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.
Saudi Arabia
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.
Jeddah closed after tanker attack
Saudi Arabian authorities have closed the Port of Jeddah following an explosion at the main tanker anchorage.
Aramco, Baker Hughes launch non-metallic construction
Aramco and Baker Hughes have begun construction on a non-metallic joint venture, at the King Salman Energy Park (SPARK).
Updated: Brent nears $50 as Opec+ agrees more moderate production increase
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.
Wellpro to create 10 jobs with expansion into Saudi Arabia
Oilfield services firm Wellpro has said it will create 10 new jobs with its entry into Saudi Arabia.
OPEC+ heads to crucial talks seeking compromise on oil cuts
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.
Aramco signs technology MoUs
Saudi Aramco has signed new international technology deals, with local content playing a major role.
Russia and Saudi Arabia power risks OPEC+ break-up
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.
Tanker attacked in Saudi harbour as UN approved for FSO Safer inspection
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 acknowledges Jeddah missile attack
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 wins Saudi desert seismic work
CGG’s Sercel has won a contract to provide land seismic equipment for harsh environment work in Saudi Arabia.
Saudi’s PIF increases ACWA Power involvement
Saudi Arabia’s Public Investment Fund (PIF) has increased its stake in ACWA Power to 50%, from 33.6%.
OPEC+ drops another hint it will delay production hike
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.
ACWA Power signs major Red Sea renewable deal
The Red Sea Development Co. (TRSDC) has contracted ACWA Power to provide renewable energy to the tourist site.
Fitch cuts Saudi, Aramco and Sabic outlook
Fitch has cut the outlook of Saudi Arabia, Aramco and Sabic to negative on concerns of the sovereign’s weakening balance sheet.
Assessing energy merger and acquisition opportunities in a time of pandemic
Mergers and acquisitions have been slowed by the COVID-19 outbreak. But as companies embrace the energy transition opportunities will arise
Aramco earnings slide 44%
Saudi Aramco’s pre-tax income fell 44% in the third quarter, to $24.7 billion from $44.07bn.
OPEC+ vows ‘proactive’ response to precarious oil market
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 steadies as Saudis say nobody should doubt OPEC’s commitment
Oil steadied as Saudi Arabia vowed that OPEC and its partners will do what’s necessary to balance the market.
Aramco suspends second Shelf Drilling rig
Saudi Aramco has suspended the contract for the Main Pass I jack-up for up to 12 months, Shelf Drilling has reported.