OPEC Fund approves over $500mln in new global development support
Setting a new record, the OPEC Fund for International Development (OFID) has approved more than US$500 million in new financing at the most recent meeting of its Governing Board and in the final quarter of 2022. The 15 new projects approved reflect the OPEC Fund’s launch of a US$1 billion Food Security Action Plan and […]
OPEC sticks to 2022, 2023 oil demand growth forecasts after downgrades
OPEC on Tuesday stuck to its forecasts for global oil demand growth in 2022 and 2023 after several downgrades, saying that while economic slowdown was “quite evident” there was potential upside such as from a relaxation of China’s zero-COVID policy. Oil demand in 2023 will rise by 2.25 million barrels per day (bpd), […]
Aramco Gulf Operation, Kuwait’s KGOC to develop Durra gas field
Saudi Aramco Gulf Operations Company has signed a memorandum of understanding (MoU) with Kuwait Gulf Oil Company (KGOC) to develop the joint Durra natural gas field, Reuters reported on December 11th, citing Saudi news agency (SPA). The MoU aims at producing 1 billion cubic feet of natural gas and 84,000 barrels of liquefied natural gas […]
Opening Gulf summit, Saudi Crown Prince hints at new Saudi vision to bolster GCC states
Crown Prince and Prime Minister Mohammed bin Salman reaffirmed on Friday Saudi Arabia’s intention to present a new vision to further boost the development of the Gulf Cooperation Council (GCC) states. Inaugurating the 43rd GCC Summit at King Abdulaziz International Conference Center in Riyadh, he said close cooperation between the Gulf countries will lead […]
Russia sanctions will be ‘key factor’ for OPEC decisions in 2023
The impact of Russian sanctions will be the biggest influence on the supply ‘call’ for OPEC in 2023, according to S&P Global Commodity Insights. One potential complication to deeper OPEC+ cuts, later in 2023, will come from ambiguity over the timing of a planned shift to higher production baselines, Paul Sheldon, chief geopolitical advisor, analytics, […]
GCC ready to take the lead in energy transition, say experts
The GCC is well positioned to lead the energy transition, said industry leaders at the16th Gulf Petrochemicals and Chemicals Association (GPCA) Forum, which got underway today (December 6) in Saudi capital Riyadh. The two-day forum, being held at the Hilton Riyadh Hotel & Residences, was inaugurated by Saudi Minister of Energy Prince […]
Saudi Arabia sets Jan Arab Light prices to Asia at 10-mth low
Saudi Arabia, the world’s top oil exporter, cut the January official selling price (OSP) for its flagship Arab Light crude for Asian buyers to a 10-month low, on concerns over faltering demand and a potential increase in Russian competition. The OSP for January-loading Arab Light to Asia was trimmed by $2.20 a barrel from December […]
Saudi Aramco’s Luberef expects to raise up to $1.32bln from IPO
Saudi oil giant Aramco’s base oil subsidiary Luberef expects to raise up to 4.95 billion riyals ($1.32 billion) from its initial public offering, it said, if it prices at the top of a range announced on Sunday. Luberef will sell nearly 30% of the company’s issued share capital, or 50.045 million shares, at between 91 […]
Aramco’s Luberef unveils price range for IPO on Tadawul
Saudi Aramco Base Oil Company (Luberef) set the price range for its initial public offering (IPO) on the Main Market of the Saudi Exchange (Tadawul) at SAR 91-99 per share. Luberef plans to list 50.04 million shares, representing 29.65% of its issued share capital, according to a bourse filing. Participating entities can apply for a […]
Analysis: Oil revenue surpluses will embolden Saudi’s PIF in 2023
Saudi Arabia’s Public Investment Fund (PIF) is expected to again spend big in 2023 to diversify the kingdom’s hydrocarbon-based economy as a record budget surplus provides the financial firepower to further swell its assets under management. Crown prince Mohammed Bin Salman (MBS) has transformed the PIF since he became chairman in 2015, moving numerous […]