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.
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 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 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.
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.
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.
Saudi Arabian authorities have closed the Port of Jeddah following an explosion at the main tanker anchorage.
Aramco and Baker Hughes have begun construction on a non-metallic joint venture, at the King Salman Energy Park (SPARK).
Brent crude neared $50 per barrel this morning after the Opec cartel and its allies agreed to a more gradual easing of production cuts next month.
Oilfield services firm Wellpro has said it will create 10 new jobs with its entry into Saudi Arabia.
OPEC and its allies headed into a two-day meeting with ministers still seeking a compromise on proposals to delay a production boost, after failing to reach consensus in talks on Sunday night.
Saudi Aramco has signed new international technology deals, with local content playing a major role.
Frustrated UAE representatives are sending subtle but strong signals that they may be the first in the OPEC+ oil producers group to break free and go it alone.
Yemeni authorities have agreed to allow a United Nations expert mission to the FSO Safer, with the expectation that this will take place early in 2021.
Saudi Arabia has confirmed a missile attack on a fuel tank in the city of Jeddah, claimed by Houthi rebels in Yemen.
CGG’s Sercel has won a contract to provide land seismic equipment for harsh environment work in Saudi Arabia.
Saudi Arabia’s Public Investment Fund (PIF) has increased its stake in ACWA Power to 50%, from 33.6%.
OPEC+ said oil producing countries must be ready to act when the group gathers for its next full ministerial meeting in two weeks, the latest indication the cartel is preparing to delay a production increase.
The Red Sea Development Co. (TRSDC) has contracted ACWA Power to provide renewable energy to the tourist site.
Fitch has cut the outlook of Saudi Arabia, Aramco and Sabic to negative on concerns of the sovereign’s weakening balance sheet.
Mergers and acquisitions have been slowed by the COVID-19 outbreak. But as companies embrace the energy transition opportunities will arise
Saudi Aramco’s pre-tax income fell 44% in the third quarter, to $24.7 billion from $44.07bn.
The OPEC+ alliance warned of a “precarious” outlook as a resurgent pandemic hurts oil demand, dropping further hints about a potential change of policy next month.
Oil steadied as Saudi Arabia vowed that OPEC and its partners will do what’s necessary to balance the market.
Saudi Aramco has suspended the contract for the Main Pass I jack-up for up to 12 months, Shelf Drilling has reported.