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Saudi Aramco cutting hundreds of expat jobs to reduce costs

DUBAI (Bloomberg) - Saudi Aramco, the world’s biggest oil exporter, has begun cutting hundreds... review. The Dhahran, Saudi Arabia-based producer still has high spending commitments. It completed a $69.1 billion acquisition of 70% of chemicals maker Saudi Basic Industries Corp. this week. While it stretched out the payments to the seller, the Saudi sovereign wealth fund, over the next eight...

Aramco discovers two new oil and gas fields in northern Saudi Arabia

DUBAI (Bloomberg) - Saudi Aramco discovered two oil and gas fields in northern parts of Saudi Arabia, the kingdom’s official news agency reported, citing Energy Minister Prince Abdulaziz bin Salman. Gas has started flowing from Hadabat Al-Hajara field near the Iraqi border at an average daily rate... are suitable, will be useful for meeting Saudi Arabia’s gas targets and supplying the west coast, which...

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...

Saudi Arabia’s budget based on $50 oil, Goldman Sachs estimates

(Bloomberg) --Saudi Arabia’s Finance Ministry sees oil prices at around $50 a barrel for the next... below the pre-pandemic level of around $65 and less than Saudi Arabia needs to balance its budget..., which said Saudi Arabia is basing next year’s budget on an oil price of $50 to $55. Goldman is itself more bullish, forecasting that Brent will climb to $65 by the end of 2021. Saudi officials expect...

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 crude price cuts for October signal wavering oil demand

(Bloomberg) --Saudi Arabia cut pricing for oil sales to Asia and the U.S. for October shipments... in the coronavirus. State oil producer Saudi Aramco is cutting its benchmark Arab Light crude more than expected... to lock down economies, airlines to cancel fights and workers to stay at home. Saudi Arabia joined.... Saudi Arabia usually sets the tone for pricing decisions by other Middle Eastern suppliers...

Saudi prince phones Nigeria to bring them in line with OPEC+ cuts

LONDON (Bloomberg) - Saudi Arabia, de facto leader of the OPEC cartel, held a call with fellow member Nigeria as the organization strives to deliver production cuts aimed at bolstering global crude markets. Saudi Crown Prince Mohammed bin Salman and Nigerian President Muhammadu Buhari discussed...-run Saudi Press Agency reported. It’s unusual for the prince, who is effectively the kingdom’s ruler...

Saudi Aramco plans a 50% capital spending cut in 2021

LONDON (Bloomberg) - Saudi Arabia’s state oil company plans to cut capital expenditure to $25 billion or less next year, about half the amount it was originally planning, according to people familiar with the matter. Saudi Aramco may keep capex, most of which is spent on exploration and production, at a similar level until at least 2023, the people said, asking not to be named as the matter isn’t...

Saudi Arabia’s government leans on Aramco to maintain $75 billion dividend

, the Saudi Arabian government. Even with crude dropping to $40 a barrel this week and its cash flow plunging, Saudi Aramco is trying to pay a $75 billion dividend this year, almost all of it to the state... Ratings Ltd. estimates the Saudi budget deficit will rise to 15% of gross domestic product in 2020... billion acquisition of chemicals maker Sabic from the Saudi sovereign wealth fund -- have bloated...

After a record April, U.S. imports of Saudi oil near 35-year low in June

LONDON (Bloomberg) -- After flooding the U.S. with crude earlier this year, Saudi Arabia has all... is sustained in the second half of the month, U.S. imports of Saudi crude could drop to the lowest level in 35 years, helping the American crude market re-balance, according to traders and analysts. “Saudi oil... will have to import from elsewhere and run down stocks,” she added. To be sure, several Saudi...

Texas oil regulator accuses Saudi Arabia and Russia of dumping crude on U.S. markets

excessive dumping of crude oil by Saudi Arabia and Russia and take appropriate action. "For much of 2019 and early 2020, Saudi Arabia shipped relatively little crude to America, with average arrivals... oil and gas industry, Saudi Arabia shipped 1.3 million barrels a day to our nation, roughly four...

Saudi oil minister admonishes OPEC+ quota cheaters

(Bloomberg) --Saudi Arabia showed its determination to stop OPEC+ members cheating on their production quotas, delivering a thinly veiled dressing-down to its closest ally in the region, the United Arab Emirates. Prince Abdulaziz bin Salman, the Saudi energy minister, forcefully condemned cartel members that try to get away with pumping too much crude. While he didn’t name any countries...

Daily Brief Podcast: Simon Watkins on Saudi moves, Shale 3.0, and recovering demand

Analyst and author Simon Watkins discusses the real result of Saudi Arabia's production cuts, how recovering global markets impact large and small shale players differently, and what that means for the future of the industry. What were the Saudis' true motivations for production cuts; The cuts' financial impacts to the kingdom, and dwindling options to mitigate them; How U.S. shale's storage...

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...