Tag Archives: Saudi Arabia

For a country that is a founding member of OPEC as the biggest oil producer with the largest oil reserves in the world, for a country bordering seven others, for a country hosting the two holy sites where millions of Muslims perform their annual pilgrimage and, last but not least, …

Saudi Aramco has joined with European and US supermajors – representing a third of the world’s oil industry – to begin curbing emissions at their own operations as the clamor builds for the biggest polluters to act on climate impact. Members of the Oil & Gas Climate Initiative, a group …

OPEC, Russia and allies agreed on Saturday to extend record oil production cuts until the end of July, prolonging a deal that has helped crude prices double in the past two months by withdrawing almost 10 percent of global supplies from the market. It’s a victory for Saudi Arabia and …

Saudi Oil Minister Prince Abdulaziz bin Salman likes the idea of OPEC+ acting as the central bank of oil. And he expresses admiration for Alan Greenspan, former chairman of the US Federal Reserve. The challenge now confronting the oil producers’ club is one that’s all too familiar to the Fed: …

Saudi Arabia, the world’s largest oil exporter, and other major oil-producing countries are likely to increase their output in August, as coronavirus lockdowns ease and demand begins to rise again. The Organization of the Petroleum Exporting Countries, Russia and other producers are expected to modestly ease the record production cuts …

Headlines are currently screaming at readers: “Oil markets starved of essential Russian and Saudi barrels.” And yet, only a few weeks ago the world was awash with Saudi and Russian oil as global demand tanked because of the coronavirus disease (COVID-19) pandemic. The US president appealed to the two biggest …

Saudi Aramco raised crude pricing for August sales of all its grades to Asia as global supply cuts and reviving demand buoy the oil market. The state producer in Saudi Arabia increased its official selling price for flagship Arab Light crude to buyers in Asia to a premium of $1.20 …

Saudi Arabia and Kuwait have restarted production at the Al-Khafji oil field in the neutral zone between the two countries, Turkey’s Anadolu Agency reported, citing a statement by the acting CEO of the Kuwait Gulf Oil Company. The official Twitter account of the company posted an update yesterday, saying (via …

Saudi Arabia and Kuwait are “working very hard” to reopen the onshore Wafra oil field in the Neutral Zone shared between both countries, a source directly involved in the project said June 21. There is no restart date yet, the person told S&P Global Platts. Arab news agency Attaqa reported …

Aramco on Wednesday announced the successful completion of its share acquisition of a 70 per cent stake in Saudi Basic Industries Corporation, SABIC, from the Public Investment Fund, PIF, the sovereign wealth fund of Saudi Arabia, for a total purchase price of SAR 259.125 billion (US$ 69.1 billion), equating to …