Saudi Arabia
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
January 09, 2020
Saudi Arabia is seeking companies to build four solar power plants as the Persian Gulf oil giant resumes its renewable energy push.
News
January 06, 2020
Futures jumped by another 1.4% on Monday as the U.S. State Department warned of a “heightened risk” of missile attacks near military bases and energy facilities in Saudi Arabia.
News
January 03, 2020
Halliburton Landmark presented a multimillion dollar educational software grant to King Abdulaziz University in Saudi Arabia to train and prepare the next generation of Saudi oil and gas engineers and geoscientists.
News
December 31, 2019
Saudi Arabia’s economy shrank 0.5% in the third quarter, a contraction that was broadly expected even as the kingdom’s goal of weaning itself off crude began to pay off with solid growth in non-oil sectors.
News
December 26, 2019
If 2019 was the year when a clutch of Middle East markets burst into the mainstream, then 2020 will test whether the foreign money keeps flooding in.
News
December 24, 2019
Saudi Arabia and Kuwait agreed to resume oil production in a shared border region more than four years after halting output.
News
December 10, 2019
Saudi Arabia is reviewing its plan to cut domestic energy subsidies as it tries to balance its budget without hurting businesses that have relied on cheap power for a competitive edge.
News
December 10, 2019
With its campaign to diversify the economy and efforts within OPEC, Saudi Arabia’s focus is on trying to “bring stability” to its revenue and the market, Finance Minister Mohammed Al Jadaan said in an interview.
News
December 06, 2019
OPEC+ will adjust its output target and redistribute production cuts between its members under pressure from Saudi Arabia.
News
December 05, 2019
Saudi Arabia appeared to be on track to forge a new quid pro quo with fellow OPEC+ members: If you stop cheating, we’ll keep on cutting.
