Tuesday, December 24, 2024
World oil demand is strong despite market “overreaction” Aramco CEO says- oil and gas 360

World oil demand is strong despite market “overreaction” Aramco CEO says

World Oil (Bloomberg) – The selloff in global oil markets on perceived bad economic news was overdone because demand remains strong, according to top crude exporter Saudi Aramco. Brent crude dropped to almost $75 a barrel on Monday, alongside a rout in global stock markets, after a weaker-than-expected U.S. jobs report sparked fears of a recession. Prices stabilized on Tuesday

OPEC+ extends deep oil production cuts into 2025- oil and gas 360

OPEC+ extends deep oil production cuts into 2025

Yahoo Finance LONDON/DUBAI-OPEC+ agreed on Sunday to extend most of its deep oil output cuts well into 2025 as the group seeks to shore up the market amid tepid demand growth, high interest rates and rising rival U.S. production. Brent crude oil prices have been trading near $80 per barrel in recent days, below what many OPEC+ members need to

Saudi won’t boost oil production capacity: Here’s why- oil and gas 360- oil and gas 360

Saudi won’t boost oil production capacity: Here’s why

Oil Price Since Saudi Arabia’s announcement that it is scrapping plans to expand its oil production capacity by 1 million barrels per day (bpd), speculation has flourished about the reasons behind the decision. First, analysts speculate that the outlook on long-term oil demand has come into question. Next, investment banks suggest that supply growth from producers outside the OPEC+ agreement

Oil must play major role in global energy transition, Exxon, Aramco CEOs say- oil and gas 360

Oil must play major role in global energy transition, Exxon, Aramco CEOs say

World Oil (Bloomberg) – The heads of Saudi Aramco and Exxon Mobil Corp. took to the stage at a major industry event Monday to voice support for the global transition to cleaner forms of energy, but one in which oil continues to play a major role for decades to come. Both chief executive officers touted capturing and storing carbon as

Lower oil prices send Saudi oil giant Aramco's first quarter profit down 19%- oil and gas 360

Lower oil prices send Saudi oil giant Aramco’s first quarter profit down 19%

CNBC DUBAI, United Arab Emirates — State oil giant Saudi Aramco on Tuesday reported a 19% drop in its first-quarter earnings, recording net income of $31.9 billion down from $39.5 billion the previous year amid falling oil prices. Analysts expected to see a dip in net profit in its most recent quarter compared with the previous year, as inflation and

Aramco boosts net income to $161 billion in 2022 thanks to strong crude oil prices- oil and gas 360

Aramco boosts net income to $161 billion in 2022 thanks to strong crude oil prices

World Oil (WO) — Saudi Aramco announced its full-year 2022 financial results, reporting a record net income of $161.1 billion — its highest annual profits as a listed company. Aramco also declared a fourth quarter dividend of $19.5 billion, to be paid in the first quarter of 2023. The results were underpinned by stronger crude oil prices, higher volumes sold

Oil giant Aramco says windfall taxes 'not helpful' and could stifle decarbonization- oil and gas 360

Oil giant Aramco says windfall taxes ‘not helpful’ and could stifle decarbonization

CNBC Pressuring oil companies through higher taxes is counterproductive at a time when global crude demand is set to outstrip supply, the CEO of Saudi Aramco, the world’s largest and most profitable energy company, said during the World Economic Forum in Davos, Switzerland. Asked by CNBC’s Hadley Gamble if a windfall tax on oil profits is a bad idea, Amin

Saudi Arabia makes more unconventional gas discoveries- oil and gas 360

Saudi Arabia makes more unconventional gas discoveries

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

Aramco unveils $1.5B mega VC fund for sustainability- oil and gas 360

Aramco unveils $1.5B mega VC fund for sustainability

Oil Price Saudi Arabia’s national oil company Saudi Aramco has launched a $1.5 billion Sustainability Fund that will invest in technology supporting a “stable and inclusive” energy transition, making this among the largest-ever sustainability-focused venture capital funds in the world.   “Managed by Aramco Ventures, the fund is an extension of the Company’s efforts to meet the world’s growing energy demand, with lower greenhouse

Saudi wealth fund teases the sale of its $85-billion Aramco stake- oil and gas 360

Saudi wealth fund teases the sale of its $85-billion Aramco stake

Oil Price The Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, could soon have an announcement about a possible sale of part of its 4% stake in Saudi Aramco, which is currently worth around $85 billion, the governor of the fund, Yasir Al-Rumayyan, told Bloomberg in an interview on Tuesday. Al-Rumayyan said that investors and analysts should “stay tuned” for news

Aramco: Spare oil capacity risks complete erosion when China reopens- oil and gas 360

Aramco: Spare oil capacity risks complete erosion when China reopens

World Oil (Bloomberg) — The world’s biggest oil company reiterated its warning that producers’ spare capacity is running low and said there wouldn’t be any left once China ends its Covid Zero strategy.   “The world should be worried,” Saudi Aramco’s Chief Executive Officer Amin Nasser said at a conference in London. “This is where we are heading. If China

Aramco topping Apple shows oil is king in energy-short 2022- oil and gas 360

Aramco topping Apple shows oil is king in energy-short 2022

World Oil (Bloomberg) — Saudi Aramco taking the crown of the world’s most valuable company from Apple Inc. underscores investors’ appetite for oil and gas as the countries around the globe battle rampant inflation and fear of energy shortages. Buying the future through tech stocks is taking a back seat to the concerns of the present, as fossil fuels reassert their critical