Saudi Arabia
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 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.
News
August 12, 2020
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.
News
July 30, 2020
Siemens Energy was selected to provide centrifugal compressor systems for Saudi Aramco’s Hawiyah Unayzah Gas Reservoir Storage project. The plant includes a gas injection facility with a capacity of 1,500 MMscfd and a withdrawal facility capable of processing up to 2,000 MMscfd of gas.
News
July 30, 2020
A big clue into just how far the global market’s dynamics have shifted will become clear as Middle East producers unveil their September pricing. Traders and refiners in Asia and Europe expect Saudi Arabia to cut its official selling prices for the first time since the OPEC+ alliance agreed to reduce production in April.
News
July 21, 2020
The Interstate Oil and Gas Compact Commission (IOGCC) this week passed Railroad Commission Chairman Wayne Christian's resolution urging the federal government to investigate excessive dumping of crude oil by Saudi Arabia and Russia and take appropriate action.
News
July 13, 2020
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.
News
July 10, 2020
Having successfully doubled crude prices over the past few months through unprecedented output cuts, the OPEC+ alliance led by the Saudis and Russia is poised to begin unwinding its stimulus measures.
News
July 06, 2020
Saudi Arabia raised pricing for August oil shipments to Asia, the U.S. and northern Europe amid signs that energy demand is continuing to recover. The move comes as the world’s biggest crude exporter pushes other major producers to join it in cutting supply to re-balance the market.
News
July 01, 2020
From OPEC stalwarts down to individual producing companies, oil price and demand projections are dividing into two separate camps. World Oil's editors review some of these key differences, and what they mean for crude production plans.
News
June 30, 2020
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.
News
June 18, 2020
The world’s biggest oil exporter has begun cutting hundreds of jobs as it looks to reduce costs after a slump in energy prices, according to people familiar with the matter. Aramco is letting go of mostly foreign staff across several divisions, with affected employees being informed earlier this week.
News
June 17, 2020
The world’s biggest oil exporter is hitting the brakes in developing some of its crude and natural gas deposits, idling two offshore drilling rigs as the coronavirus batters energy use.
