Reuters Global oil demand is recovering and could return to around pre-pandemic levels next year, the chief executives of Saudi Aramco and Chevron Corp told an oil and gas conference on Tuesday. The coronavirus pandemic last year wiped out a fifth of worldwide demand for fuel as billions of people stopped traveling and sheltered at home. Global demand for oil
Reuters SINGAPORE/NEW DELHI – Top oil exporter Saudi Arabia has cut supplies of February-loading crude for some Asian buyer by up to a quarter while meeting requirements of at least four others, several refinery and trade sources with knowledge of the matter said on Wednesday. This comes after Saudi Arabia pledged additional voluntary output cuts of 1 million barrels per
Reuters DUBAI – Oil giant Saudi Aramco and energy services company Baker Hughes have formed a 50/50 joint venture, Novel, to develop a broad range of non-metallic products for multiple applications in the energy sector. Novel’s new plant is being constructed at Saudi Arabia’s King Salman Energy Park (SPARK), a 50 sq km energy city aimed at making the kingdom
Reuters JEDDAH – Saudi Aramco said on Tuesday its domestic fuel supplies had not been affected by an attack the previous day by Yemen’s Houthi group on a petroleum products distribution plant in Jeddah, with operations resuming three hours after the event. The Iran-aligned Houthi forces said on Monday they had fired a missile at and struck Aramco’s North Jeddah
Reuters DUBAI – Saudi Aramco said on Monday it had hired banks for a multi-tranche U.S. dollar-denominated bond issuance, as the world’s largest oil company seeks cash amid lower oil prices. Gulf issuers show no sign of slowing this year’s blitz of issues on international debt markets as they work to plug finances hit by weaker oil prices and the
CNBC Top energy chief executives say oil demand will recover next year, but they expect volatility to remain elevated, as the industry emerges from the reckoning of the coronavirus pandemic. “We face a lot of uncertainty,” Total CEO Patrick Pouyanne told an invitation-only gathering of more than 30 senior oil and gas executives, who met virtually on Wednesday for the
Reuters DUBAI – Saudi Aramco 2222.SE is in talks with BlackRock BLK.N and other investors on a planned deal worth over $10 billion to sell a stake in its pipeline business, sources said. The deal, internally dubbed “Project Seek”, is still in its initial phase and there is no formal decision on the investors yet, one of the two sources familiar with the
Reuters DUBAI/RIYADH – The slump in demand for crude during the coronavirus pandemic has forced oil companies to contemplate the possibility that the fossil fuel market has peaked and the time for a global energy transition has come. But Saudi Aramco plans to boost its production capacity so it can pump as much of Saudi Arabia’s vast oil reserves when
Reuters DUBAI/RIYADH (Reuters) – Saudi Aramco (2222.SE) is moving ahead with plans to boost crude output capacity by 1 million barrels per day (bpd) to 13 million bpd despite cuts in capital expenditure this year and next year, the state oil group’s CEO said on Monday. Aramco’s capital spending plan for 2021 will be “significantly lower than previous guidance,” CEO
CNBC Saudi Aramco completed the purchase of its 70% stake in the kingdom’s petrochemical giant Sabic from the Saudi Public Investment Fund, it announced Wednesday, tying the knot on one of the largest ever deals in the global chemicals industry. The state oil company also announced an extension of its $69.1 billion payment plan — to be in staggered instalments
Reuters LONDON- The world’s biggest oil and gas companies are cutting spending this year following a collapse in oil prices driven by a slump in demand because of the coronavirus crisis and a price war between top exporters Saudi Arabia and Russia. Cuts announced by nine major oil companies, including Saudi Aramco, Exxon Mobil and Royal Dutch Shell, come to
Houston Chronicle Saudi Arabia’s state oil company made deep cuts to the price of crude it sells to Asia, where an outbreak of the coronavirus has caused a slump in demand. Saudi Aramco lowered most of its official selling price differentials for the crude varieties it sells in the world’s largest consuming region, effectively making them cheaper. One exception was
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