Saudi Arabia – Page 2 – Oil & Gas 360

Foreign demand spikes for Saudi Aramco’s $12-billion share offering

June 6, 2024

Oil Price The $12-billion secondary share offering of Saudi oil giant Aramco has drawn strong demand from foreign investors, sources with knowledge of the matter told Bloomberg on Thursday. Saudi Aramco launched on Sunday a secondary public offering of 1.545 billion shares of the company, representing approximately 0.64% of the company’s issued shares. Aramcos’s share offer sold out in hours after opening

Saudi Aramco set to announce secondary share sale

May 30, 2024

Oil Price Saudi Arabia is expected to launch as soon as Sunday a secondary share sale in its oil giant Aramco, Reuters reported on Thursday, quoting sources familiar with the plans. The landmark new share offering needs final approval from Saudi Crown Prince Mohammed bin Salman, according to Reuters’ sources. Last week, reports started emerging that Saudi Aramco planned to sell more shares as

Saudi Arabia hikes oil prices in increasingly tight market

April 5, 2024

Oil Price Saudi oil giant Aramco, the world’s top crude oil exporter, hiked on Friday the prices of most of its crude grades for May, as Middle Eastern benchmarks are strengthening in a market that looks increasingly tight. For a second consecutive month, Saudi Arabia raised the price of Arab Light, its flagship grade selling in Asia, by more than

OPEC says IEA commentary on oil security encouraging

March 13, 2024

Nasdaq DUBAI – Oil producer group OPEC said on Wednesday it was encouraged by a commentary from the International Energy Agency (IEA) which underscored the importance of oil security, while the two remained far apart on the demand outlook. The commentary by the IEA, which advises industrialised countries, follows clashes between it and OPEC in recent years over issues such

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

February 5, 2024

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

Russia and Saudi Arabia urge all OPEC+ powers to join oil cuts

December 7, 2023

US News MOSCOW – Saudi Arabia and Russia, the world’s two biggest oil exporters, on Thursday called for all OPEC+ members to join an agreement on output cuts for the good of the global economy only days after a fractious meeting of the producers’ club. “They stressed the importance of continuing this cooperation, and the need for all participating countries

Saudi Arabia may have set the price of its oil too high

December 6, 2023

Oil Price Asian buyers could reduce intake of term supplies from Saudi Arabia in January and look to buy more spot crude cargoes after the world’s top crude exporter reduced the price of its oil to Asia by less than expected, traders and refiners told Bloomberg on Wednesday. On Tuesday, Saudi Arabia cut the price of its flagship crude, Arab Light, loading in January for

Saudi Arabia likely to extend additional supply cuts to Q1 2024 – Energy Aspects

November 15, 2023

Reuters World’s top exporter Saudi Arabia is expected to extend its additional voluntary supply cuts to at least the first quarter, if not the first half of 2024, Amrita Sen, co-founder of consultancy Energy Aspects said on Wednesday. Current oil prices are not low enough to push the Organization of the Petroleum Exporting Countries and their allies, known as OPEC+,

Oil up as Saudi Arabia and Russia stick to supply cuts

November 6, 2023

Yahoo Finance (Bloomberg) — Oil gained after Saudi Arabia and Russia reaffirmed they will stick with oil supply curbs of more than 1 million barrels a day through the end of the year. West Texas Intermediate crude increased more than 2% to trade above $82 a barrel. The announcement by the OPEC+ heavyweights on Sunday came after concerns about weaker global

Saudi Arabia’s crude oil exports slumped to 28-month low in August

October 16, 2023

Oil Price Saudi Arabia’s crude exports plunged to a 28-month low in August as the world’s largest crude oil exporter continued to cut its production to “stabilize” the market, data from the Joint Organizations Data Initiative (JODI) showed on Monday. Saudi crude oil exports fell to 5.58 million barrels per day (bpd) in August, down by 428,000 bpd from July—the lowest level

OPEC leaders Saudi Arabia, Russia to stick with 1 MMbpd oil production cut until end of year

October 4, 2023

World Oil (Bloomberg) – Saudi Arabia and Russia reaffirmed that they will stick with oil production curbs of more than 1 MMbpd until the end of the year as a rally in prices falters. The leaders of the OPEC+ coalition announced the plans in separate official statements on Wednesday. Riyadh has slashed crude oil production by 1 MMbpd, and Moscow

Saudi Arabia may ease oil production cuts sooner than traders think, Rapidan Energy Group reports

September 28, 2023

World Oil (Bloomberg) – Saudi Arabia may be getting closer to declaring its oil-market mission accomplished than traders realize, according to Rapidan Energy Group. Riyadh has propelled Brent crude toward $100 a bbl by slashing oil production just as global fuel demand hit record levels. That may soon be enough for the kingdom to start reviving production again, rather than risk

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