited from higher crude prices. The value of exports jumped to 106.2 billion riyals ($28 billion) from 55.9 Continue Reading
Saudi Arabia Wants Its Capital to Be Somewhere You’d Want to Live
A banner advertises plans for a greener and more sustainable city. The crown prince’s next grand plan is to defy the skeptics and turn Riyadh into a greener, cooler city Continue Reading
Saudis Warn Traders Against Shorting Oil
Saudi Arabia’s energy minister warned traders against shorting oil prices. Saudi Arabia’s energy minister warned traders against shorting oil, saying OPEC+ could react quickly to any fall in prices. OPEC+, Continue Reading
Saudi Arabia’s race to attract investment dogged by scepticism
Saudi minister says FDI up 33% in first six months of 2021 Investment remains below earlier targets Riyadh raises stakes with more ambitious investment goals Lack of major FDI announcements Continue Reading
Saudi Arabia Set To Book Its First Budget Surplus In 10-Years As Oil Rises
Saudi Arabia expects to book its first budget surplus in close to ten years in the next financial year, coming in at 2.5 percent of gross domestic product or $24 Continue Reading
Saudi Oil Minister Says Global Production Could Plunge 30% This Decade
Saudi Arabia said global oil production could drop 30% by the end of the decade due to falling investment in fossil fuels. “We’re heading toward a phase that could be Continue Reading
Saudi Arabia projects 2022 budget surplus as it tapers OPEC+ oil output cuts
Highlights 2022 revenues forecast at $279 billion, up 12% on year Al-Rajhi Capital calculates fiscal breakeven price of $65/b Kingdom says it seeks to gradually boost crude production Saudi Arabia Continue Reading
Saudi Arabia, Kuwait say they are working to raise Neutral Zone crude oil production
Highlights Neutral Zone could be needed source of incremental supply Wafra, Khafji fields face technical challenges due to shutdown 2021 exports have ranged from 158,000 to 257,000 b/d: Kpler Saudi Continue Reading
Is Shale Gas A Gamechanger For Saudi Arabia?
The first major contracts for Saudi Arabia’s Jafurah field were awarded last week The Kingdom aims to become the third-largest natural gas producer in the world by 2030 Saudi Arabia Continue Reading
Houthis Claim Drone Attacks On Saudi Oil Facilities
The Iran-aligned Houthi movement in Yemen targeted on Tuesday oil infrastructure and military compounds in Saudi Arabia with drones and ballistic missiles, the movement said today on its broadcast channel Continue Reading
BlackRock, Saudi asset manager Hassana sign deal for Aramco’s gas pipelines
Saudi Aramco said on Monday it has signed a $15.5 billion lease-and-leaseback deal for its gas pipeline network with a consortium led by BlackRock Real Assets and state-backed Hassana Investment Continue Reading
Saudi Aramco warns of ‘social unrest’ if fossil fuels ditched too quickly
The chief executive of Saudi Aramco, the world’s largest oil producer, has called on global leaders to continue investing in fossil fuels in the years ahead or run the risk Continue Reading
Upstream industry ‘too optimistic’ on how long energy transition will take: Aramco CEO
Transition is amid pressure for less new E&P investment ‘No way near ready to carry big load’: Nasser But energy transition promises higher E&P returns Even as climate change initiatives Continue Reading
Aramco Awards Deals Worth $10B
The deals comprise 16 subsurface and engineering, procurement and construction contracts. The Saudi Arabian Oil Company has announced that it has awarded contracts worth $10 billion for the Jafurah unconventional Continue Reading
Saudi Arabia forges ahead with shale gas play in unconventional push to cut oil use
Highlights Jafurah field could yield up to 2 Bcf/d of gas at peak Output will also support chemicals, hydrogen production Aramco says shale gas will reduce oil used for electricity Continue Reading