Oil Price Saudi Aramco plans to build a $10-billion refining and petrochemical complex in China over the next three years, taking advantage of the country’s growing demand for energy. The complex will have a capacity of 300,000 barrels of crude daily, Aramco said in a news release. The Saudi major will supply 201,000 barrels per day to the facility. The
Oil Price Iran would welcome any new investment in its oil industry, especially from OPEC+ producers, the Iranian Ministry of Petroleum said this weekend, days after Saudi Arabia signaled that the Kingdom could start investing “very quickly” in Iran. Earlier this month, Saudi Arabia and Iran agreed to resume diplomatic relations and re-open embassies and missions, Saudi Arabia, Iran, and China said in a joint
CNBC DUBAI, United Arab Emirates — When arch-rivals Saudi Arabia and Iran announced they were restoring diplomatic relations, much of the world was stunned — not only because of the breakthrough after years of mutual animosity, suspected attacks and espionage between the two countries, but because of who brokered the deal: China. Taking up a specific role that the U.S. could
Oil Price Saudi Aramco raised the official selling price for the crude oil it exports to Asia and Europe for yet another month, with the flagship Arab Light to sell in April for $0.50 more than in March. The price hike for Arab Heavy was even more pronounced, at $2.50 per barrel, moving the crude blend from a discount to the Oman/Dubai
Oil Price Saudi Arabia received as much as $326 billion in oil revenues for 2022, its biggest oil sales haul in the era of Crown Prince Mohammed bin Salman, although monthly revenues have been lower in recent months after oil prices slid to around $80 per barrel at the end of last year. Saudi Arabia recorded its highest-ever oil revenues back in
World Oil Bloomberg) — The OPEC+ alliance plans to stick with an oil deal agreed in late 2022 for the rest of the year, Saudi Arabia’s energy minister said, reinforcing earlier signals from the group. In October, OPEC and its partners took the unusual step of assigning fixed production targets for a full year ahead. Key officials have
Oil Price The world’s largest crude importer and main customer of Iranian oil, China, is seeking increasingly closer ties with Iran while the United States steps up pressure on the Islamic Republic’s oil exports. Chinese President Xi Jinping pledged to continue to develop “friendly cooperation” with Iran during a visit of Iranian President Ebrahim Raisi to Beijing this week. “Xi stressed that
World Oil On Monday, Saudi Arabia raised the official selling price of its flagship crude going to Asia in March. The hike, which was the first in six months, was due to expectations of a rebound in Chinese demand. Saudi oil giant Aramco lifted the price of its flagship Arab Light grade to Asia for March loadings by $0.20
Oil Price OPEC’s crude oil production fell in January by around 60,000 barrels per day (bpd) due to cuts by top producer Saudi Arabia which may have been steeper than the Kingdom’s quota, a survey carried out by Bloomberg showed on Thursday. The entire OPEC-13 organization saw crude oil production drop to 29.12 million bpd due to lower output from Saudi Arabia
Oil Price Although the U.S. marked an historic shift in 2020 by becoming a net exporter of petroleum, it has remained a net importer of crude oil since the end of the Second World War, according to Energy Information Administration (EIA) data. For the relatively uninitiated, which appears to include Saudi Arabia in its ‘oil output figures’
Oil Price Saudi Arabian Mining Company (Ma’aden) has signed an agreement with the Saudi sovereign wealth fund, the Public Investment Fund, to set up a joint company that will invest in mining assets abroad to secure strategic minerals. Under the joint venture agreement, Ma’aden will own 51% of the new company, while the Public Investment Fund (PIF) will own the
Oil Price Saudi Arabia’s oil giant Aramco has discovered two unconventional natural gas fields in the eastern part of the country, Energy Minister Prince Abdulaziz bin Salman said on Wednesday. The Awtad unconventional gas field has been discovered southwest of the giant Ghawar field, and the AlDahna unconventional gas field has been discovered 230 kilometers (143 miles) southwest of Dhahran, the
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