Prince Abdulaziz bin Salman is the most powerful man in petroleum. The Saudi oil minister navigates unruly OPEC+ nations, huge swings in prices — and the end of fossil fuels.
Oil fell after OPEC+ agreed to boost production into 2022, resolving an internal dispute that had shaken the alliance.
OPEC and its allies agreed to gradually add more oil supplies to the market, ending a two-week spat between Saudi Arabia and the United Arab Emirates.
The United Arab Emirates and Saudi Arabia appear to have reached a compromise that will allow OPEC to continue in its moderation of the oil market.
OPEC+ abandoned its meeting without a deal, tipping the cartel into crisis and leaving the oil market facing tight supplies and rising prices.
Saudi Arabia and the United Arab Emirates cranked up the tension in their OPEC standoff as the rare diplomatic spat between long-time allies leaves the global economy guessing how much oil it will get next month.
OPEC+ allies were locked in a tense diplomatic standoff on Friday amid a dispute that threatens to send oil prices sharply higher.
The OPEC+ alliance descended into bitter infighting after a key member blocked a deal at the last minute, forcing the group to postpone its meeting and casting doubt on an agreement that could ease a surge in oil prices.
Lamprell has said it faces “severe pressure” as key projects in Saudi Arabia ramp up.
State-owned Pakistan State Oil, Pak-Arab Refinery and Pakistan LNG will receive a $4.5 billion loan to fund imports of crude, petroleum products, urea and LNG over 2021-2023.
Saudi Arabia’s Energy Minister said the OPEC+ alliance has a role in “taming and containing” inflationary pressures, just hours after Brent crude surged back above $75 a barrel.
Saudi Aramco has closed the $12.4 billion sale of a 49% stake in its pipelines unit, to a group led by EIG.
Saudi Arabia increased oil prices for customers in its main market of Asia by more than expected after crude surged above $70 a barrel and OPEC forecast that global demand would heavily outstrip supply over the rest of the year.
“This time is different” may be the most dangerous words in business: billions of dollars have been lost betting that history won’t repeat itself. And yet now, in the oil world, it looks like this time really will be.
Mammoet has won heavy lifting work from Samsung Engineering at Saudi Arabia’s Aramco Hawiyah Unayzah Gas Reservoir Storage (HUGRS).
Saudi Aramco has signed a long-form contract with Welltec for completion products and services.
Apollo Global Management is leading a group of investors aiming to buy a roughly $10 billion (£7.2bn) stake in Saudi Aramco’s oil pipelines, people familiar with the matter said.
OPEC+ agreed to increase oil production gradually from May to July, responding to both internal and external pressure to supply more crude to the recovering global economy.
A panel of OPEC+ technical experts agreed to revise down oil-demand estimates for 2021 after Saudi Arabia suggested that the figure looked too high, delegates said.
The MT Ever Given container ship has become wedged into the wall of the Suez Canal, blocking the waterway.
News that the UK government is pondering a North Sea exploration ban has been met with howls of protest – mostly from those who’ve talked a good energy transition but haven’t done very much about it. But re-focusing the sector via progressive change to the licensing regime isn’t “virtue signaling”, as one industry insider put it. It’s downright essential - and long overdue.
Yemen’s Iran-backed Houthi rebels attacked an Aramco refinery in the Saudi capital Friday using six bomb-laden drones, stepping up their offensive on the kingdom’s energy and security installations.
Oil markets aren’t on the verge of a new price supercycle as plentiful supplies mean any concerns of a shortfall are misguided, the International Energy Agency said.
The oil price “fever” is expected to continue, at least in the short term, according to Rystad Energy after Brent Crude broke past $70 a barrel.
Brent oil erased gains as the market shrugged off an attack on the world’s largest crude terminal in Saudi Arabia.