Tuesday, April 23, 2019

Saudi Arabia News

Oil Hits 2019 High

© Pavel Ignatov / Adobe Stock

Oil prices jumped more than 2 percent on Monday to a near six-month high, on growing concern about tight global supplies after the United States announced a further clampdown on Iranian oil exports.Washington said it will eliminate in May all waivers…

Oil Hits 2019 High on U.S. Plan to Tighten Squeeze on Iran

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Oil prices jumped more than 2 percent on Monday to a near six-month high, on growing concern about tight global supplies after the United States announced a further clampdown on Iranian oil exports.Washington said it will eliminate in May all waivers…

US Rig Count Dips

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U.S. energy firms this week reduced the number of oil rigs operating for the first time in three weeks as production growth forecasts from shale, the country's largest oil fields, continue to shrink.Drillers cut eight oil rigs in the week to April 18…

Talakar Named CEO of Siemens Oil & Gas

Arja Talakar (Photo: Siemens)

Arja Talakar has been appointed CEO of Siemens Oil & Gas, effective April 1, 2019. He will be based in Houston.Talakar brings to this position extensive leadership experience. Prior to taking this new role, he was responsible for Siemens Saudi Arabia.

Chevron to Buy Anadarko for $33 Bln

(Photo courtesy Anadarko)

Chevron Corp on Friday said it will buy oil and gas producer Anadarko Petroleum Corp for $33 billion in cash and stock in a deal that doubles down on its bet on U.S. shale and LNG as U.S. energy production is shattering records.The deal makes Chevron the second-largest major by crude production…

Oil Hits Five-month High

© Ek / Adobe Stock

Oil prices rose to a five-month high on Monday, driven by expectations that global supplies would tighten due to fighting in Libya, OPEC-led cuts and U.S. sanctions against Iran and Venezuela.International benchmark Brent futures rose 74 cents, or 1.1 percent, to $71.08 a barrel by 12:56 p.m.

Russia Signals OPEC Should Raise Output

(Photo: Lukoil)

One of the key Russian officials to foster a supply pact with OPEC, Kirill Dmitriev, signaled on Monday Russia wanted to raise oil output when it meets with OPEC in June because of improving market conditions and falling stockpiles.Dmitriev, head of the Russian state's direct investment fund, was the fir

Rystad Expects Oil Price Rally in H1 of 2020

Graph: Rystad Energy

The energy research and business intelligence company Rystad Energy expects that a short-lived price rally through the first half of 2020 as oil prices approach $70 a barrel.It will then lose momentum and be replaced by a need for additional production…

Trump, Saudi Arabia at Odds Over Oil Price

(File photo: Official White House photo by Shealah Craighead)

U.S. President Donald Trump and the Saudi government have closely aligned views on most issues but they disagree significantly on the desirable level for oil prices, which could become a source of volatility in 2019/2020.In keeping with his iconoclastic approach to governing…

Saudi Aramco: World's Biggest Oil Producer

(Photo: Saudi Aramco)

Saudi Aramco was by far the world's biggest oil producer ahead of regional peers like Abu Dhabi National Oil Company (ADNOC) and listed oil majors Royal Dutch Shell, Total and BP, ratings agency Fitch said on Monday."Saudi Aramco is the largest oil producer globally by volume...

Saudi Aramco, McDermott Plan New Facility

(Photo: Saudi Aramco)

Saudi Aramco on Tuesday signed a land lease agreement with McDermott Arabia Company to establish a facility for large scale fabrication of offshore platforms and onshore/offshore modules located within the King Salman International Complex for Maritime Industries in Ras Al-Khair…

Oil Prices Near Flat

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Oil prices were little changed on Monday as investors shrugged off fears of a global economic slowdown and focused on the prospect of tighter supply and lower U.S. crude inventories ahead.Brent crude oil futures climbed 30 cents to $67.33 a barrel by 11:56 a.m. EST (1556 GMT), while U.S.

Oil Majors Rush to Dominate US Shale

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In New Mexico's Chihuahuan Desert, Exxon Mobil Corp is building a massive shale oil project that its executives boast will allow it to ride out the industry's notorious boom-and-bust cycles.Workers at its Remuda lease near Carlsbad - part of a staff of 5…

Oil Prices Reach 2019 Highs

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Oil prices rose to new 2019 highs on Tuesday, supported by OPEC supply cuts and falling output from Iran and Venezuela because of U.S. sanctions.Brent crude oil futures were up 16 cents at $67.70 a barrel at 1415 GMT, having earlier risen to a 2019 peak of $68.20, their highest since November 2018.U.S.

Oil Edges Above $67

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Oil edged further above $67 a barrel on Monday, supported by the prospect of prolonged OPEC-led oil supply curbs though concern that an economic downturn may dent fuel consumption curbed gains.OPEC and non-OPEC ministers who met in Azerbaijan to…

Rising US Oil Clout on Show in Houston

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A glance at the attendee list at one of the world's largest energy industry events in Houston this week left little question about the growing influence of the United States over global oil politics.Present: top U.S. diplomat Mike Pompeo. Absent: leading Saudi and Russian officials…

US to Lead Oil Supply Growth to 2024

Dr Fatih Birol (center) and IEA Oil Analyst Toril Bosoni (right) present the findings from Oil 2019 in Houston at CERA Week on 11 March 2019 (Photograph: Getty Images)

The United States is set to drive the global oil supply growth over the next 5 years, thanks to the strength of its shale industry, triggering a rapid transformation of world oil markets, according to the International Energy Agency (IEA).IEA said…

Oil Drops 3 pct, U.S. Supply Surges

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Oil prices fell about 3 percent on Friday and were set for a second straight week of declines after disappointing U.S. job growth revived concerns about a slowing global economy and weaker demand for oil.With surging U.S. oil supply also unsettling markets…

US to Overtake Saudi in Oil Exports

Graph: Rystad Energy

United States will soon export more oil and liquids than Saudi Arabia, thanks to the continued rise in oil production from US shale plays and the increased oil export capacity from the Gulf Coast.According to Rystad Energy, energy research and business intelligence company…

Hedge Funds Buying Oil Despite Trump's OPEC Comments

File Image: AdobeStock / © Kasto

Hedge funds continued to boost their bullish position in crude and fuels last week despite a call from U.S. President Donald Trump for OPEC to "relax and take it easy".Hedge funds and other money managers were net buyers of an extra 16 million barrels…