Tag Archives: Saudi Arabia

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 …

Saudi Arabia sent another bullish jolt into the oil market a day after OPEC+ ignored Biden’s calls for more oil, raising the official selling price of all the nation’s crudes to all buyers. Aramco increased pricing for its key Arab Light grade of crude for Asian customers in December by …

Saudi Arabia’s 2060 net-zero emission target may be derailed by “unforeseen circumstances” because achieving the target depends on a number of factors, including evolution of technology, the country’s energy minister said Nov. 3. “Depending on what happens, we could bring that [2060] date much earlier and I hope much earlier, …

Saudi Aramco said oil-output capacity across the world is dropping quickly and companies need to invest more in production. It’s a “huge concern,” Chief Executive Officer Amin Nasser said in an interview in Riyadh, Saudi Arabia’s capital. “The spare capacity is shrinking.” His comments come with crude prices having soared …

Saudi Arabia is aiming for a net-zero carbon target by 2060, Crown Prince Mohammed bin Salman said at the Saudi Green Initiative Forum (SGI) on Saturday. The kingdom plans to cut 278 million tonnes of carbon emissions by 2030, he said in recorded comments. This would entail investments of more …

Saudi Arabia maintained its position as the largest supplier of crude oil to China for the 10th consecutive month in September, Reuters reported, citing China’s General Administration of Customs. Oil supplies from Saudi Arabia to China rose 2% year-on-year (YoY) in September, to 7.96 million tons or 1.94 million barrels …

OPEC leader Saudi Arabia dismissed calls for speedier oil output increases on Thursday, saying its efforts with allies were enough and protecting the oil market from the wild price swings seen in natural gas and coal markets. “What we see in the oil market today is an incremental (price) increase …

Saudi Aramco has tapped banks to arrange a loan with a size between $12 -14 billion, which it plans to offer to buyers of its gas pipeline network, sources told Reuters. According to the sources, banks that financed a $12.4 billion acquisition of the company’s oil pipelines earlier this year …