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Saudi oil giant Aramco profit soars 158% in 3Q21 on higher oil prices, volumes
- Aramco gained $30.4 billion in July-September period of this year, compared to $11.8 billion in same period of 2020
Political motives lie behind US' call on OPEC+ to accelerate output: experts
- US is aware of OPEC+ spare capacity of around 6.5 million bpd and will continue political pressure on group and Saudis
Oil down as deep Saudi price cut signals demand slip in Asia
- Further price declines are limited by supply disruptions in US after Hurricane Ida
Saudi oil supremacy confronted by UAE's rejection of unconditional obedience
- Cartel's insistence of 'one-size-fits-all' approach results in UAE revolt, which may prompt more opposition, experts say
OPEC+ reaffirms prior decision to gradually ease output till July
- Next meeting of OPEC and non-OPEC members scheduled for July 1
Saudi oil giant Aramco reports 30% profit rise in 1Q21
- Aramco's first quarter 2021 profits hit $21.7 billion compared to $16.6 billion in same period of last year
IMF revises down Saudi economic growth to 2.1% for 2021
- Budget deficit widened to 11.3% of GDP in 2020 as oil revenues fell and expenditure needs increased
Saudi Arabia in talks to sell 1% stake in Aramco
- Firm's IPO is part of Vision 2030 initiative to steer country away from oil dependency
S. Arabia grants oil to Yemen to prevent power outages
- Yemen struggles with frequent power outages due to depletion of diesel fuel used in power plants
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Oil-rich Saudi Arabia branches into solar power
- Saudi Arabia's latest steps on solar energy will help the country reach 3,670 megawatts of solar capacity
Brent leaps over alleged attacks on Aramco facilities
- Tensions in region were already heightened after cyber-attack on Iran’s main nuclear facility on Sunday
Aramco signs $12.4B infrastructure investment deal
- Newly-formed Aramco subsidiary, Aramco Oil Pipelines Company, will lease usage rights in Aramco’s stabilized crude oil pipelines network for 25-year period
Siemens Energy signs long-term service deal with Aramco
-15-year agreement covers power supply at four major oilfields of Saudi Arabia’s state oil company
OPEC+ meeting begins with cautious optimism
- Saudi energy minister warns OPEC+ should maintain cautious stance until evidence of recovery is undeniable
Iraqi PM makes first official visit to Saudi Arabia
- 5 memoranda of understanding signed between two countries as part of visit aimed at strengthening bilateral relations
Saudi Arabia offers cease-fire plan to Houthis in Yemen
- Riyadh hopes Houthis to respond positively, provide opportunity for political solution, says Saudi foreign minister
23.03.2021
Middle East-Africa
OPEC+ agrees to extend output cuts for another month
- New production scheme again includes output rise exemption for Russia and Kazakhstan
Qatar to resume trade with Saudi Arabia on Feb. 14
- Qatari customs authority issues regulatory controls pertaining to movement of imported, transiting goods
11.02.2021
Middle East-Africa
Oil prices up over easing of supply glut fears
- Saudi Arabia’s voluntary output cut of 1 mbpd in Feb. & March is what market needs amid coronavirus-induced, weak demand
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Oil prices up over Saudi output cut, vaccine hopes
- Rising number of US oil rigs limits further price increase, raising supply glut concerns
S. Arabia to invest $2.5 billion in Uzbekistan's energy
- Uzbekistan aims to generate 40% of electricity from renewable sources, constructing 30 solar and wind power plants by 2031
S. Arabia becomes largest oil supplier to China in 2020
- Saudi's oil exports to China amounts to approximately 1.69 million barrels per day in 2020, up 1.9% year over year
How aftermath of Gulf crisis will shape energy trade
- Lifting of blockade will save Qatar extra shipping costs of oil and LNG exports, and pave way for energy deals, expert says
Oil prices up still buoyed by OPEC+ output cut
- OPEC+ decision to cut output by more than expected in February and March relieves markets from low demand amid lockdowns
Saudis unilaterally cuts 1M bpd to solve OPEC+ tie
- Group agrees to cut production by 925,000 bpd in February and 850,000 bpd in March from rate of January
Saudi Arabia discovers four new oil fields
- State-oil firm Saudi Aramco is working on determining size and volume of discovered fields, says country’s energy minister
Revenues of oil giants decline 35.8% in 3Q20
- Royal Dutch Shell records highest year-over-year decline in revenue
US, Saudi firms to form joint venture in MENA region
-Saudi Aramco, Baker Hughes will each own 50% share to manufacture non-metallic, composite materials, says Turkish Competition watchdog