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Saudi oil giant Aramco reports 14.4% drop in net profit in 1Q24
-Company's revenue for January–March period reaches around $107.2 billion, compared to $111.3 billion for same quarter last year
Saudi Arabia cuts production to propel prices, revealing strategy over supply
- Saudi Arabia has significantly reduced its production since 2022 to stabilize and potentially increase oil prices as well as ensure lucrative revenue from its crude exports
Saudi Arabia orders Aramco to cut oil capacity by 1 mln. barrels per day
- National oil company Saudi Aramco will refrain from increasing its oil capacity to 13 million barrels per day
Aramco expands global venture capital program by $4 billion
- Company more than doubles its investments from $3 billion to $7 billion
17.01.2024
Finance
Saudi Arabia's Maaden to launch Middle East's first 'digital' gold mine
- Technology solutions will be deployed at Mansoura Massarah gold mine to enhance efficiency, productivity, quality and safety across mine's operations
16.01.2024
News from companies
Oil down with Saudi price cap, Fed interest rate cut hopes stalled
-Fed officials warn that fight against inflation may require policy rate increases for some time
Saudi Arabia's Maaden announces significant gold discovery
- Fresh discovery is first significant find from company's extensive exploration program launched in 2022
29.12.2023
Finance
Oil rises with investors betting on low prices as OPEC+ insists on complying to cuts
- OPEC+ curb plan does not appear to be sufficient to compensate for expected supply surplus in first quarter of next year
Saudi Arabia's supply decision at OPEC+ meeting to set direction for oil prices: experts
- Producers of 23-member OPEC+ group, led by Saudi Arabia and Russia, will convene on Sunday in Vienna to review market conditions and production policy for next year
22.11.2023
Oil
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Japan urges Saudi Arabia, oil-producing nations to increase supplies to stabilize global oil market
- Chief Cabinet Secretary Matsuno remarks come as fuel prices rise amid ongoing Israel-Hamas armed conflict, threatening its impact on global economy
19.10.2023
Oil
Oil drifts lower as market awaits US stockpile data to track demand trajectory
- Strong dollar is also pressuring prices, which are trading at nine-month highs
Saudi Arabia, Russia extend voluntary oil output cuts for rest of 2023
- Total oil production of Saudi Arabia will remain approximately 9 million barrels per day in October, November, December
Global oil supply in July sees sharp plummet: Int. Energy Agency
- With recent output cuts, IEA says Saudi crude supply has not been this low since 2011 with exception of 2020-2021 Covid-19 period
Oil set to close week with limited gains over supply constraints, demand fears
- Saudi Arabia and Russia's plans to reduce output in September, with prospect of further cutbacks, support upward price movements
Oil prices climb as Saudi Arabia, Russia supply cuts boost supply jitters
- Saudi Arabia plans to extend existing supply cut of 1 million barrels per day through September while Russia will follows suit with pledge to curb 300,000 bpd in same month
Saudi Arabia extends voluntary oil output cuts through September
- With latest production cut, total production of world’s largest exporter of crude oil will be approximately 9 million barrels per day in September
Saudi investment minister invites Turkish firms to participate in Vision 2030
- Turkish, Saudi companies able to cooperate in many fields, says Khalid Bin Abdulaziz Al-Falih
Türkiye, Saudi Arabia sign deals on investment, defense, energy, communications
- Agreements signed after delegation meetings chaired by President Erdogan, Saudi crown prince
Recent Saudi Arabian, Russian supply cuts reflect demand concerns: Experts
- Although there are short-term rises in oil prices due to production restrictions from Saudi Arabia, Russia, and Algeria, fears about weak oil demand limit price increases
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Russia remains India's leading crude oil supplier, surpassing Saudi Arabia and Iraq
- Russian oil constitutes nearly 42% of all crude oil imports into India in May, the largest share of any country in recent years
Oil up as market awaits outcome of Russia's and Saudi Arabia's output cuts
- Russian and Saudi Arabian production cuts imminent despite fears about trajectory of global economy
Saudi Arabia extends voluntary oil output cuts through August
- Russia decides to voluntarily cut oil exports by 500,000 barrels per day in August
OPEC+ production cuts may push oil prices over $84 barrel: WoodMac
-Nevertheless, group has gone some way towards achieving its goal of supporting prices, says WoodMac Vice President Macro Oils
US Secretary of State arrives in Saudi Arabia
- Antony Blinken to attend US-Gulf Cooperation Council meeting, co-host global coalition meeting to defeat Daesh/ISIS, says State Department
07.06.2023
World
Oil prices could remain under $90 despite OPEC+ production cuts: Experts
- Any oil price will be limited as global economic climate remains tough, says Guarav Sharma, an independent energy market analyst
IEA chief warns of further imbalance in markets to feed price upticks
- Fatih Birol says countries that suffer most from high oil prices are developing countries such as India and Africa which are dependent on imported oil
Oil rises over Saudi decision to trim output in July
- Move will add limited short-term upside price pressure in coming weeks, experts say
S.Arabia to trim output by 1M bpd in July as OPEC+ vows to maintain current policy
- OPEC+ group will also cap total oil output at 40.463M bpd from January to December 2024