WorldOil Saudi Arabia’s budget based on $50 oil, Goldman Sachs estimates While oil at $50 would represent a 25% rise from current prices, it would still be far below the pre-pandemic level of around $65 and less than Saudi Arabia needs to balance its budget. Saudi oil minister admonishes OPEC+ quota cheaters In recent months, the UAE has become one of the worst quota-breakers among the Organization of Petroleum Exporting Countries and its allies. The UAE made just 10% of its pledged cuts in August, according to the International Energy Agency. Faltering oil demand puts new pressure on OPEC+ production agreements On September 17th, Saudi Arabia and Russia will chair a monitoring meeting to assess whether the vast production cuts, which they started easing in August, are still staving off an oil glut. New signs of exporters reneging on the deal aren’t helping. Saudi Arabia’s government leans on Aramco to maintain $75 billion dividend Saudi Aramco is trying to pay a $75 billion dividend this year, almost all of it to the state. Concerns are mounting, including among global fund managers who bought into the company during a record initial public offering last December, that Aramco is putting strategic projects on ice and racking up debt too quickly. Saudi crude price cuts for October signal wavering oil demand Saudi Arabia usually sets the tone for pricing decisions by other Middle Eastern suppliers, including Iraq and the United Arab Emirates, the second- and third-largest producers in the Organization of Petroleum Exporting Countries. Saudis send a message to the oil market with reduced U.S. deliveries The kingdom last month loaded about 5.6 million barrels a day on to tankers, a small increase from July, vessel-tracking information compiled by Bloomberg show. Within that, an ever-smaller share went to the U.S., and import data show that deliveries in August were likely the lowest in decades. Sparrows Group appoints Saudi Arabia General Manager to drive growth in Kingdom Sparrows Group has appointed Ali Hassan Al-Kharari as the company’s first Saudi Arabia general manager in response to growing business demand in the Kingdom. Aramco discovers two new oil and gas fields in northern Saudi Arabia Saudi Aramco discovered two oil and gas fields in northern parts of Saudi Arabia, the kingdom’s official news agency reported, citing Energy Minister Prince Abdulaziz bin Salman. Aramco sharpens focus on its portfolio with new management structure The Saudi state energy company appointed Senior Vice President Abdulaziz Al Gudaimi to lead a new team that will “assess existing assets” and boost access to “growth markets,” it said Sunday in a statement. He will report to Chief Executive Officer Amin Nasser and start in his new role on Sept. 13. OPEC+ leaders push to maintain production cuts as oil recovery slows Saudi Energy Minister Prince Abdulaziz bin Salman and his Russian counterpart Alexander Novak hailed the rebound in oil prices and demand, but repeatedly urged their allies in a video conference on Wednesday not to ease off their output curbs.