Saudi Arabia

Saudi Aramco in Search of LNG Offtake Contracts to Gain Foothold in Global Trade

Saudi Aramco in Search of LNG Offtake Contracts to Gain Foothold in Global Trade

State-owned Saudi Arabian Oil Co., better known as Aramco, is working to secure LNG supply contracts for global trading as it continues to build on a strategy aimed at moving into the world’s natural gas market.  Offtake contracts and a trading portfolio, CFO Ziad Al-Mushed said during the first quarter earnings call, would create a…

May 13, 2024
U.S. Oil Production Flattens as Saudi Arabia, Russia Cut Output

U.S. Oil Production Flattens as Saudi Arabia, Russia Cut Output

U.S. exploration and production (E&P) firms kept crude output even last week amid an uncertain demand outlook and expectations for steep cuts to global supplies. E&Ps produced 12.2 million b/d for the week ended March 31, according to the U.S. Energy Information Administration’s (EIA) Weekly Petroleum Status Report (WPSR) on Wednesday. The result was flat…

April 5, 2023
Saudi Arabia, Allied Producers Announce Steep Oil Output Cuts; $110 Price Potential

Saudi Arabia, Allied Producers Announce Steep Oil Output Cuts; $110 Price Potential

Saudi Arabia said Sunday it would further scale back crude production by 500,000 b/d from May through the end of the year, leading a broader OPEC-plus effort to curb supplies and bolster prices. In total, the Saudi energy ministry said the group of producer countries would cut more than 1 million b/d. This would come…

April 3, 2023
Saudi Aramco CEO Warns of Industry Underinvestment, Says Natural Gas, Oil to ‘Remain Essential’

Saudi Aramco CEO Warns of Industry Underinvestment, Says Natural Gas, Oil to ‘Remain Essential’

Saudi Arabia’s state-owned oil producer posted record profits for 2022, up nearly 50% year/year, lifted by soaring oil and natural gas prices. Saudi Arabian Oil Co., better known as Aramco, tripled the 2022 profit recorded by ExxonMobil, lifted by higher sales volumes and improved margins for refined products. Commodity prices surged early in the year…

March 22, 2023
Domestic Crude Production Holds Strong; OPEC-Plus Advisers Stick With Output Cuts

Domestic Crude Production Holds Strong; OPEC-Plus Advisers Stick With Output Cuts

U.S. oil producers remained active through January, with output last week holding at a pandemic-era high as it did across the month and in late 2022. The U.S. Energy Information Administration (EIA) said Wednesday production for the period ended Jan. 27 stood at 12.2 million b/d – on par with the prior week and the…

February 1, 2023
Saudi Arabia Adds Two Discoveries to Domestic Natural Gas Growth Strategy

Saudi Arabia Adds Two Discoveries to Domestic Natural Gas Growth Strategy

Saudi Arabia’s Ministry of Energy has announced two discoveries by state-controlled Saudi Arabian Oil Co. (Aramco) that officials said could help it continue to build natural gas reserves for domestic use. Energy Minister Abdulaziz bin Salman Al Saud called the discoveries an important part of “increasing the kingdom’s natural gas reserves” and helping Saudi Arabia…

December 7, 2022
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
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