OPEC cuts oil demand growth forecast again as economic challenges mount
OPEC on Monday cut its forecast for 2022 global oil demand growth for a fifth time since April and also trimmed next year’s figure, citing mounting economic challenges including high inflation and rising interest rates. Oil demand in 2022 will increase by 2.55 million barrels per day (bpd), or 2.6%, the Organization of […]
Energy minister: World can’t bear two weeks without Saudi oil
Energy Minister Prince Abdulaziz Bin Salman said that the world cannot bear two or three weeks without Saudi oil exports. Addressing the 2nd edition of the Global Cybersecurity Forum on Wednesday, he stressed that the energy sector is the most affected by cyber attacks, and these attacks are considered a weapon without an army or […]
Saudi Aramco to ship full oil contract volumes to Asia in Dec
Saudi Aramco has told at least four refinery customers in North Asia they will receive full contract volumes of crude oil in December, several sources with knowledge of the matter said on Thursday. The producer is maintaining a steady supply to Asia despite the decision by the Organization of the Petroleum Exporting Countries (OPEC) and […]
Saudi Aramco’s Q3 net profit jumps 39%; free cash flow at record $45bln
Saudi Aramco posted a nearly 39% jump year-on-year (YoY) in Q3 net profit at $42.4 billion driven by higher oil prices and increased sales volumes. The oil giant said it plans to expand long-term production capabilities and develop low-carbon solutions. The profit easily topped the mean estimate of $40.57 billion, according to data compiled by […]
Saudi Arabia, China to work together to maintain oil market stability
Saudi and Chinese officials confirmed their willingness to work together to support stability in the international oil market. Prince Abdulaziz Bin Salman, Saudi Arabia’s Minister of Energy, held an online meeting with Zhang Jianhua, National Energy Administrator of the People’s Republic of China. During the video call, both sides confirmed that they […]
Turkey says not right for U.S. to pressure Saudi Arabia over oil output
Turkish Foreign Minister Mevlut Cavusoglu said on Friday it was not right for the United States to pressure Saudi Arabia after OPEC+ oil producers announced production cuts despite U.S. objections. “We see that a country has threatened Saudi Arabia, especially recently. This bullying is not correct,” Cavusoglu said at a news conference in southern Turkey. […]
Saudi Aramco to establish two offshore fabrication yards in alliance with global partners
Saudi Aramco, in collaboration with international partners, is establishing two offshore fabrication yards that aim to deliver a more than 200 percent increase in Saudi Arabia’s offshore fabrication capacity. The new yards are being constructed in Ras Al Khair in collaboration with National Petroleum Construction Company (NPCC) and McDermott International. They are expected to […]
Outsized OPEC+ output cut raises global risks: Russell
The reaction to the OPEC+ decision to cut 2 million barrels per day (bpd) from it crude oil production is more instructive than the decision itself. The larger-than-expected reduction is both bullish and bearish for prices, depending on whether you are a buyer or seller, and what time frame you pick. The crude oil market […]
Saudi Arabia does not politicize oil — Al-Jubeir
Saudi Arabia does not politicize oil and the shortage is not related to the fundamentals of crude oil supply and demand, Minister of State for Foreign Affairs Adel Al-Jubeir said on Friday. Speaking to Fox News, Al-Jubeir refuted the idea that Saudi Arabia would do this [oil cut production] to harm the US. […]
OPEC+ heads for deep supply cuts, clash with U.S.
VIENNA/LONDON – OPEC+ looks set for deep oil output cuts when it meets on Wednesday, curbing supply in an already tight market despite pressure from the United States and other consuming countries to pump more. The potential OPEC+ cut could spur a recovery in oil prices that have dropped to about $90 from $120 three […]