Saudi Arabia

U.S. Crude Production Edges Higher Along with Demand; Biden to Tap Reserves Again

U.S. Crude Production Edges Higher Along with Demand; Biden to Tap Reserves Again

American exploration and production (E&P) companies raised oil output modestly last week as overall petroleum demand recovered some ground after multiple declines earlier in the fall, the U.S. Energy Information Administration (EIA) said Wednesday. U.S. oil production last week increased by 100,000 b/d to 12.0 million b/d, EIA said in its latest Weekly Petroleum Status…

October 19, 2022
Biden Says ‘There Will Be Consequences’ as U.S.-Saudi Standoff Intensifies; OPEC Demand Outlook Dims

Biden Says ‘There Will Be Consequences’ as U.S.-Saudi Standoff Intensifies; OPEC Demand Outlook Dims

President Biden warned of “consequences” for Saudi Arabia after OPEC-plus dismissed U.S. objections and said it would slash crude production, a move that could send global oil prices and gasoline costs for Americans surging. The Biden administration said the plan by the cartel, to cut output by up to 2 million b/d next month, would…

October 12, 2022
OPEC-Plus Agrees to Slash Production in Attempt to Boost Prices, Bolster Russia

OPEC-Plus Agrees to Slash Production in Attempt to Boost Prices, Bolster Russia

OPEC-plus members, including Saudi Arabia and Russia, agreed on Wednesday to cut crude production by 2 million b/d. It marked the coalition of oil-producing countries’ largest pullback on output since the early days of the pandemic in April 2020, a move that could both send prices back to $100/bbl and aid Russia’s escalating war in…

October 5, 2022
Aramco CEO Warns Oil and Gas Industry ‘Not Investing Enough’ as Profits Surge on High Prices

Aramco CEO Warns Oil and Gas Industry ‘Not Investing Enough’ as Profits Surge on High Prices

Underinvestment in oil and natural gas supply could threaten global energy security and decarbonization efforts over the coming years, according to the CEO of Saudi Arabia’s state-owned oil behemoth.  Saudi Arabian Oil Co. (Aramco) CEO Amin Nasser hosted a conference call to discuss the national oil company’s (NOC) record-breaking first-half results. “Oil demand is likely…

August 17, 2022
OPEC-Plus Dashes Biden’s Production Hike Hopes; U.S. Output Holds Even

OPEC-Plus Dashes Biden’s Production Hike Hopes; U.S. Output Holds Even

OPEC-Plus, the consortium of global oil producers led by Saudi Arabia in partnership with Russia, agreed on Wednesday to only a modest increase in production next month. The decision suggests the cartel is focused more on the specter of declining demand amid recession warnings than on U.S. President Biden’s plea for greater output to address…

August 3, 2022
As Ukraine War Intensifies, Pressure Mounts on Biden to Ban Imports of Russian Oil

As Ukraine War Intensifies, Pressure Mounts on Biden to Ban Imports of Russian Oil

President Biden faced increasing pressure on Monday to ban imports of oil from Russia following its invasion of Ukraine and the deepening turmoil in eastern Europe. The U.S. president is reportedly considering such a move but carefully weighing it against the likely impact it would have on global crude prices and, by extension, the cost…

March 7, 2022
To Ease Supply Pressures, OPEC-Plus Targets Further Crude Production Increase

To Ease Supply Pressures, OPEC-Plus Targets Further Crude Production Increase

Citing robust demand and fading pandemic worries, an alliance of major oil producing countries agreed on Wednesday to extend production increases into March. Policymakers from the Organization of the Petroleum Exporting Countries (OPEC), headed by Saudi Arabia, and a Russia-led group of allies known as OPEC-plus, said they aim to boost output by 400,000 b/d…

February 2, 2022
Aramco’s Jafurah Natural Gas Field Set to Produce 2.2 Bcf/d by 2030

Aramco’s Jafurah Natural Gas Field Set to Produce 2.2 Bcf/d by 2030

Saudi Arabia, the world’s largest oil producer, has ramped up development at the natural gas-rich Jafurah field in the Eastern Province, considered the largest unconventional field of its kind in the Kingdom. State-owned Saudi Arabian Oil Co., aka Aramco, secured regulatory approval in early 2020 to develop the mega field, which holds an estimated 200…

December 1, 2021
With Demand Rebounding, OPEC-Plus Reaches Deal to Lift Crude Production Through 2021, into 2022

With Demand Rebounding, OPEC-Plus Reaches Deal to Lift Crude Production Through 2021, into 2022

The Organization of the Petroleum Exporting Countries and its allied group of leading oil producers headed by Russia, aka OPEC-plus, on Sunday reached a deal to further boost production through the end of the year and into 2022. The member countries, led by Saudi Arabia, committed to bringing back all the crude supply they had…

July 19, 2021
Aramco Raises $12B-Plus in Oil Pipeline Deal with EIG-Led Consortium

Aramco Raises $12B-Plus in Oil Pipeline Deal with EIG-Led Consortium

Saudi Arabia Oil Co., better known as Aramco, has struck a $12.4 billion transaction to sell a minority stake in its oil pipeline operations to a consortium led by U.S.-based EIG Global Energy Partners.  The global investment group agreed to take 49% equity interest in newly created Aramco Oil Pipelines Co. Aramco today operates more…

April 13, 2021
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