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Saudis stake $110B on Jafurah unconventional gas field

(Bloomberg) --Saudi Arabia plans to invest 412 billion riyals ($110 billion) to develop unconventional natural gas reserves in the eastern Jafurah field, according to the kingdom’s official Saudi Press Agency. Crown Prince Mohammed bin Salman presided over a meeting of the Saudi High Commission... output to 2.2 billion cubic feet per day by 2036, it added. Saudi Arabian Oil Co. Chief Executive...

Saudis focus oil shipments on China during production cuts

LONDON (Bloomberg) --An early look at Saudi Arabia’s crude exports for May shows that historic... back on its feet from the coronavirus. Saudi flows to the Asian nation were about 2.1 million barrels... daily exports to China breached the 2 million mark. By contrast, overall Saudi crude shipments... two eras as the coronavirus turns the oil market on its head. Saudi Arabia is leading...

Saudis cut Asian crude allocations 40% to comply with OPEC+

SINGAPORE (Bloomberg) - Saudi Arabia reduced the amount of crude it will supply next month to seven... extension of its cuts to help underpin the market recovery, with Saudi Arabia following the pledge..., the officials said. For at least two Indian processors, supplies from Saudi will be 20%-25% lower than their nominations, they said. Saudi Aramco declined to comment on the supply allocations. The reductions...

Saudis’ 43MMbbl oil flotilla will clog more than U.S. storage tanks

WASHINGTON (Bloomberg) --A fleet of supertankers carrying Saudi oil will add to the growing... of space to store unwanted supplies. A total of 43 million barrels of Saudi oil is set to arrive..., the delivery point for West Texas Intermediate futures. If the Saudi tankers can unload, their cargoes... Trump has come under pressure from Republican senators to stop the tankers hauling Saudi oil from...

Inspired by Aramco IPO results, Bahrain may follow suit

which assets to put into the proposed fund and how to value them, he said. After Saudi Arabia sold a stake in national oil company Saudi Aramco last year, “nothing is not for sale anymore,” Al Khalifa... unprecedented steps to open up to foreign investors to try to boost state coffers. Neighboring Saudi... struggled as crude prices tumbled by more than half since June 2014. Saudi Arabia, the United Arab...

Aramco delays April oil pricing, as it waits for OPEC’s decision

DUBAI (Bloomberg) --Saudi Aramco is delaying the release of its monthly crude-pricing announcement, an exceptional step by the world’s biggest oil exporter, as it waits to see if the OPEC+ alliance will deepen cuts in global output. Aramco plans to announce on Saturday the official pricing..., and without a firm agreement by the coalition, it’s not clear how much oil Saudi Arabia, OPEC’s biggest...

Saudis suspend work, delay expansions as oil demand weakens

DUBAI (Bloomberg) - The world’s biggest oil exporter is hitting the brakes in developing some of its crude and natural gas deposits, idling two offshore drilling rigs as the coronavirus batters energy use. State-run producer Saudi Aramco has suspended work at the two platforms for about a year... about the kingdom’s supply of natural gas, much of which is found in crude reservoirs. Saudi Arabia...

OPEC’s failure impacts every corner of the global oil market

by Saudi Arabia and Russia is the latest blow to a market that was already dragged down by fears... of the alliance collapsed in Vienna. With Russia refusing to bend to Saudi Arabia’s wish for further output cuts...

Saudis to sell 600,000 bbl of oil a day to the U.S. in April

LONDON (Bloomberg) --Saudi Arabia is set to sell about 600,000 barrels a day of crude to the U.S. in April, the highest volume in a year, according to a Saudi industry official familiar with allocations to American refiners. The shipments, agreed with refiners as Saudi Arabia ramped up production... due to lockdowns to slow the Covid-19 pandemic. For May, state-run Saudi Arabian Oil Co. has said...

Aramco delays oil pricing ahead of possible OPEC+ talks

DUBAI (Bloomberg) --Saudi Arabia is delaying the release of its closely-watched monthly oil-pricing... producers that would aim to halt the collapse in crude. State oil producer Saudi Aramco is now set... plunged 48% this year. Saudi-Russian diplomatic barbs, which are opening a fresh rift between... expired at the end of March after Saudi Arabia failed to persuade Russia to accept deeper cuts...

Oil war hits home as Saudis cut nearly 5% from national budget

WASHINGTON (Bloomberg) - Saudi Arabia announced 50 billion riyals ($13.3 billion) in budget... Minister Mohammed al-Jadaan was cited as saying by state-run Saudi Press Agency. Only days ago... 2003. Saudi Arabia would run a budget deficit of 23% of GDP if Brent falls to $20, while its current.... analysts estimate. “Such a situation would imply a very fast rate of depletion” of Saudi foreign...

Weak oil futures driving pressure on Saudis to cut prices

, Saudi Arabia and other top Middle East producers are coming under heavy pressure to cut the price... their September pricing. Traders and refiners in Asia and Europe expect Saudi Arabia to cut its so... in the market,” said Bjornar Tonhaugen, head of oil markets at consultant Rystad Energy. “Saudi Arabia... nations almost always follow. Every month Saudi Arabia issues official selling prices, effectively...

Brent crude jumps as Saudis raise selling price worldwide

Reading time: 1 minute 30 seconds LONDON (Bloomberg) --Oil jumped after Saudi Arabia raised prices... U.S. crude futures rose 10%. State-run Saudi Aramco, which earlier this year initiated a price war... gasoline -- is starting to pick up. Some of the biggest moves in Saudi oil pricing came for European.... “The price increase suggests Saudi Arabia will not just cut their production as part of the OPEC...

Russian resistance hammers oil prices, pushing OPEC to the brink

again, emerging from an informal meeting at the Saudi delegation’s hotel with a proposal to extend... is the biggest crisis since Saudi Arabia, Russia and more than 20 other nations created the OPEC+ alliance... the cuts stay in place until the end of the year. Only in July, Russia and Saudi Arabia touted... of the cuts, largely because it’s borne a lesser share than Saudi Arabia. The alliance has also...

Saudis delay crude pricing, again, as production cut talks continue

DUBAI (Bloomberg) --Saudi Arabia delayed a key pricing decision for its crude exports yet again... a fourth day. State producer Saudi Aramco is now set to decide on and announce pricing for May crude... postponed the pricing decision as Saudi Arabia continues talks with Mexico, the last hold-out... in an effort to stem a plunge in crude prices. Saudi Arabia is trying to persuade Mexico to join...