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Schlumberger opens Saudi Arabia manufacturing center

DAMMAM, SAUDI ARABIA - Schlumberger announced today the opening of a world-class manufacturing center in King Salman Energy Park (SPARK) that supports Saudi Aramco’s In-Kingdom Total Value Add (IKTVA... and Schlumberger Chief Technology Officer Demosthenis Pafitis in the presence of Saudi Aramco Upstream... the value chain for the Saudi Energy Sector that will create opportunities for Saudi men and women...

Inmarsat launches connectivity services in Saudi Arabia across land, sea and air

solutions to customers based in Saudi Arabia through new partner agreements. The company additionally...) and high-capacity broadband (Ka-band), Global Xpress (GX), services in Saudi Arabia, enabling Saudi-based... distribution partners in Saudi Arabia and the region and they will work closely with Inmarsat’s Maritime... in Saudi waters, providing full access to Inmarsat’s industry-leading Fleet Xpress services. It has...

Oil slips despite Saudi’s pledge to increase production cuts

Reading time: 2 minutes NEW YORK (Bloomberg) --Oil declined as doubts circulated over Saudi Arabia... following a morning rally. Saudi Arabia said it will pump 7.492 million barrels a day next month... mid-2002, according to data compiled by Bloomberg. “While Saudi is undoubtedly the market’s swing... Saudi’s oil, they would produce it,” said Michael Hiley, head of over-the-counter energy trading at LPS...

Siemens Energy to supply 20 compressor trains for a critical gas project in Saudi Arabia

MUNICH - Siemens Energy was selected to provide centrifugal compressor systems for Saudi Aramco’s Hawiyah Unayzah Gas Reservoir Storage (HUGRS) project. The plant includes a gas injection facility..., located 162 miles (260 kilometers) east of Saudi Arabia’s capital, Riyadh, includes a plant...’ recent successful supply of compressor trains for other Saudi Aramco projects, including the new...

Aramco’s drop below IPO price deals blow to Saudi economic plan

DUBAI (Bloomberg) --Saudi Aramco shares dropped below their IPO level for the first time... retreated 8.3%. Markets across the Middle East tumbled Sunday after Saudi Arabia ignited an all-out oil... grades. The declines for Saudi Aramco are a setback for a government that had celebrated last year... strategy of generating funds to diversify the economy and wean Saudi Arabia from its dependence on oil...

Saudi energy minister phones Iraqi counterpart, commends OPEC+ compliance

LONDON (Bloomberg) --Saudi Arabia commended Iraq for implementing almost all of its oil production cuts last month, another sign that the disputes over cheating that dominated recent meetings are being resolved. Saudi Energy Minister Prince Abdulaziz Bin Salman spoke by phone with his Iraqi counterpart Ihsan Abdul Jabbar Ismail, according to state-run Saudi Press Agency. Both men reaffirmed...

Saudi Aramco considers $10B pipeline stake sale to raise cash

LONDON (Bloomberg) - Saudi Aramco, the world’s largest oil producer, is weighing the sale of a stake in its pipeline unit to raise money amid a slump in crude prices, according to people familiar... acquisition of a stake in chemicals producer Saudi Basic Industries Corp. Aramco, the world’s most..., but talks are still at an early stage and Aramco may decide against a sale, the people said. Saudi...

Russian producers equipped to compete with flood of Saudi oil

MOSCOW (Bloomberg) --A flood of discounted Saudi crude is heading for Europe, but Russia might just have the only producers in the world equipped to compete with it. With some of the world’s lowest production costs, a flexible tax system and a free-floating ruble, Russian companies can keep pumping...,” Karen Kostanian, BofA’s Moscow-based oil and gas analyst, said. Saudi Arabia has escalated a battle...

Saudi Arabia calls for an urgent meeting of OPEC+ following Trump phone call

HOUSTON – After a phone call between President Donald Trump and Saudi Arabia’s Mohammed Bin Salman, the kingdom called for a multinational meeting to discuss oil markets. A statement released by the state-run Saudi Press Agency read, in part, “the Kingdom calls for an urgent meeting of OPEC... of the United States of America Donald Trump and the request of friends in the United States,” the Saudi Press...

Saudi energy minister likens impact of coronavirus to a ‘house on fire’

HOUSTON (Bloomberg) - Saudi Arabia gave the clearest signal yet of its concerns about the impact... limited impact” on oil demand, Saudi Energy Minister Prince Abdulaziz bin Salman described more.... The Saudi Energy Ministry didn’t immediately reply to a request for comment. The prince’s statements offer an explanation of why, behind closed doors, Saudi Arabia has been an advocate...

Russia, Saudi Arabia see recovering demand after production cuts

Reading time: 2 minutes 30 seconds LONDON (Bloomberg) --Saudi Arabia and Russia see signs that oil... the spread of the coronavirus outbreak. The Saudi-Russia statement comes as oil traders and consultants... begin to emerge from their stringent lockdowns,” Saudi Energy Minister Prince Abdulaziz bin Salman... place two days after Saudi Arabia made a surprise announcement of a unilateral cut of 1 million...

India buying millions of barrels of Saudi crude for strategic reserves

and Saudi Arabian counterparts and the head of the International Energy Agency. While India’s storage... by Saudi Arabia and Russia are currently trying to stitch together a deal to call off their price... the crude upfront from Saudi Arabia, the U.A.E. and Iraq and reimburse them later, the officials said... and about 9.2 million barrels of Saudi oil for the Padur caverns, the officials said. It will also buy some...

Saudi energy minister leaves door open for more cuts in June

LONDON (Bloomberg) --Saudi Arabia is ready to cut oil production further if needed when the OPEC+ alliance meets again in June, the kingdom’s energy minister said. “Flexibility and pragmatism..., depending on how things evolve.” Saudi Arabia, Russia and other oil producers within the OPEC... is there.” Saudi Arabia would only cut if others within the OPEC+ alliance reduced their production accordingly...

Saudi Arabia, Russia appear open to cuts beyond OPEC+ deal

CALGARY (Bloomberg) --Saudi Arabia and Russia signaled they may be open to further output cuts... Alexander Novak and his Saudi counterpart Prince Abdulaziz bin Salman said in a joint statement published... comments by Saudi Arabia’s bin Salman, who has said that his country is ready to cut oil production... Saudi Aramco that it would supply customers with 8.5 million barrels a day as of May 1. That’s...

Saudi, Russian blame game stalls Monday’s OPEC+ meeting

with the matter said, noting the meeting may still happen a few days later. Saudi Arabia made a pointed..., the Saudi Foreign Minister Prince Faisal bin Farhan said comments by Putin laying blame on Riyadh... the agreement” in early March, the Saudi foreign ministry said. “The kingdom and 22 other countries were... to contribute cuts. But he also put responsibility for the downward spiral in prices on Saudi Arabia...