Saudi Aramco – Page 2 – Oil & Gas 360

EXCLUSIVE-Gulf oil giants Saudi Aramco, Adnoc set sights on lithium

March 8, 2024

Nasdaq LONDON/DUBAI – Saudi Arabia and the United Arab Emirates’ national oil companies plan to extract lithium from brine in their oilfields, in line with efforts to diversify their economies and profit from the shift to electric vehicles (EVs), three sources told Reuters. Other oil companies, including Exxon MobilXOM.N and Occidental PetroleumOXY.N, plan to take advantage of emerging technologies to filter lithium from

EXCLUSIVE-Saudi Aramco, UAE’s ADNOC in talks to invest in US LNG projects, sources say

March 6, 2024

Nasdaq LONDON – Gulf oil giants Saudi Aramco 2222.SE and Abu Dhabi National Oil Company (ADNOC) ADNOC.UL are in talks to invest in U.S. liquefied natural gas projects, as they step up competition with oil majors and regional rival Qatar in the booming super-chilled gas market, sources aware of the matter said. The two energy giants are trying to exploit their fossil fuel

Saudi Aramco: 6 million bpd of global oil production is being lost every year

February 20, 2024

Oil Price Global oil supply is sufficient now, but natural declines at oilfields mean that the world would need to find a Saudi Arabia every two years to offset these production drops, Saudi Aramco’s chief financial officer Ziad Al-Murshed has said. Due to the natural decline in operating fields, as many as 6 million barrels per day (bpd) of global

Saudi energy minister pins Aramco’s oil capacity halt on green transition

February 12, 2024

CNBC Saudi’s state-controlled oil giant Aramco suspended its capacity expansion plans because of the green transition, Energy Minister Abdulaziz bin Salman said Monday, stressing that the future of energy security lies with renewables. “I think we postponed this [Aramco capacity] investment simply because … we’re transitioning. And transitioning means that even our oil company, which used to be an oil

Saudi state orders Aramco to stop oil capacity expansion

January 30, 2024

Oil Price The Saudi state has ordered energy major Aramco to stop work on expanding its maximum sustainable capacity to 13 million barrels daily, instead keeping it at 12 million bpd. The company said in a statement today that its maximum sustainable capacity is determined by the state under a law from 2017. Aramco added that it would update its capital spending

Saudi Aramco to continue sending oil through Red Sea amidst Houthi attacks

January 26, 2024

World Oil (Bloomberg) – Saudi Aramco, the world’s largest oil company, is continuing to send tanker loads of crude and fuels through the southern Red Sea, where Houthi militants have for months been menacing merchant ships in response to the Israel-Hamas war in Gaza. “We’re moving in the Red Sea with our oil and products cargoes,” Mohammed Al Qahtani, who

Saudi Arabia’s crude oil exports dropped to a five-month low in April

June 19, 2023

Oil Price Saudi Arabia, the world’s top crude oil exporter, saw its crude exports drop to a five-month low in April, a month before the first of the voluntary Saudi cuts began in May, data from the Joint Organizations Data Initiative (JODI) showed on Monday. In April, Saudi Arabia’s crude oil exports slumped by 207,000 barrels per day (bpd) from March, to

Aramco appoints new upstream, downstream leadership to drive global portfolio

May 18, 2023

World Oil (WO) – Aramco has appointed Nasir K. Al-Naimi as President of its Upstream business, and Mohammed Y. Al Qahtani as President of its Downstream business, both reporting along with Aramco’s Executive Vice Presidents to the company’s President & CEO. The newly created positions and appointments, approved by the Board of Directors, will be effective from July 1, 2023

Saudi Aramco sees slowed progress on planned IPO of trading unit – sources

May 11, 2023

Nasdaq RIYADH – Saudi Aramco 2222.SE has seen progress slow for the planned initial public offering (IPO) of its energy trading unit, two sources with knowledge of the matter said on Thursday. Bloomberg earlier reported the oil giant would postpone the IPO, citing people with knowledge of the matter. Reuters reported in June last year that Aramco would merge Aramco Trading with Motiva

Saudi Aramco to build $10 billion refinery and petrochemical complex in China

March 27, 2023

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

Saudi Aramco hikes oil prices once again

March 6, 2023

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

Saudi Aramco profit surges 90% in second quarter amid energy price boom

August 15, 2022

CNBC Saudi oil giant Aramco reported a stunning 90% surge in second quarter net income and record half year results on Sunday, as high oil prices continue to drive historic windfalls for “Big Oil.” Aramco said strong market conditions helped to push its second quarter net income to $48.4 billion, up from $25.5 billion a year earlier. The result

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