Tag Archives: Saudi Arabia

China’s crude oil imports from Russia rose 8.6 per cent in April from a year earlier, as larger private refiners also embarked on purchases of the discounted fuel. Arrivals from Russia – including seaborne shipments and supplies via pipelines – totalled 7.1 million tonnes or 1.73 million barrels per day …

China’s Baoshan Iron & Steel Co. has joined forces with Saudi Aramco and the kingdom’s sovereign wealth fund to set up a steel plant in the Middle Eastern nation as the two countries deepen commercial ties. The complex in Ras Al-Khair will churn out up to 1.5 million tons of …

Saudi Arabia and the United Arab Emirates have increased purchases of Russian oil products, Russia’s trade representatives to these countries said at the National Oil and Gas Forum. Russia significantly increased exports of oil products, primarily diesel and fuel oil, to Saudi Arabia in 2022, the trade representative to the …

State oil giant Saudi Aramco will supply full crude contract volumes loading in May to several North Asian buyers despite its pledge to cut output by 500,000 barrels per day, several sources with knowledge of the matter said on Monday. This comes after the Organization of the Petroleum Exporting Countries …

In a fairy-tale turnaround that few could have foretold, oil prices have soared to multi-year highs, largely aided by strong post-Covid demand, surprise OPEC+ cuts and the disruption caused by Russia’s war in Ukraine. The petrodollar windfall has really given a boost to previously battered Gulf economies, allowing some Gulf …

Saudi Aramco’s new refinery deal to buy a 10% stake in private Chinese chemical group Rongsheng Petrochemical includes agreements on crude oil storage in eastern China and the supply of plastics and petrochemicals to the Middle East energy giant. Saudi Aramco said on Monday it would buy the stake in …

Oil prices settled lower on Friday, reversing earlier gains to post their biggest weekly declines in months amid turmoil in global financial markets stemming from fears of a banking crisis. Brent, the benchmark for two thirds of the world’s oil, slid 2.32 per cent, or $1.73, to settle at $72.97 …

Tehran and Riyadh have exchanged views regarding OPEC and OPEC+ policies to ensure stability in the world oil markets, Iran’s oil minister said. “All decisions concerning global oil markets over the last few months have been made by pooling minds with OPEC’s de facto leader and closer collaborations are on …

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 …

Russia is accelerating its exports of diesel to Saudi Arabia by both direct shipments and ship-to-ship transfers, Reuters reported on Friday, quoting trade sources and shipping data from Refinitiv. Using STS loadings, Russia is shortening the routes for tankers headed to Africa and Asia after Moscow is now banned from …