Saudi Arabia ///
Saudi Arabia says OPEC is on track to wrap up its production curbs by the middle of the year. That would leave its aim of clearing a global oil glut unfinished.
OPEC probably won’t need to extend a deal it reached with other crude producers to cut output, given the level of their compliance with the reductions and the outlook for an increase in global demand, Saudi Energy Minister Khalid Al-Falih said.
SNC-Lavalin Fayez Engineering (SLFE), an engineering consultancy partnership between SNC-Lavalin and Dr. Zuhair Fayez, has been awarded a five-year extension to its existing General Engineering Services Plus (GES+) contract with Saudi Aramco, with three one-year options to extend.
Saudi Arabia will consider renewing its pledge to cut crude output in six months and has already reduced production by more than its targeted level, Energy Minister Khalid Al-Falih said.
Saudi Arabia was said to cut February crude sales to China and southern Asian nations, while largely sparing countries including Japan and South Korea, as it curbs supply as part of a deal between OPEC and other producers.
Wood Group has secured a five-year, multi-million dollar framework agreement to continue to provide engineering and project management services to Saudi Aramco’s onshore capital programs in the Kingdom of Saudi Arabia.
Oil producers from Saudi Arabia to the United Arab Emirates are complying with production cuts promised last year to stabilize the market, Kuwait’s governor to the Organization of Petroleum Exporting Countries said.
Saudi Arabia is staying in the battle for market share by continuing to pump the type of oil that’s similar to rival U.S. and African supply, while fulfilling its promise to cut output by focusing curbs on other varieties.
Oil rose as Saudi Arabia was said to meet its pledged output cut this month and U.S. stockpiles fell the most in almost four months.
Saudi Arabia raised pricing for February oil sales to Asia and increased premiums for light grades to the U.S. as the world’s largest crude exporter prepares to reduce output to help counter a global oversupply.
Seadrill has received a three-year contract extension from Saudi Aramco for the jackup rig AOD III.
Oil prices are set to recover next year as OPEC fulfills its agreement to cut output, halting the slump that battered the global oil industry, Saudi Arabia’s energy minister said.
Saudi Arabia expects oil revenue to jump by 46% next year after a deal between the kingdom and other producers to curb output drove up global prices.
Saudi Arabia could still decide to sell shares of oil giant Aramco in New York, Foreign Minister Adel al-Jubeir said, even after the U.S. passed a law that allows victims of the Sept. 11 attacks to sue the kingdom.
OPEC and other major oil producers are committed to a “high level of compliance” with their agreements to cut output, and the shared strategy will balance the market in 2017, Saudi Oil Minister Khalid Al-Falih said.
Saudi Arabian Oil Co. signed contracts with U.S. companies to build dozens of oil rigs over 10 years as the kingdom builds for the long-term future of its most prized industry even while coordinating with other producers to cut output for six months to stabilize crude.
As Saudi Arabia goes on a shock and awe attack to curb a global oil glut, it’s also playing defense to hold on to its most prized customers.
Oil may climb to $60/bbl for the first time in almost a year and a half after Russia and other unaffiliated nations joined an OPEC pledge to reduce production and Saudi Arabia surprised the market by saying it will cut more than previously agreed.
Saudi Arabia has started to tell its customers it will reduce crude shipments from January, with the curbs focused on Europe and North America while Asian refineries are so far largely spared.