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Industry at a Glance

Despite intense fighting between Israel and Palestinians in the Gaza Strip, oil futures extended losses after an increase in U.S. stockpiles added to concerns of an Iranian nuclear deal. Even with the setback, oil has enjoyed a robust rally this year, with crude prices up 30%, as raw materials are seen as a hedge against inflation. Saudi Arabia held output steady around 8.14 MMbopd since February...

Executive viewpoint

circular carbon economy. Sustainability is becoming increasingly important to Saudi Aramco and the global... is the development of sustainable water management technologies. Given Saudi Arabia’s limited freshwater resources, the government and Saudi Aramco are taking steps to address this in partnership with the United Nations Development Program, through the Saudi National Water Strategy 2030. Our produced watercuts...

Abu Dhabi raises benchmark Murban crude prices

(Bloomberg) --Abu Dhabi raised pricing for February sales of its main crude grade after similar increases by Saudi Arabia, OPEC’s largest producer. Government-owned Abu Dhabi National Oil Co. set... to pump slightly more, their increases will be outweighed by a unilateral 1 million barrel-a-day Saudi cut in February and March. The planned Saudi production cut drove Brent crude to more than $55 a barrel...

Oil tanker attacks lead U.S. to label Yemen’s Houthis as terrorists

strikes and other attacks on Saudi Arabia, some of which they’ve claimed responsibility....” The Houthis have been fighting Yemen’s UN-recognized government since 2014. A Saudi Arabian-led coalition... the Saudi port of Jeddah last month. While the kingdom didn’t blame the Houthis, it described..., at the Saudi terminal of Shuqaiq and the Houthis claimed responsibility for a missile strike...

Iran seizes South Korean-flagged tanker in Persian Gulf

, with tensions flaring between Saudi Arabia and Iran. The semi-official Fars News Agency reported... to the United Arab Emirates port of Fujairah after loading at Jubail, Saudi Arabia on Jan. 2... of an oil tanker off Iraq on December 31, near the Iranian border. A ship at the Saudi Arabian port of Jeddah was hit by an explosion earlier last month too, which Saudi authorities labeled an act of terror....

Saudis cut U.S. oil prices, raise rates for key Asian buyers

DUBAI (Bloomberg) - Saudi Arabia raised prices for oil shipments to customers in its main market... than 2 million barrels between May and July. Aramco, the Saudi state energy firm, will increase its... 450,000 barrels a day in July. In addition, Saudi Arabia -- the world’s largest oil exporter... a day in May, 350,000 in June and 400,000 in July. Saudi Energy Minister Prince Abdulaziz bin Salman...

Strengthening U.S. dollar slows oil price rally

an attack on the world’s largest crude terminal in Saudi Arabia. Global benchmark Brent futures slid... looked past an assault on a storage tank farm at the Ras Tanura terminal on Sunday, with Saudi... in Saudi Arabia “came out relatively unscathed, so the market has taken that as a cue for some... and whittle away still-tight processing margins. Saudi Arabia has also boosted its official selling prices...

Oil prices surge past recent highs on OPEC’s crude production decision

ahead. Futures in New York climbed 4.2%, rising the most since Saudi Arabia last shocked markets.... The OPEC+ producer alliance agreed during a virtual gathering to hold output steady in April. Saudi Arabia... a victory for Saudi Arabia, which has advocated for production restraints to keep crude prices supported..., with domestic oil rigs already at the highest since May 2020. Saudi Arabia appeared unfazed by that risk...

Saudis in talks to sell Aramco stake to global energy firm

(Bloomberg) — Saudi Arabia’s crown prince said the kingdom is in talks to sell a 1% stake in state oil giant Saudi Aramco to a “leading global energy company” as he forecast an economic rebound after... for the country’s crude, Crown Prince Mohammed Bin Salman said in a rare interview on a Saudi television... in the country where this company resides.” China is the largest buyer of Saudi Arabian oil. Almost...

OPEC agrees to slowly increase oil production on Covid recovery bet

as it did in March. Yet Saudi Arabia and its allies showed that they have become more convinced that oil... improvement,” Saudi Energy Minister Prince Abdulaziz bin Salman said at the opening session... picks up.” The 23-nation coalition led by Saudi Arabia and Russia will boost output by 350,000 barrels... Abdulaziz told reporters after the meeting. On top of that, Saudi Arabia will roll back its...

Abu Dhabi targets hydrogen as a future export fuel

, given a shift among some of their buyers toward less-polluting alternatives to crude. Saudi Arabia... the world’s largest shipper of hydrogen. Like Saudi Arabia, Abu Dhabi produces natural gas, which...

Brent crude passes $56 as market shows signs of strength

this year, with output cuts from Saudi Arabia helping drive prices to the highest since February... Saudi Arabia and Iraq fell, according to customs data released Wednesday. Imports from Iran almost... by OPEC kingpin Saudi Arabia this month, but India -- a big consumer -- was less thrilled. Saudi...

New OPEC+ production agreement sees Saudis taking deepest cuts

(Bloomberg) --OPEC+ reached an agreement to curb supply next month, with Saudi Arabia carrying a greater burden of oil-output cuts while others hold steady or make a small increase, delegates said. The deal, which emerged after two days of talks, sent crude surging to a 10-month high in New York... desired by Saudi Arabia and the production boost Russia had been pushing. Saudi Arabia didn’t disclose...

High debt, low margins choke shale’s growth despite climbing oil prices

(Bloomberg) --Don’t count on America’s shale industry to boom once again in response to $50-a-barrel oil and Saudi Arabia’s plan to throttle back its own oil production. What in previous years might....” Saudi Arabia’s surprise decision Tuesday to curb output by 1 million barrels a day in February and March... for investors. So producers are more likely to use the tailwind from Saudi Arabia to pay back investors...

India searches for new energy sources as global oil prices rise

(Bloomberg) --Saudi Arabia’s push to restrain oil supply to buoy prices is spurring India to speed up plans to diversify its crude sources and pursue alternative energy, the chairman of one... in Riyadh when the alliance, which is dominated by Saudi Arabia and Russia, decided to hold output.... Around 86% of Indian oil imports last year were from OPEC+ members, with 19% coming from Saudi Arabia...