Apollo said to lead buyout group for $10bn Aramco deal
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.
Saudi Arabia
OPEC+ agrees to gradually boost oil output in coming months
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.
OPEC+ panel revises down oil-demand estimate on Saudi suggestion
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.
Traffic jammed at Suez as carrier runs aground
The MT Ever Given container ship has become wedged into the wall of the Suez Canal, blocking the waterway.
Change to North Sea licensing regime ‘long overdue’
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.
Yemeni rebels attack Aramco refinery in Saudi capital
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.
IEA sees no oil supercycle as supplies remain plentiful
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.
‘Oil price fever’ expected to continue after Brent breaches $70
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.
Oil wipes out gain following attack on key Saudi crude terminal
Brent oil erased gains as the market shrugged off an attack on the world’s largest crude terminal in Saudi Arabia.
Saudi Arabia wealth fund to buy ADES
Innovative Energy has made an all-cash $12.5 per share offer to take ADES International into Saudi Arabian hands.
Oil jumps above $71 after key Saudi crude terminal attacked
Oil surged above $71 a barrel in Asian trading after Saudi Arabia said the world’s largest crude terminal was attacked, although output appeared to be unaffected after the missiles and drones were intercepted.
Oil surges past $67 as OPEC keeps output squeeze
OPEC+ decided to keep a tight limit on oil production next month, sending prices soaring in a market that had been expecting additional supply.
Saudi Arabia tells OPEC+ to ‘keep powder dry’ on output
Saudi Arabia urged fellow members of OPEC+ to “keep our powder dry” before crucial talks about whether to increase oil production next month.
Saudi Arabia to ship gas to South Korea and take CO2 back
Saudi Arabia may ship gas to South Korea where it will be used to make hydrogen, and the carbon dioxide produced in the process will be transported straight back to the kingdom.
Yemen’s Houthis strike Saudi military base and Aramco oil depot
Yemen’s Houthi rebels said they launched missile and drone strikes against a Saudi Arabian oil facility and a military base, as their attacks on the kingdom’s energy and security installations multiply.
OPEC+ members disparate on pledges to keep supply steady, study suggests
Most OPEC+ members increased oil exports in February despite pledges by the cartel to keep supply steady.
OPEC+ is poised to cool oil market with extra production
OPEC+ is poised to agree a production increase this week as it seeks to cool a rapid rally in crude prices.
Lamprell wins Saudi work at Marjan
Lamprell has won an engineering, procurement, construction and installation (EPCI) contract from Saudi Aramco on the Marjan field.
Brent near $65 as US crisis provides global supply shock
Brent oil traded near $65 a barrel as a cold blast that’s taken out almost 40% of US crude production morphed into a global supply shock.
Former senior Petrofac boss pleads guilty to further bribery charges
A former senior boss at Petrofac has pleaded guilty to further charges of bribery in a Serious Fraud Office (SFO) investigation related to contract wins worth billions of dollars.
Saudis curb oil supply to some buyers after vow to pump less
Saudi Arabia reduced crude oil supplies to at least 11 refiners in Asia and most buyers in Europe after the kingdom volunteered to cut its production by 1 million barrels a day for February and March.
Oil dips with dollar rising as rally takes a breather
Oil edged lower as the dollar strengthened, with the steam coming out of a rally that pushed crude to the highest level in 10 months.
Oil rises with U.S. supply decline compounding Saudi output cut
Oil advanced as shrinking U.S. crude inventories added to expectations of a tighter global supply outlook after Saudi Arabia surprised markets by pledging to slice production the next two months.
Saudi, Qatar rulers embrace at Gulf summit as borders reopen
Qatar’s ruler landed in Saudi Arabia on Tuesday to a warm embrace from host Crown Prince Mohammed bin Salman, hours after their nations re-established travel ties and eased a longstanding regional dispute.
Updated: Oil prices fall as OPEC+ extends talks to second day without decision
Oil dropped the most in two weeks with OPEC+ yet to resolve an impasse on whether to keep raising production at a time when the pandemic threatens demand.