Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz confirmed that the OPEC+ agreement in October 2022, which lowers production by two million barrels per day (bpd) until 2023-end, will continue until December 23, 2023. The minister said in an interview with Energy Intelligence that the impact of the …
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Saudi Arabian Oil Co. (Saudi Aramco) delivered record financial performance in 2022 as oil prices strengthened due to increased global demand, said President and CEO Amin Nasser. In a statement, Nasser said Aramco continues to focus on its long-term strategy, building both capacity and capability across the value chain with …
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Oil prices rose, on Jan. 14, recording significant weekly gains on optimism about demand in China. The prices moved higher as China stepped up its purchases of crude this week, issuing a new batch of crude oil imports, amid ease of COVID-19 restrictions. The oil market was also boosted by …
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Saudi Basic Industries Corp. (SABIC) signed a memorandum of understanding (MoU) with Saudi Arabian Oil Co. (Saudi Aramco) and China Petroleum & Chemical Corporation (Sinopec) to assess the economic and technical feasibility of developing an integrated petrochemical complex with a local refinery in Yanbu Industrial City. The MoU is valid …
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Morgan Stanley expects Brent crude price to rise to about $110 a barrel by md-2023, supported by demand recovery and continued supply tightness. “We remain constructive on oil prices driven by recovering demand with the reopening of China’s economy and the recovery of the aviation sector,” the US investment bank …
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Oil prices fell on Nov. 26, recording their third straight weekly losses, amid anticipation of talks about ceiling Russia’s oil prices. The European Union decided to postpone talks on setting a ceil for Russia’s oil prices, due to disagreements between member states, Bloomberg reported. Some European countries, such as Poland, …
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Saudi Aramco announced its biggest ever investment in South Korea to develop one of the world’s largest refinery-integrated petrochemical steam crackers through its S-OIL affiliate. In a statement received by Argaam Aramco said, the SAR 26 billion ($7 billion) Shaheen project aims to convert crude oil into petrochemical feedstock. This …
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Oil prices rose, on Nov. 11, fueled by optimism about crude demand recovery in China and continued decline in the US dollar. China reduced the quarantine time for international travelers by two days, which would boost economic recovery in the country, CNBC reported. The US drilling rig count rose nine …
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Oil prices rose on Friday, Sept. 16, but declined for the third consecutive week amid recession concerns. Crude prices were driven by China’s data that reflected the success of stimulus measures in supporting the economy to face the repercussions of COVID-19, as retail sales and industrial production rose more than …
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OPEC+ agreed today, Aug. 3, to raise the production target for September by 100,000 barrels per day (bpd), Reuters reported, citing a member of the group. The decision came during the OPEC+ Joint Ministerial Monitoring Committee’s meeting today, headed by Saudi Energy Minister Prince Abdulaziz bin Salman Al Saud. The …
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