Tag Archives: Saudi Aramco

Immense damage to its revenue streams by the raging COVID-19 pandemic and an ill-timed oil price war has forced Saudi Arabia to unleash a massive emergency stimulus package worth $32 billion to succor its slowing economy. Saudi Arabia has 344 confirmed COVID-19 cases as of Saturday but no deaths. The …

Saudi Aramco reported a net profit of $88.2 billion for 2019, down from $111.1 billion a year earlier as low oil prices and production curbs took their toll on the world’s largest oil company. Free cash flow was also lower, at $78.3 billion, down from $85.8 billion in 2018, but …

Saudi Arabia is unleashing a wave of crude toward Europe, traditionally the backyard for Russian oil sales, pledging to supply regional refineries with as much as triple their usual intake from the kingdom. The Saudi shipments, coupled with unprecedented discounts, are turning the European oil market into the most bitterly …

Saudi Arabia plans to increase its crude oil output next month to more than 10 million barrels a day in response to the collapse of its OPEC+ alliance with Russia, Bloomberg News reported on Saturday. Brent slid to its biggest daily loss in more than 11 years on Friday after …

Equity markets across the Middle East slumped after the worst week for oil prices since 2008 and as more cases of the coronavirus were announced in the region.

Saudi Aramco has announced that it will be pumping $110 billion over the next couple of years to develop the Jafurah gas field.

Saudi Aramco’s planned purchase of the region’s biggest petrochemical company comes as it targets downstream investments in a move away from relying on crude oil sales.

In March 2019. Aramco announced the deal in a key move towards its diversification into refining and petrochemicals.

Saudi Aramco CEO Amin Nasser described the project as the start of the kingdom'.s own shale gas revolution.

Saudi Arabia supports the further oil production cut. but Russia is yet to announce its final position on the matter.