Saudi Arabia
News
March 05, 2021
As governments and industries seek less-polluting alternatives to hydrocarbons, the world’s biggest crude exporter doesn’t want to cede the burgeoning hydrogen business to China, Europe or Australia and lose a potentially massive source of income. So it’s building a $5 billion plant powered entirely by sun and wind that will be among the world’s biggest green hydrogen makers when it opens in the planned megacity of Neom in 2025.
News
March 05, 2021
The supply cuts out of Northern Alberta, following a surprise OPEC+ decision to not increase output next month, could add more support to the recent rally in crude prices. OPEC+ had been debating whether to restore as much as 1.5 million barrels a day of output in April but decided to wait.
News
March 05, 2021
The surprise move by OPEC+ to maintain oil supply restrictions through April, coupled with Saudi Arabia’s decision to extend voluntary curbs, has stunned the global energy market. Prices surged again on Friday, with West Texas Intermediate topping $65 a barrel, and Brent climbing above $68.
News
March 04, 2021
Oil prices surged to the highest levels in nearly two years after the OPEC+ alliance surprised traders with its decision to keep output unchanged, signaling a tighter crude market in the months ahead.
News
March 04, 2021
Saudi Arabia and its OPEC+ allies stunned the oil market with a decision to keep supply in check, sending prices surging and adding inflationary pressure to the global economy as it emerges from the pandemic.
News
March 03, 2021
Speaking at CERAWeek, H.E. Dr. Al Jaber says the UAE has been preparing for the energy transition for over 15 years and views it as an opportunity to diversify its economy. ADNOC has stated that it will reduce its carbon intensity by a further 25% by 2030.
News
March 03, 2021
This year's oil rally has paved the way for the alliance to unleash some barrels, with OPEC Secretary-General Mohammad Barkindo saying on Tuesday that both the wider economic outlook and oil-market fundamentals continue to improve.
News
March 03, 2021
While the usual differences between Russia and Saudi Arabia are present, all sides are ready to increase production, putting OPEC on track to implement the majority of the 1.5 million barrels per day output increase that’s up for debate on Thursday.
News
March 03, 2021
The leaders of Saudi Aramco and Chevron see the market for oil and gas improving this year, with some momentum in the back half. But that outlook is tempered by the fact that the pandemic has forced some changes to the way that business is conducted.
News
March 02, 2021
It’s not the first time India, one of the biggest buyers of the producer group’s crude, has urged the Organization of Exporting Petroleum Countries and its partners to pump more oil.
News
March 02, 2021
OPEC and its allies have been constricting oil supplies since the pandemic crushed demand almost a year ago. To disperse the lingering stockpile surplus, the Saudis pledged extra crude reductions during February and March.
News
March 01, 2021
The alliance gathers on Thursday and is expected to loosen the taps after prices got off to their best ever start to a year. But it’s unclear how robustly the group will act, with the Saudi Arabian energy minister calling for producers to remain “extremely cautious.”
News
February 26, 2021
With the need for more oil supply evident, traders expect the OPEC+ coalition, led by Saudi Arabia and Russia, will agree to increase crude production when it meets on March 4, reversing some of the output cuts made last year. But it’s unclear if the group will act vigorously enough.
News
February 23, 2021
The world’s largest oil company is mulling asset disposals as a way of maintaining its $75 billion of annual dividend payments, almost all of which go to the Saudi government. That payout -- the biggest of any listed company in the world -- became harder to sustain after the coronavirus pandemic caused crude prices to plunge last year.
News
February 23, 2021
Oil has surged this year after Saudi Arabia pledged to unilaterally cut 1 million barrels a day in February and March, with Goldman Sachs Group predicting the crude rally will accelerate as demand outpaces global supply.
News
February 20, 2021
A robust recovery in demand from the Covid-19 pandemic had pushed prices to the highest settlement in more than a year last Wednesday, and Goldman sees the rally accelerating as consumption outpaces supply from OPEC and shale.
News
February 19, 2021
Ten months after slashing crude production when Covid-19 crushed global demand, OPEC and its allies are still withholding 7 million barrels a day from the market. It's been a sacrifice, and now the group must chart a path forward that won't erase hard-fought oil price gains.
News
February 17, 2021
“I must warn once again against complacency,” Energy Minister Prince Abdulaziz bin Salman said on Wednesday at an online conference held by the International Energy Forum in Riyadh. “The uncertainty is very high and we have to be extremely cautious. The scars from the events last year should teach us caution.”
News
February 10, 2021
While prices continue to surge, some of the biggest moves in the past day have come at the front of the futures curve. Brent’s nearest timespread has surged -- a key sign of market tightness -- while key swaps tied to the physical North Sea market have also increased amid frenzied trading of derivatives late Tuesday.
News
February 04, 2021
State oil producer Saudi Aramco raised prices for all crude oil grades sold to customers in the U.S. and Europe.
News
February 04, 2021
Crude inventories at a key storage hub in the U.S. are now below their five-year average, and nationwide inventories continue to slump, an early indication that Saudi Arabia and allied producers are succeeding in their efforts to eliminate a glut.
