Saudi Arabia
News
December 04, 2020
The largest oil price increase in five months indicates Saudi Arabia is confident global energy demand is strong enough to absorb a small boost in output from OPEC+ members next month, and that markets will remain tight even with parts of Europe and the U.S. in lockdown.
News
November 27, 2020
“In the future, certainly we believe OPEC will be the swing producer — really, totally in control of oil prices,” Bill Thomas, CEO of EOG Resources, the biggest independent shale producer by market value, said earlier this month. “We don’t want to put OPEC in a situation where they feel threatened, like we’re taking market share while they’re propping up oil prices.”
News
November 25, 2020
The Agrari, a so-called Aframax-class vessel able to haul about 700,000 barrels of oil, was holed about 1 meter above the waterline in the incident, a statement said. The incident took place as the ship was preparing to leave a berth at the Shuqaiq facility, having finished unloading its cargo.
News
November 24, 2020
Saudi Arabia condemned the strike, saying “terrorist and sabotage acts committed against vital installations target the security and stability of energy supplies to the world,” the official Saudi Press Agency reported.
News
November 23, 2020
The Houthis hit a fuel-distribution center in Jeddah on the kingdom’s west coast with a Quds 2 rocket, according to a statement from their spokesman, Yahya Saree.
News
November 18, 2020
By adding hydrogen to the crude oil it already produces and sells, Saudi Arabia hopes to preserve its role as an important energy supplier, including to countries shifting away from fossil fuels.
News
November 18, 2020
Aramco issued the debt on Tuesday after slumping crude prices caused profit to fall by 45% in the third quarter. That’s left it unable to generate enough cash to fund promised shareholder payouts reaching $75 billion this year.
News
November 05, 2020
Brent will probably continue ranging between $38 and $43 a barrel, according to Ibrahim Al-Buainain, head of Aramco’s trading unit. That’s far below what most members of the cartel, including Saudi Arabia, need to balance their budgets.
News
November 03, 2020
Aramco’s dividends are a vital source of cash for the Saudi government, whose budget deficit is expected to widen to 12% of gross domestic product this year amid a coronavirus-triggered crash in crude prices and a severe economic contraction.
News
November 02, 2020
OPEC+, led by Russia and Saudi Arabia, was already considering postponing the supply increase planned for January as oil prices faltered.
News
October 05, 2020
While oil at $50 would represent a 25% rise from current prices, it would still be far below the pre-pandemic level of around $65 and less than Saudi Arabia needs to balance its budget.
News
September 17, 2020
In recent months, the UAE has become one of the worst quota-breakers among the Organization of Petroleum Exporting Countries and its allies. The UAE made just 10% of its pledged cuts in August, according to the International Energy Agency.
News
September 11, 2020
On September 17th, Saudi Arabia and Russia will chair a monitoring meeting to assess whether the vast production cuts, which they started easing in August, are still staving off an oil glut. New signs of exporters reneging on the deal aren’t helping.
News
September 09, 2020
Saudi Aramco is trying to pay a $75 billion dividend this year, almost all of it to the state. Concerns are mounting, including among global fund managers who bought into the company during a record initial public offering last December, that Aramco is putting strategic projects on ice and racking up debt too quickly.
News
September 04, 2020
Saudi Arabia usually sets the tone for pricing decisions by other Middle Eastern suppliers, including Iraq and the United Arab Emirates, the second- and third-largest producers in the Organization of Petroleum Exporting Countries.
News
September 02, 2020
The kingdom last month loaded about 5.6 million barrels a day on to tankers, a small increase from July, vessel-tracking information compiled by Bloomberg show. Within that, an ever-smaller share went to the U.S., and import data show that deliveries in August were likely the lowest in decades.
News
August 01, 2020
Sparrows Group has appointed Ali Hassan Al-Kharari as the company’s first Saudi Arabia general manager in response to growing business demand in the Kingdom.
News
August 28, 2020
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.
News
August 24, 2020
The Saudi state energy company appointed Senior Vice President Abdulaziz Al Gudaimi to lead a new team that will “assess existing assets” and boost access to “growth markets,” it said Sunday in a statement. He will report to Chief Executive Officer Amin Nasser and start in his new role on Sept. 13.
News
August 19, 2020
Saudi Energy Minister Prince Abdulaziz bin Salman and his Russian counterpart Alexander Novak hailed the rebound in oil prices and demand, but repeatedly urged their allies in a video conference on Wednesday not to ease off their output curbs.
News
August 12, 2020
The prospects for petrostates have dramatically shifted from just a decade ago. Oil prices were near $100 a barrel then and consumers were worried about supplies running out. Now, OPEC is increasingly having to reckon with the prospect of peak demand, when consumption starts to decline as wind and solar power become more popular.
