Tag Archives: Saudi Arabia

The first major contracts for Saudi Arabia’s Jafurah field – supposedly, the biggest shale gas field outside the U.S. – were awarded last week, as the Kingdom aims to become the third largest natural gas producer in the world by 2030, to the point where it could even become a …

Amid heightened worry about the course of the pandemic after the emergence of the Omicron variant, Saudi Arabia injected a dose of confidence in markets by raising its official selling price for its flagship Arab Light to a nearly two-year high. Arab Light will sell for $0.60 more per barrel …

Oil rose after Saudi Arabia boosted the prices of its crude, signalling confidence in the demand outlook despite the spread of the Omicron variant of the coronavirus. Futures in New York advanced more than 2 per cent to trade near $68 a barrel. The Kingdom increased its oil prices for …

Saudi Arabia raised oil prices for buyers in Asia and the U.S., days after OPEC and its allies made a surprise decision to increase output. The move signals that the world’s biggest crude exporter still sees strong demand in its two main markets, despite the spread of the omicron variant …

Major oil producers are due to meet Thursday to decide on output levels from January onwards, which could be frozen as the new Covid variant Omicron sparks turmoil. The OPEC+ alliance led by Saudi Arabia and Russia has so far resisted US-led pressure to significantly boost output to rein in …

Saudi Arabia’s Energy Minister Abdulaziz bin Salman played down the likely fallout from the new coronavirus variant that pummeled oil markets last week. “I’m a very relaxed person. I’m not concerned,” the minister said when asked how the new strain may affect demand. Abdulaziz, who was speaking to reporters in …

Saudi Aramco said it will continue to look for investment opportunities in India as it provides tremendous growth opportunities over the long term, Bloomberg reported. “We will continue to evaluate new and existing business opportunities with our potential partners,” the giant oil company said, adding that it has a long-term …

Saudi Arabia recently came under attack for allegedly trying to block negotiations on climate action, and it has been named among countries that have tried to downplay the urgency of such action. It is not the poster boy for net-zero ambitions. And yet, the Kingdom has some major ones in …

The world will see its level of spare oil production capacity dwindle next year as jet fuel demand returns to pre- or near-pre-crisis levels, Amin Nasser, the chief executive of Saudi Aramco, said on Tuesday. “The industry’s spare capacity, currently at 3-4 million barrels per day (bpd) is providing some …

Saudi Arabia’s economy grew at its fastest pace in nearly a decade in the third quarter, boosted by higher oil prices, according to preliminary estimates from the government. Gross domestic product expanded by 6.8% compared to the same quarter of 2020, the General Authority for Statistics said Tuesday, its fastest …