Saudi Aramco has sent 40 tonnes of blue ammonia to Japan, for use in zero-carbon power generation.
Saudi Arabia has written to the United Nations Security Council warning of an “oil spot” has been detected offshore Yemen.
Oil climbed on Thursday after Saudi Arabia showed its determination to stop OPEC+ members exceeding their production quotas.
Oil has climbed ahead of an OPEC+ meeting this week that will assess the group’s production cuts as the recovery from virus-driven demand destruction falters.
Oil extended losses after its biggest one-day drop in more than two months as growing doubts over the strength of the global demand recovery along with continued weakness in stocks soured market sentiment.
The Gulf is slated to earn $270 billion less in oil revenue compared to last year. This is to a large extent because the region's economic heavyweight, Saudi Arabia, has been sinking deeper into recession amid the coronavirus pandemic.
OPEC+ emphasized the need to stick closely to its planned oil-production cuts to guard against the market recovery being undermined by a resurgence of the coronavirus.
No company has been immune from the headwinds facing the global oil industry, even Saudi Aramco.
Oil markets will “barely feel” the impact of additional production by Opec and its allies as demand ramps up across the world, Saudi Arabia’s energy minister said on Wednesday.
The United Nations Security Council will discuss the outlook for the Safer tanker, a floating oil storage vessel off Yemen in a state of disrepair.
Saudi Aramco has launched a reorganisation of its downstream business with the aim of maximising value.
Saudi Oil Minister Prince Abdulaziz bin Salman likes the idea of OPEC+ acting as the central bank of oil. And he expresses admiration for Alan Greenspan, former chairman of the U.S. Federal Reserve.
The worst of the reduction in oil demand came in the second quarter, the International Energy Agency (IEA) has said, and will be down by 5.1 million barrels per day in the second half of the year.
Every day, traders in London congregate at 4 p.m. to buy and sell North Sea oil for half an hour. The window, as it’s known in the industry, is where competition between the most powerful players in the market sets the price of Brent crude.
Saudi Aramco has completed its purchase of a 70% stake in Saudi Basic Industries Corp. (Sabic) for $69.1 billion.
After flooding the U.S. with crude earlier this year, Saudi Arabia has all but cut off the taps to the American oil market.
Saudi Aramco has paused its contract for the High Island IV jack-up rig, owned by Shelf Drilling.
Oil was anchored near $38 a barrel as expectations U.S. crude stockpiles extended declines offset a decision by Saudi Arabia to cease extra voluntary production cuts by the end of this month.
Oil rose to trade near $43 a barrel in London after OPEC and its allies agreed to extend historic output curbs by an extra month, promising stricter compliance to ensure members don’t pump more than they pledged.
OPEC+ agreed to a one-month extension of its record output cuts and adopted more stringent methods to ensure members don’t break their production pledges.
Oil headed for a sixth weekly gain after OPEC+ reached a tentative agreement to prolong its record production cuts and U.S. jobs data were better than expected.
Africa has been the hardest hit region in terms of rig numbers, according to Baker Hughes’ May data.
Oil declined as OPEC+ unity was threatened by a long-running feud over compliance with production cutbacks.
Oil erased gains as the OPEC+ meeting was put in doubt over cheating by some nations on their output-cuts deal.
Oil prices rose past $40 per barrel mark on Wednesday amid speculation that quotas for international production cuts could be kept higher for longer.