Tag Archives: Saudi Arabia

Shipments of Russian crude oil to China increased more than 30 percent in March compared to a year earlier while Saudi imports of the commodity sank, Reuters reported, citing Chinese customs data. As crumbling demand for crude and lack of storage space have been wreaking havoc on the oil market, …

President Trump has spent significant political capital during the coronavirus pandemic tending to the wounds of shale oil producers, but refiners who transform the crude into fuels for consumers are suffering as well. Refineries, with no demand for their fuel, are already operating at about 30% lower capacity than what …

Saudi Aramco began reducing oil production earlier this week ahead of the May 1 start date for OPEC+ output cuts, according to a Saudi industry official familiar with the matter. Aramco has begun to curtail production from about 12 million barrels a day to achieve the agreed level of 8.5 …

Saudi Aramco started reducing production earlier this week ahead of the May 1 deadline when new OPEC+ output targets kick in, according to a Saudi industry official familiar with the matter. Aramco started to reduce production from about 12 million barrels a day to achieve the new level of 8.5 …

Japan-based JXTG Nippon Oil & Energy Corporation will conduct the feasibility study of a new ethylidene norbornene (ENB) plant, to be built in Jubail, as part of the Amiral petrochemical complex, announced by Saudi Aramco and Total on Oct. 8, 2018. The new ENB plant project would make the Kingdom …

The oil-price plunge could create a historic precedent in which the US may finally help boost the sinking energy market, albeit involuntarily, instead of benefiting at the expense of others, oil executive Mike Cantrell believes. The price of US benchmark West Texas Intermediate (WTI) contract for May finished trading on …

Saudi Arabia may have won a brief no-holds-barred oil price war with Russia, but observers say it hastened a coronavirus-led energy slump despite a subsequent historic deal to slash production. “This has changed everything,” chief economist at Abu Dhabi Commercial Bank Monica Malik told Bloomberg in an article published on …

The fully-equipped facility is part of the nation’s commitment to minimising Covid-19 casualties and is scheduled to start operations within 70 days of construction starting.

President Donald Trump said he wants to add as much as 75 million barrels of oil to the nation’s Strategic Petroleum Reserve, taking advantage of record low prices for crude, and that he’ll consider blocking imports of crude from Saudi Arabia. Oil is at “a level that’s very interesting to …

Monday’s crude oil price collapse may not have much impact on Indian refiners or on pump prices at least till June but could spoil the prospects of oil giants such as Saudi Aramco pouring billions to buy stakes in local refineries such as Reliance Industries Ltd, Bharat Petroleum Corporation or …