Saudi Arabia ///
To understand why Saudi Arabia changed course and decided OPEC should go back to managing supply, look at two of the kingdom’s biggest policy challenges: the urgent need to plug holes in its budget and the plan to sell a stake in the state-owned oil monopoly.
An OPEC deal to curtail oil production appeared in jeopardy as Iran said it won’t make cuts while Saudi Arabia insisted Tehran must be willing to play a meaningful role in any agreement.
Oil retreated below $46/bbl in New York after OPEC officials failed to work out a compromise deal to ease a global supply glut and Iran ruled out reducing its production.
The EXPEC Advanced Research Center (EXPEC ARC) TeraPOWERS Technology Team, under the leadership of Saudi Aramco fellow Ali Dogru, has achieved a major breakthrough with the industry’s first trillion cell reservoir simulation run.
OPEC ministers flew to Moscow and officials in Vienna launched another round of talks in an effort to salvage an agreement on production cuts, just as Saudi Arabia raised the possibility of leaving without a deal.
Saudi Arabia pulled out of planned talks with non-OPEC nations including Russia as disagreements about how to share the burden of supply cuts stood in the way of a deal to boost prices just days before a make-or-break meeting in Vienna.
OPEC’s final push to implement the Algiers supply accord and boost oil prices shifted focus to Iran and non-members such as Russia as Iraq appeared to reverse its opposition to output cuts.
Jacobs Engineering Group has received an amendment from Saudi Aramco for its general engineering services (GES) contract.
For months, Russia has told OPEC its preferred option in any eventual oil-supply deal was to freeze production, rather than to cut it. Saudi Arabia, the bloc’s most powerful member, is beginning to think Moscow actually means it.
Saudi Arabia’s dominance of OPEC isn’t what it once was.
Rowan Companies and Saudi Aramco have signed, through their subsidiaries, an agreement to create a 50/50 joint venture (JV) to own, operate, and manage offshore drilling rigs in Saudi Arabia.
Crude oil traded near $46/bbl as Saudi Arabia, due to meet with Russia and some OPEC nations in Doha, said it’s optimistic that producers will reach an agreement to stabilize world markets.
Iraq’s oil minister will bypass energy talks this week in Qatar, where rival producer Saudi Arabia plans to hold talks with Russia on possible collective action to limit production. His Iranian counterpart is also said to be giving the meeting a miss.
Last week, I wrote that OPEC needs friends and a miracle to re-balance the oil market. Could President Trump be that unwitting buddy, providing the miracle by tearing up the nuclear agreement with Iran and removing almost a million barrels a day of supply at a stroke?
Iran boosted oil output at three western fields faster than it expected as rival OPEC producer Saudi Arabia called for a collective output cut later this month to help rebalance the market.
Saipem has been awarded “new contracts and change orders” worth about $1 billion, according to a company statement.
McDermott International has opened a new office in Al Khobar, Saudi Arabia, with the ability to add 300 staff to its existing workforce in the Kingdom.
Nabors Industries has announced the signing of an agreement to form a new joint venture (JV) in the Kingdom of Saudi Arabia to own, manage and operate onshore drilling rigs.
Saudi Arabia faces the prospect of much deeper—and financially painful—oil production cuts after Iraq joined the queue of group members seeking immunity from the deal hatched in Algiers.
Saudi Arabia, which is marshaling a potential deal with global crude producers to limit output, is said to have lifted sales to the world’s second biggest oil consumer after cutting the pricing for its supply.