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
Reuters LONDON (March 21): Saudi Aramco is giving Mohammed bin Salman extra firepower in his beef with Joe Biden. Saudi Arabia’s $2.3 trillion oil behemoth wants to increase its maximum output as crude prices soar. That adds spice to tensions between the Saudi Arabian crown prince and the U.S. president that are spilling over into how the kingdom prices its oil. Right now,
World Oil (Bloomberg) — Saudi Arabia is strengthening energy ties with China, as the oil producer Aramco agreed to build a multi-billion dollar refining and chemicals project that will tap into the Asian country’s future demand. Globally, consumers are screaming for fuels as consumption recovers after the coronavirus pandemic, and refiners are delaying maintenance to benefit from high margins. Prices
US News Saudi Aramco CEO Amin Nasser said the “tragic situation unfolding in Ukraine” is making the global energy crisis worse, according to prepared remarks delivered at an industry conference Tuesday. Nasser, speaking at the CERAWeek energy in Houston, echoed other energy executives in saying that the crisis exposes the mixed signals delivered by policymakers to the oil-and-gas industry amid
Reuters DUBAI – EIG Global Energy Partners will lead a yet-unnamed consortium to issue billions of dollars in bonds across two or three transactions to replace bank debt backing an investment in Saudi Aramco’s oil pipeline assets, two sources said. The Washington, D.C.-based firm’s consortium will issue bonds to replace $10.5 billion in so-called staple financing that was arranged by
CNBC Saudi Aramco maintained its pledge to make good on its dividend payments, saying Thursday that it would mobilize cash and debt to fulfill the $18.75 billion payouts for the first quarter of this year despite taking a hit from the coronavirus pandemic and lower oil prices. “It will be a combination of both,” Aramco CEO Amin Nasser told press during
Reuters DUBAI – Yemen’s Iran-aligned Houthi movement said on Wednesday it had fired rocket and drone strikes at Saudi targets including Aramco oil facilities, the group’s first claim of such attacks since it offered to halt them four months ago. Few details were given of the precise nature and timing of the attacks, and there was no immediate confirmation from
Reuters Dubai – The talk’s all been about Saudi Aramco, and the suspense of its historic drive to whip up international cash. But, more quietly, its Gulf oil peer ADNOC has also been courting foreign funds – and its efforts compare favorably. Like Saudi Arabia, Abu Dhabi’s economy was hit by a dramatic fall in oil prices in mid-2014, triggering
Saudi Arabia formally started its long-anticipated initial public offering of its state-run oil giant Saudi Aramco on Sunday, which will see a sliver of the firm offered on a local stock exchange in hopes of raising billions of dollars for the kingdom. An announcement from the kingdom’s Capital Market Authority serves as a starting gun for an IPO promised by
From Reuters Oil prices on Tuesday jumped by the most so far this year after the United States said it would delay imposing a 10% tariff on certain Chinese products, easing concerns over a global trade war that has pummeled the market in recent months. The Chinese products include laptops and cellphones. The tariffs had been scheduled to start next
From Reuters U.S. oil output from seven major shale formations is expected to rise by 85,000 barrels per day (bpd) in September, to a record 8.77 million bpd, the U.S. Energy Information Administration forecast in its monthly drilling productivity report on Monday. The largest change is expected in the Permian Basin of Texas and New Mexico, where output is seen
From Reuters Oil prices were little changed on Monday as expectations that major producers would continue to reduce global supplies ran into worries about sluggish growth in crude demand due to the U.S.-China trade war. International benchmark Brent crude settled at $58.57 a barrel, up 4 cents. West Texas Intermediate (WTI) futures settled at $54.93, up 43 cents. Investors were
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