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Saudi Arabia cements its role as leader of the global oil and gas market

(Bloomberg) --Saudi Arabia surprised the market with a large cut in crude production, an assertion.... The move papered over cracks in the OPEC+ coalition and was a U-turn from some recent Saudi oil-policy.... “We are the guardian of this industry,” Saudi Energy Minister Prince Abdulaziz bin Salman said..., and there was reason to think it would prevail. Saudi Arabia shattered those assumptions, pledging...

Saudi-led coalition faults Biden’s Yemen policy shift for refinery attack

DUBAI (Bloomberg) --Saudi Arabia said one of the most protected crude facilities in the world came.... The attacks are the most serious against Saudi oil installations since a key processing facility... and exposing the vulnerability of the Saudi petroleum industry. That was claimed by Yemen’s Houthi rebels, although Riyadh pointed the finger at arch-rival Iran. On Sunday, the Saudi Energy Ministry said...

Yemen’s rebels are ready for peace with Saudis, with a few conditions

(Bloomberg) --Yemen’s Iran-backed Houthi rebels are ready for an “honorable peace” but Saudi... in a speech to mark the sixth anniversary of the start of a Saudi-led coalition’s bombing campaign... statement after a peace plan proposed by Saudi Arabia on Monday. The kingdom intervened in Yemen’s civil... to the brink of famine -- and Saudi Arabia is also keen to exit the conflict. But analysts say...

Saudis lead airstrike on Yemen’s capital after Aramco attack

(Bloomberg) --Saudi-led coalition warplanes pounded Yemeni rebels’ military bases in retaliation... province of Hodeidah. The Iran-backed Houthis attacked a Saudi Aramco oil refinery in Riyadh on Friday... the Islamic Republic’s nuclear program. The Saudi-led coalition joined the conflict in neighboring Yemen in 2015 to try to restore its internationally recognized government. The Houthi attacks on Saudi...

Saudis raise oil prices for U.S., Asian shipments after output cut

(Bloomberg) --Saudi Arabia raised pricing for oil customers in Asia and the U.S. after its shock... to the two regions in February. State producer Saudi Aramco on Wednesday raised its flagship Arab... with an historic drop in Saudi oil shipments to the U.S. For the first time in 35 years, America didn’t import any of the kingdom’s crude last week. Cutting shipments to the U.S. is the quickest way for Saudi...

Saudis cover Asian refinery orders as oil output ramps up

(Bloomberg) --Saudi Arabia will supply all the crude oil that was requested by India’s state-owned... notified by Saudi Aramco. Two other customers received some cuts to overall volumes. Aramco declined to comment. Led by Saudi Arabia, the Organization of Petroleum Exporting Countries and its allies... allocations, people familiar with the matter said. With tension between India and Saudi Arabia over Riyadh’s...

Saudis raise prices of U.S. oil shipments

(Bloomberg) --Saudi Arabia kept oil pricing for its main market of Asia unchanged in March, after a key OPEC+ committee expressed confidence that the oil market is re-balancing. State oil producer Saudi Aramco raised prices for all grades sold to customers in the U.S. and Europe. The nation surprised markets last month by announcing plans to unilaterally slash 1 million barrels a day of oil...

Saudis reduce oil supplies to Asian, European refiners after OPEC+ cut

SINGAPORE (Bloomberg) --Saudi Arabia reduced crude oil supplies to at least 11 refiners in Asia... European refiners were also cut and one refiner that typically buys small volumes from Saudi Arabia... and Arab Heavy, the officials said. State-owned Aramco declined to comment. Saudi Arabia’s move...-called allocations for February on expectations of tighter supply. The size of Saudi Arabia’s curbs...

Rebel attack on world’s largest crude terminal sends oil prices surging

SINGAPORE (Bloomberg) – Oil surged above $71 a barrel in Asian trading after Saudi Arabia said... Houthi rebels launched a series of attacks on Saudi Arabia. The new U.S. administration has also carried... climbed last week after Saudi Arabia and OPEC+ made a surprise pledge to keep output steady in April... against Saudi oil installations since a key processing facility and two oil fields came under fire...

Aramco seeks Chinese partnership for carbon capture and hydrogen goals

LONDON (Bloomberg) --Saudi Aramco plans to “expand and intensify” cooperation with China on research in areas including hydrogen and ammonia production from natural gas, according to Chief Executive... plant on Saudi Arabia’s southern Red Sea coast was set to start running at about half capacity after...-wealthy regions along Saudi Arabia’s border with Yemen. Click here to subscribe to the World Oil energy...

Saudis, Dubai and UAE’s ADNOC grapple for joint ownership of Egypt’s Wataniya Petroleum

(Bloomberg) - Dubai’s state energy firm and Petromin Corp. of Saudi Arabia are taking on the likes of Abu Dhabi National Oil Co. by entering the bidding race for the first Egyptian army company being offered to investors, according to people familiar with the matter. Whichever company wins would partner with Egypt’s sovereign wealth fund in taking joint full ownership of Wataniya Petroleum...

China joins consortium taking a 49% equity stake in Aramco Oil Pipelines Co.

(Bloomberg) - China’s Silk Road Fund and Hassana Investment Co., controlled by the Saudi Arabian government, joined a group investing $12.4 billion in Saudi Aramco’s oil pipelines. The consortium, led by U.S. firm EIG Global Energy Partners LLC, has now closed a deal to acquire a 49% equity stake... is the capital of the United Arab Emirates and, along with Saudi Arabia, a key member...

Saudis raise oil prices in key Asian markets as demand challenges supply

(Bloomberg) - Saudi Arabia increased oil prices for customers in its main market of Asia by more... heavily outstrip supply over the rest of the year. State energy firm Saudi Aramco hiked its key Arab Light... and travel picks up. OPEC and its partners -- a 23-nation grouping led by Saudi Arabia and Russia... demand,” Saudi Energy Minister Prince Abdulaziz bin Salman said at a forum in St. Petersburg...

OPEC output plunged in February as Saudis held to cutback pledge

LONDON (Bloomberg) --OPEC’s crude production plunged last month as Saudi Arabia delivered extra cutbacks intended to clear the remnants of a global supply glut. Output from the group fell by 920,000..., has signaled it’s eager to proceed with a production increase. Saudi Arabia, wary that demand... Energy Group and Energy Aspects Ltd. Saudi Exports Despite the sharp production cut, OPEC’s biggest...

Crude prices achieve budget-balancing levels for Middle East economies

(Bloomberg) --Brent crude now trades above fiscal breakeven prices for the four biggest oil producers in the Middle East after Saudi Arabia convinced fellow OPEC+ members to keep output largely.... That’s higher than annual average levels needed for the cartel’s largest producers, including Saudi... just over $59 so far this year -- below the breakeven level for most gulf countries. Saudi Arabia...