Monday, July 22, 2019

Khalid Alfalih News

Aramco reportedly seeks advisers for SABIC Debt Financing

Saudi Aramco is seeking advisers to arrange debt financing needed for the acquisition of a stake in Saudi Arabian Basic Industries Corp (SABIC), banking sources familiar with the matter said on Thursday.The Saudi oil giant could borrow as much as $50 billion from international investors to fund the acquisition, sources previously told Reuters.A request for proposals was sent on Wednesday and banks are expected to make submissions by Monday, one of the sources said.Aramco declined to comment.Aramco, the world’s top oil producer, plans to issue its first international bonds in the second quarter of 2019…

Saudi Energy Minister Sees Strong Global Oil Demand

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Saudi Arabia's Energy Minister Khalid al-Falih said that oil demand remains strong and that he sees no impact from U.S.-China trade tensions."The global economy is strong enough, I'm not too concerned. If a slowdown happens, it will be mild, shallow and short," he told reporters in Abu Dhabi on Monday."The fundamentals of oil demand are sufficiently strong and the oil market will not be impacted. On the supply side, we are vigilant to take appropriate response if there is an impact on demand."(Reporting by Stanely Carvalho; writing by Rania El Gamal; editing by Louise Heavens)

Saudi Arabia to Trim Oil Exports Further in February

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Top oil exporter Saudi Arabia plans to lower its shipments further in February as it follows through on a global deal to cut output to prevent a build-up in supplies.Saudi Energy Minister Khalid al-Falih told a news conference in Riyadh on Wednesday that the kingdom would export 7.1 million barrels per day (bpd) in February, down from 7.2 million bpd in January.He also said Saudi Arabia was producing 10.20 million bpd, delivering on an earlier pledge to cut output further than required by a supply-limiting deal between the Organization…

Oil Prices Sink to Lowest in a Year as Stock Markets Fall

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Oil prices fell about 3 percent on Thursday, hitting their lowest in more than a year on worries about oversupply and the outlook for energy demand as a U.S. interest rate rise knocked stock markets.Brent crude futures fell $1.53 to $55.71 a barrel, a 2.7 percent loss, by 10:55 a.m. EST (1555 GMT). U.S. West Texas Intermediate (WTI) crude futures fell $1.55 to $46.62 a barrel, a 3.2 percent loss.Brent earlier hit a session low of $54.64 a barrel, the weakest since mid-September 2017, while WTI sank to $45.82, near its lowest since late August 2017.Equities dropped worldwide after the Federal Reserve raised U.S.

Oil Falls After OPEC Delays Output Decision

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Oil fell in choppy trading on Thursday after OPEC ended a key meeting having made no decision on crude output, as it prepared to debate the matter with other exporters the next day.The Organisation of the Petroleum Exporting Countries (OPEC) met in Vienna to decide its production policy in coordination with non-OPEC producers including Russia, Oman and Kazakhstan.An OPEC delegate said the organisation had agreed a tentative deal to cut oil output but had not yet come up with a final figure.Saudi Energy Minister Khalid al-Falih said earlier that OPEC needed Russia to come on board with any cuts.

OPEC Agrees Oil Output Cut, No Final Figure Yet

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OPEC agreed on Thursday a tentative deal to cut oil output but has not yet come up with a final figure, an OPEC delegate said.Saudi Energy Minister Khalid al-Falih said earlier that the Organization of the Petroleum Exporting Countries needed non-OPEC Russia to come on board with cuts. He said a final decision by OPEC and its allies was likely by Friday evening.(Reporting by OPEC Newsroom; Editing by Dale Hudson)

Oil Slumps to One-year Low

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Oil's slide accelerated on Tuesday, with U.S. futures suffering their steepest one-day loss in more than three years due to ongoing worries about weakening global demand and oversupply.U.S. futures closed down 7.1 percent, for a record 12th straight decline and the lowest since November 2017. More than 980,000 contracts changed hands, as funds shed positions."It's like a run on the bank," said Phil Flynn, analyst at Price Futures Group in Chicago. "It's getting to the point where it doesn't seem to be about fundamentals anymore, but a total collapse in price."Traders said the selling was an extension of Monday's, which was triggered after U.S.

Oil Down After Trump Urges OPEC Not to Cut Supply

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Oil prices fell more than 2 percent on Tuesday after U.S. President Donald Trump put pressure on OPEC not to cut supply to prop up the market.Brent dropped $1.97 a barrel, or 2.8 percent, to a low of $68.15 before recovering to around $68.52, down $1.60, by 1420 GMT. U.S. light crude was $1.35 lower at $58.48.Both crude benchmarks have fallen more than 20 percent since peaking at four-year highs in early October."The market now increasingly looks concerned about the prospect of too much supply," said Norbert Ruecker, head of macro and…

Oil Rises as Saudi Arabia Seeks to Tackle Oversupply

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Oil prices rose on Monday after Saudi Arabia said OPEC and its partners believed demand was softening enough to warrant an output cut of 1 million barrels per day next year.Saudi Arabia, the world's largest oil exporter, said on Sunday it would cut its shipments by half a million barrels per day in December due to seasonal lower demand.Brent crude futures were up 52 cents at $70.70 a barrel by 1445 GMT, while U.S. crude futures rose 36 cents to $60.55.Saudi Energy Minister Khalid al-Falih said on Monday OPEC and its allies agree that technical analysis shows a need to cut oil supply next year by around 1 million bpd from October levels."The balances for 2019 do show…

Lukoil: No Need to Cut Output in 2019

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Russia's Lukoil sees no need to cut crude output in 2019, CEO Vagit Alekperov said on Monday, as global producers discuss the situation in oil markets.Russia is part of a group of OPEC and non-OPEC oil-producing nations that teamed up two years ago in an effort to rebalance the market. The group first decided to cut output but changed course in June as prices spiked on fears of a shortage.On Monday, Saudi Energy Minister Khalid al-Falih said OPEC and its allies agreed that technical analysis showed a need to cut oil supply next year by around 1 million barrels per day (bpd) from October levels.Vagit Alekperov…

Oil Gains after Saudi Paves the Way for an Output Cut

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Oil rose by more than 1 percent on Monday, set for its largest one-day increase in a month after Saudi Arabia said OPEC and its partners believed demand was softening enough to warrant an output cut of 1 million barrels per day.Saudi Arabia, the world's largest oil exporter, said on Sunday it would cut its shipments by half a million barrels per day in December due to seasonal lower demand.Brent crude futures rose 80 cents on the day to $70.98 a barrel by 1205 GMT, while U.S. crude futures rose 36 cents to $60.69 a barrel.Saudi Energy…

Russian Energy Firms Discuss Cooperation Saudi Aramco Chief

 Saudi Aramco Chief Executive Amin Nasser (Photo: Saudi Aramco)

The head of Russian oil giant Rosneft, Igor Sechin, and Saudi Aramco Chief Executive Amin Nasser held talks in Moscow on Friday on areas for cooperation, Rosneft said.Rosneft, the world's largest-listed oil producer by output, said in a brief statement that they "discussed a wide range of issues related to mutual interests and prospects for cooperation between Rosneft and Saudi Arabia".Nasser had said in an earlier statement during his visit that Aramco's relationship with Russia would grow with the projects in which they were cooperating.Gazprom Neft…

Oil Falls on Oversupply Worries Despite Iran Sanctions

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Oil prices dropped on Friday, heading for a third weekly loss after Saudi Arabia warned of oversupply, while a slump in stock markets and concerns about trade clouded the outlook for fuel demand.Brent crude oil fell $1.12 or 1.5 percent to a low of $75.77 per barrel and was trading around $76.34, down 55 cents, by 1318 GMT. The contract is on course for a weekly loss of over 4 percent and is down more than $10 in three weeks.U.S. crude was 60 cents lower at $66.73, set for a 3.4 percent loss this week."Fears of a supply surplus are rife even as Iranian exports continue to decline ahead of next month’s sanctions deadline…

Oil Higher as Stocks Rebound, Saudi Signals Intervention

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Crude stockpiles rising at U.S. futures delivery point; Saudi Arabia says oil market could shift to oversupply in Q4.Oil prices rose 1 percent on Thursday, following the U.S. stock market higher a day after Wall Street's biggest drop since 2011 and as Saudi Arabia's energy minister signaled major producers may have to intervene in crude markets to support prices.Brent crude futures rose 72 cents to settle at $76.89 per barrel as U.S. equities rose amid strong corporate earnings. The global benchmark has lost almost $10 a barrel since hitting a high of $86.74 on Oct. 3.U.S.

Oil Rises as Fuel Drawdown Sparks Rebound

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Saudi assurance on oil supplies, economic worries weigh as two China state refiners to skip Iran oil bookings for November. Oil prices jumped on Wednesday, rebounding after several days of weakness as a much bigger-than-expected drawdown in U.S. gasoline and diesel inventories augured for a coming seasonal increase in refining demand.Looming U.S. sanctions on oil exporter Iran helped support prices, but traders remained concerned about the worldwide energy demand outlook. On Tuesday, oil prices slumped 5 percent on concerns tied to a weaker economic outlook.U.S. West Texas Intermediate crude futures rose $1.08 to $67.52 a barrel, a 1.7 percent gain, as of 12:08 p.m.

Oil Rises Towards $77 After Slide, Demand Outlook Weighs

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Oil rose towards $77 a barrel on Wednesday after hitting a two-month low as the focus returned to looming U.S. sanctions on oil exporter Iran, although concern about a weaker demand outlook weighed.In a sign Iranian exports will drop further once the sanctions take effect on Nov. 4, two people with direct knowledge of the matter said two Chinese state-owned refiners were not planning to load Iranian oil for November.Brent crude, the global benchmark, was up 52 cents at $76.96 a barrel at 1325 GMT. It fell earlier in the day to $75.11, the lowest since Aug. 24. U.S.

Oil Falls by $2 After Saudi Arabia Reassures Market on Supply

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Oil prices fell more than 2 percent on Tuesday after Saudi Arabia said it could supply more crude quickly if needed, reassuring investors ahead of U.S. sanctions on Iran's crude exports that start next month.Benchmark Brent crude oil dropped $2.03 a barrel to a low of $77.80, down 2.5 percent at a one-month low and beneath its 50-day moving average for the first time in two months.U.S. light crude lost $1.77 a barrel to a low of $67.59 before recovering to $67.86, down $1.50."Saudi Arabia's energy minister has dealt a fresh heap of bearish fodder onto the energy complex," said PVM Oil analyst Stephen Brennock.U.S. sanctions on Iranian oil begin on Nov.

Oil Slips Below $80 After Saudi Pledges Rapid Output Rise

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Oil slipped below $80 a barrel on Monday as Saudi Arabia pledged to raise its crude production to a record, two weeks before U.S. sanctions potentially choke off Iranian crude supplies.Saudi Energy Minister Khalid al-Falih told Russia's TASS news agency that his country had no intention of unleashing a 1973-style oil embargo on Western consumers, but rather was focused on raising output to compensate for supply losses elsewhere, such as Iran.Falih said Saudi Arabia would soon raise output to 11 million barrels per day (bpd) from the current 10.7 million. He added that Riyadh had capacity to increase production to 12 million bpd.Several U.S.

Oil prices rise on signs of falling Iranian oil exports

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Oil prices rose on Tuesday on signs of falling Iran oil exports ahead of U.S. sanctions against Tehran in November, while geopolitical tensions remain over a missing Saudi journalist.International benchmark Brent crude for December delivery rose 9 cents, or 0.1 percent, to $80.87 per barrel by 0032 GMT.U.S. West Texas Intermediate crude for November delivery was up 5 cents at $71.83 a barrel.Iran has exported 1.33 million barrels per day (bpd) to a few countries including India and China in the first two weeks of October, according to Refinitiv Eikon data.That was down from at least 2.5 million bpd in April before U.S.

Oil Holds Near Four-Year Highs

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Oil held just below four-year highs on Thursday, supported by the imminent loss of Iranian supply through U.S. sanctions, but also tempered by the prospect of a rapid production increase from Saudi Arabia and Russia.Brent crude oil futures were down 33 cents at $85.96 a barrel by 1430 GMT, having risen to a late 2014 high of $86.74 on Wednesday. U.S. crude futures fell 53 cents to $75.88."Prices will probably rise further into overshoot territory. Once we see $90 I would expect decisive supply reaction," Commerzbank strategist Carsten…