The Saudi prince of oil prices vows to drill ‘every last molecule’
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.
Saudi Arabia
Oil declines after OPEC+ agrees to boost production into 2022
Oil fell after OPEC+ agreed to boost production into 2022, resolving an internal dispute that had shaken the alliance.
OPEC+ to boost oil output after Saudi-UAE compromise deal
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.
Saudi, UAE resolve differences, but OPEC remains under pressure
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+ deal fails, leaving oil market tighter as prices surge
OPEC+ abandoned its meeting without a deal, tipping the cartel into crisis and leaving the oil market facing tight supplies and rising prices.
OPEC+ crisis deepens as Saudi Arabia refuses to budge
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+ standoff persists with inflationary price spike at stake
OPEC+ allies were locked in a tense diplomatic standoff on Friday amid a dispute that threatens to send oil prices sharply higher.
OPEC+ oil deal hangs in the balance as key member rebels
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 under ‘severe pressure’ as key Saudi projects beckon
Lamprell has said it faces “severe pressure” as key projects in Saudi Arabia ramp up.
Pakistan bags $4.5bn loan for LNG and oil imports
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 says OPEC+ has a role in containing inflation
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.
Aramco closes $12.4bn pipeline sale
Saudi Aramco has closed the $12.4 billion sale of a 49% stake in its pipelines unit, to a group led by EIG.
Saudis increase oil prices for Asia customers as market tightens
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: outside OPEC+, oil growth stalls
“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 secures Saudi work for gas storage
Mammoet has won heavy lifting work from Samsung Engineering at Saudi Arabia’s Aramco Hawiyah Unayzah Gas Reservoir Storage (HUGRS).
Welltec signs long-term deal with Aramco
Saudi Aramco has signed a long-form contract with Welltec for completion products and services.
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.
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.