Wednesday, June 19, 2024

Saudi Arabia News

Saudi Aramco Q2 Profit Soars Nearly 300% to $25.5B

The Manifa field is designed to produce Arabian Heavy crude oil, sour gas, and hydrocarbon condensate. Photo courtesy Aramco

Saudi Arabian state oil producer Aramco reported a near four-fold rise in second-quarter net profit, beating expectations and boosted by higher oil prices and a recovery in oil demand.Aramco said its results were supported by the global easing of COVID-19 restrictions…

Saudi Cuts Drive Oil to 11-month High

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Oil prices were steady on Thursday after hitting fresh 11-month highs on a fall in U.S. stockpiles and in the wake of a pledge by Saudi Arabia to cut output by more than expected.Brent crude was up 5 cents to $54.35 a barrel at 1231 GMT after touching $54.90…

U.S. Sends First Crude Shipment to Saudi Arabia in Years

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The United States sent a shipment of crude to Saudi Arabia in June, data from the U.S. Census Bureau showed on Wednesday, in what appears to be the first such delivery since the U.S. ban on crude exports ended in 2015.The United States shipped about 550…

Angola Resisting Pressure to Taper Oil Output

Angola is resisting pressure by OPEC's de-facto leader Saudi Arabia for a steeper oil output cut to comply fully with record supply curbs, OPEC and industry sources said.The Organization of the Petroleum Exporting Countries and allies, known as OPEC+…

Saudi Oil Price Hike Throws Asian Lifeline to U.S. Shale

U.S. Shale ops -Credit:FerrizFrames/AdobeStock

Saudi Arabia's decision to jack up the price of its July exports to Asia may have opened the door for U.S. crude oil producers to boost sales to the region that consumes more oil than anywhere else in the world.State-controlled producer Saudi Aramco…

Saudi Arabia, Russia Reach Deal on Oil Output Cut Extension

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OPEC leader Saudi Arabia and non-OPEC Russia have agreed a preliminary deal to extend existing record oil production cuts by one month while raising pressure on countries with poor compliance to deepen their output cuts, OPEC+ sources told Reuters."Any…

Oil Gains, with Brent above $40

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Oil rose on Wednesday, with Brent above $40 for the first time since March, as optimism mounted that major producers will extend output cuts and a recovery from the coronavirus pandemic will spur fuel demand.Brent crude futures for August were up 78 cents, or 2%, at $40.35 a barrel, by 0636 GMT.

Oil Prices Rise Ahead of OPEC+ Meeting on Further Output Cuts

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Oil prices rose on Tuesday, with traders waiting to see whether major producers agree to extend their huge output cuts to shore up prices at a virtual meeting expected later this week.Brent crude futures rose 0.91%, or 35 cents, to $38.67 a barrel…

Brent Hits One-month High, U.S. Oil Tops $32 as Lockdowns Ease

Oil Price - Illustration - m.mphoto - AdobeStock

Oil prices jumped on Monday, with benchmark Brent hitting a one-month high and U.S. crude topping $30, supported by optimism about the reopening of economies and output cuts by major producers. Brent crude was up $2.32, or 7.1%, at $34.82 a barrel by 1344 GMT, its highest level since mid-April. U.S.

IEA: New Cuts by Saudi Arabia and Others Unlikely to Balance Oil Market

International Energy Agency (IEA) Executive Director Fatih Birol said on Thursday that recently announced oil output cuts by major Gulf Arab producers would likely not be enough to balance global markets as coronavirus lockdowns hollow out demand."I am happy to see Saudi Arabia…

Oil Rises After OPEC+ Agrees Record Output Cut

Oil Price - Image by namning/AdobeStock

Oil prices rose on Monday after major producers finally agreed their biggest-ever output cut, but gains were capped amid concern that it won't be enough to head off oversupply with the coronavirus pandemic hammering demand.After four days of wrangling…

OPEC, Russia Approve Biggest-Ever Oil Cut to Support Prices

OPEC and allies led by Russia agreed on Sunday to a record cut in output to prop up oil prices amid the coronavirus pandemic in an unprecedented deal with fellow oil nations, including the United States, that could curb global oil supply by 20%.

If OPEC+ Oil Cuts Go as Planned, Norway Could Cut Output, Too

Norway's Minister of Petroleum and Energy Tina Bru - Credit OED - NTB Scanpix

Norway, Western Europe's largest oil producer, signaled on Friday it could cut its output if the deal negotiated by the so-called OPEC+ nations was implemented as planned.Norway's Minister of Petroleum and Energy Tina Bru is taking part in Friday's…

OPEC+ Oil Pact Hinges on Mexico Joining

Pemex oil platforms offshore Mexico - Image by BoH/Wikimedia Commons - Under CC BY-SA 2.0 License

Saudi Arabia's energy minister said on Friday that a final OPEC+ oil supply pact to reduce 10 million barrels per day (bpd), which was agreed on Thursday, hinges on Mexico joining in the cuts.OPEC, Russia and other allies, a group known as OPEC+…

Norway May Join OPEC Meeting

Illustration only; An Equinor Platform - Credit: Equinor - Photo by Bo B. Randulff & Even Kleppa

Norway has been invited to and is considering attending the OPEC meeting on April 9 as an observer, and would reduce output provided there is broad support to do so, the country's oil ministry said on Monday.The ministry reiterated in an email to…

Oil Drops after Saudi Arabia, Russia Delay Meeting on Output Cuts

Oil prices slipped on Monday, after Saudi Arabia and Russia delayed a meeting to discuss output cuts that could partly alleviate oversupply in global markets as the coronavirus pandemic pummels demand.Brent crude slipped close to $30 a barrel in early trade and was at $33.45 by 0532 GMT…

OPEC+ Debates Biggest Ever Oil Output Cut as Virus Destroys Demand

OPEC and allies are working on a deal for an unprecedented production cut equivalent to around 10% of global supply, an OPEC source said after U.S. President Donald Trump called on oil nations to stop the oil rout caused by the coronavirus pandemic.

Update: Brent Oil Rises above $32 on Hopes of Output Deal

Benchmark Brent crude oil futures rose as high as $33.05 a barrel on Friday on rising hopes of a new global deal to cut global crude supply.Brent crude futures were up 9.3%, or $2.79, at $32.73 a barrel by 1014 GMT. Brent soared as much as 47% on…

Chinese Buyers Snap Up U.S. Oil Purchases at Widest Discounts Ever

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China has increased U.S. crude purchases with some buyers snapping up cargoes at the widest discounts ever as sellers seek to offload excess supplies in Asia, six trade sources said on Wednesday.China started processing in March applications from its companies to waive import tariffs on U.S.

COVID-19 Oil Demand Hit Renders OPEC+, Trump Actions Irrelevant

Imagine for a moment that the Organization of the Petroleum Exporting Countries (OPEC) and Russia had agreed at the start of this month to extend and deepen their crude oil output cuts. It wouldn't have made the blindest bit of difference.While it was only three and half weeks ago…