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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...

Saudis raise U.S. and Asian crude prices for April delivery

DUBAI (Bloomberg) --Saudi Arabia raised pricing for its crude for shipment to Asia and the U.S.... producer Saudi Aramco increased pricing for Arab Light crude for Asia, its largest regional market... this year. The Saudi pledge to extend a unilateral 1 million barrel-a-day cut through at least...’ is gone for ever,” Saudi Energy Minister Prince Abdulaziz bin Salman said after the OPEC+ meeting. “Shale...

Saudis warn against OPEC complacency before March meeting

(Bloomberg) --Saudi Arabia urged fellow members of the OPEC+ oil alliance to remain cautious as they prepare to consider further output increases. Crude prices have rebounded to a one-year high above $60 a barrel in New York as fuel demand recovers and the 23-nation OPEC+ coalition constricts... to resume production quickly. Saudi Cut When the alliance gathered last month, the Saudis doubled down...

OPEC to raise oil production in July, stays mum on what’s next

LONDON (Bloomberg) --OPEC+ stuck to its plan to hike oil output in July, but Saudi Arabia’s energy minister kept the market guessing as to whether the group will add more supply later this year to keep pace with the accelerating global recovery. With oil prices rising above $70 and demand... of improvement,” Saudi Energy Minister Prince Abdulaziz bin Salman said, in some of his most upbeat...

OPEC leaders mock IEA’s “la-la land” 2050 net zero roadmap

Alexander Novak. His warnings were echoed by the energy ministers of Qatar and Saudi Arabia, who said... climate change. Saudi Energy Minister Prince Abdulaziz bin Salman has already dismissed the IEA road...

OPEC finds a rare opportunity as Wall Street, green activists hinder competition

for the producers of OPEC+, giving the coalition led by Saudi Arabia and Russia more room... to invest again, boosting non-OPEC output and leaving the ministers led by Saudi Arabia’s Abdulaziz.... When Saudi Energy Minister Prince Abdulaziz predicted earlier this year that “‘drill, baby, drill...

Schlumberger-backed Arabian Drilling planning Saudi IPO

(Bloomberg)— Arabian Drilling Co., a Saudi oilfield-services company partly held by Schlumberger NV..., according to people familiar with the matter. The firm, also owned by Saudi Arabia’s Industrialization... was founded in 1964 and counts Saudi Aramco, the kingdom’s state energy producer, among its main customers... recovery following last year’s coronavirus lockdowns and crash in oil prices. Saudi Basic Industries...

Oil crests $50 on new Saudi production cuts

(Bloomberg) --Oil touched a 10-month high above $50 a barrel after Saudi Arabia pledged to cut... of the oil futures curve as traders anticipated lower supply in the coming months. The Saudi decision... Sachs Group Inc. said the Saudi move reflects expectations for weaker oil demand, cutting its... manufacturing expanding last month at the fastest pace since 2018. Saudi Arabia’s output plan is “very...

Iraq follows Saudi Arabia’s lead with Asian crude price hike

by Saudi Arabia, OPEC’s biggest producer. The second-largest OPEC member, Iraq increased Basrah Light..., according to a price list from the state oil marketer. Crude markets are tightening after Saudi Arabia... and March. Saudi Arabia also raised its pricing for February crude sales to Asia. The planned Saudi... will be outweighed by the Saudi production cut. Iraq also raised prices for its Basrah Medium and Basrah...

Saudi Aramco follows Big Oil rivals with bumper earnings

(Bloomberg) — Saudi Aramco’s profit soared in the first quarter following a recovery in global oil...’s biggest energy company kept its quarterly payout, almost all of which goes to the Saudi government... in March. Aramco, based in Dhahran in eastern Saudi Arabia, saw its debt load spike after earnings... stake in chemicals maker Saudi Basic Industries Corp. from the kingdom’s sovereign wealth fund...

Resurging virus sours India’s appetite for Saudi oil

(Bloomberg) --State-run refiners in India are looking to buy less crude from Saudi Arabia..., also known as nominations, to Saudi Aramco on April 5, said the people who asked not to be named... of crude. Saudi Aramco last week raised selling prices for all Asia-bound shipments despite an agreement... at the consultant. Saudi official selling prices are “too high”, prompting Indian refiners to diversify into other...

Saudi Arabia and Russia at odds before crucial OPEC meeting

LONDON (Bloomberg) --Saudi Arabia and Russia are once again heading into an OPEC+ meeting... is how they return the Saudi barrels,” said Bill Farren-Price, a director at research firm Enverus..., but paused at the January meeting. Second, Saudi Arabia must determine the fate of the extra 1...+ meetings for production increases. Novak’s Saudi counterpart also appears to be sticking to a familiar...

Saudi Arabia takes steps to lead the $700B global hydrogen market

of Saudi Arabia prime real estate for what the kingdom hopes will become a global hub for green hydrogen..., and skeptics point to Saudi Arabia’s weak track record so far capitalizing on what should... called Helios Green Fuels. Saudi Arabia is setting its sights on becoming the world’s largest... is a little under $5, according to the International Renewable Energy Agency. Saudi Arabia possesses...

CERAWeek Day 2: Saudi Aramco and Chevron see better days ahead

in general, and oil demand in particular, the leaders of Saudi Aramco and Chevron see the market for oil.... This assessment from Saudi Aramco President and CEO Amin Nasser, and Chevron Chairman and CEO Mike Wirth.... The Saudi Aramco perspective. Prompted by Yergin to assess the last 12 months, Saudi Aramco’s... use…. “In the Kingdom, and for Saudi Aramco,” continued Nasser, “we are growing our gas...

OPEC cuts global oil demand estimates ahead of production decision