Tag: Saudi Arabia
Oil prices up on Saudi supply cuts, political tensions
Oil prices “may have reached a short-term peak”: Analyst Oil prices rose slightly on Thursday on Saudi Arabia’s proposed export cuts for next month as well as political unrest in the kingdom. Brent crude was up by 56 cents to $64.05/barrel by 1:32 p.m. EST and US WTI rose 50 cents to $57.31/barrel. The Canadian […]
Saudi Aramco IPO investor relations work suspended: Reuters
FTI Consulting headed up Saudi Aramco IPO investor relations advisory work According to a report by Reuters, investor relations advisory work by FTI Consulting on the proposed $100 billion Saudi Aramco IPO has been suspended. The move comes just days after a consortium made up of state-owned oil firms, banks and its sovereign wealth fund […]
Saudi Aramco IPO may be shelved in favour of selling private shares to investors, sovereign funds
Saudi Aramco IPO under review The Saudi Aramco IPO, potentially worth billions of dollars to the Saudi’s state-owned oil company, may be shelved and replaced by a private sale to world sovereign funds and international investors, according to the Financial Times. FT sources say in recent weeks, talks with foreign governments, including China, as well […]
Pioneer Natural Resources CEO sees Saudi Arabia moving to boost oil prices
Pioneer Natural Resources CEO: “We’re not going to not drill” Tim Dove, CEO of Pioneer Natural Resources predicted on Tuesday that Saudi Arabia will make a move to boost oil prices in order to prop up the kingdom’s own finances. The recent downturn in oil prices occurred despite OPEC’s moves to reduce production by 1.8 […]
United States remains world’s top producer of petroleum, natural gas
United States petroleum production fell by 300,000 b/d in 2016 The United States remained the world’s top producer of petroleum and natural gas hydrocarbons in 2016 for the fifth straight year despite production declines for both petroleum and natural gas relative to their 2015 levels, according to the U.S. Energy Information Administration. The United States has […]
Saudi Arabia, Russia agree to push OPEC supply cut to March 2018
OPEC supply cut extension announcement boosts oil prices Oil prices were up on Monday after the world’s two top oil producers, Saudi Arabia and Russia, agreed that the OPEC supply cut pact should be extended until March 2018 to tackle the global crude glut. In a statement issued by Saudi Energy Minister Khalid al-Falih and his […]
Aramco Asia sales to be cut by about 7 million barrels in June
Saudi Aramco cuts sales to India by 3 million barrels in June According to a Reuters report, Saudi Aramco will cut its June sales to Asia by about 7 million barrels, as the world’s largest crude exporter cuts output as part of the OPEC supply cut agreement. Operating under the OPEC pact, Saudi Arabia has […]
Saudi Aramco to reopen oil terminal in 2018, boosting export capacity to 15 million b/d
Saudi Aramco overhauled Muajjiz oil terminal on Red Sea Saudi Aramco says in 2018, the overhauled Muajjiz oil terminal located on the Red Sea will be reopened, which will boost export capacity of Saudi Arabia’s state-owned oil giant to as much as 15 million barrels per day (b/d). The Muajjiz oil terminal has been used as […]
Russia tops Saudi Arabia as top Chinese crude supplier in March
Chinese crude market highly sought In the race to be the largest Chinese crude supplier, Russian oil producers bumped the Saudis into second place in March. Saudi Arabia had exported the most oil to China for the first two month of 2017, but last month, Russian exports grew nearly 1 per cent to 1.104 million […]
US crude oil imports increased in 2016
OPEC’s share in 2016 was lower than in any year between 1973 Gross US crude oil imports in 2016 rose to an average of 7.9 million b/d, 514,000 b/d more than the 2015 average, according to the US Energy Information Administration. Net crude oil imports increased by a smaller amount (460,000 b/d), as US crude […]
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