Oil traded near the highest level in almost 12 weeks after Saudi Arabia surprised the market Friday with a significant supply cut beyond what was agreed to with fellow OPEC+ members.
Saudi Arabia is pushing ahead with the much-watched IPO of the mainstay of its economy, Aramco, although with somewhat diminished aspirations.
At a cultural gathering in the region of Qatif in Saudi Arabia’s oil-rich east, a poet recited some of his work before taking questions. The audience of 80 or so people was engaged and smiling, while a man quietly served coffee and tea in espresso-sized paper cups.
Saudi Arabia set a valuation target for Aramco’s initial public offering well below Crown Prince Mohammed bin Salman’s goal of $2 trillion and pared back the size of the sale to ensure the world’s largest oil producer successfully lists on the Riyadh stock exchange next month.
Italian oilfield services firm Saipem has won a subsea contract in Guyana, as well as additional work in regions including the North Sea, worth £684.6million.
The Middle East has been a mainstay of Penspen and confirmation of that came earlier this week, with the announcement of a project management consultancy (PMC) award from Abu Dhabi’s ADNOC.
James Fisher Offshore has earned a six figure sum for helping the Abu-Dhabi-headquartered National Petroleum Construction Company with offshore decommissioning in the Middle East.
Two missiles have struck an Iranian tanker travelling through the Red Sea off the coast of Saudi Arabia, according to Iranian officials.
Oil prices spiked as a result of the mid-September attack on Saudi Arabia’s production facilities but have since fallen back.
Oil edged higher after its biggest quarterly drop this year as investors weighed Saudi Arabia’s quick recovery from attacks last month against a resumption in U.S.-China trade negotiations next week.
Saudi Arabia will start offering loans for renewable energy projects and manufacturers of renewable-energy components as the kingdom seeks to diversify its economy away from crude oil.
Oil is heading for the biggest weekly loss since July on indications Saudi Arabia is restoring lost crude production quicker-than-expected after attacks on its key energy infrastructure.
Oil resumed gains as tension between the U.S. and Iran ratcheted up following the attacks on Saudi Arabia, while doubts remained over how fast the kingdom would be able restore lost output.
Nobody expected Prince Abdulaziz bin Salman’s new job to be easy, but it is doubtful even he could have predicted how difficult his first few days would be.
The threat of war in the Middle East is pushing oil prices higher again, capping one of the most dramatic ever weeks for crude in which 5% of the world’s supplies were cut by attacks on Saudi production facilities.
An attack on Saudi Arabia's oil industry came "from the north" and was "unquestionably sponsored by Iran", a military spokesman has said.
Oil stabilised on signs Saudi Arabia is quickly restoring production following a debilitating weekend attack after two tumultuous days in which it surged the most on record and then pared around half of that gain.
Oil plunged nearly 7% in London after Reuters reported Saudi Arabia is close to restoring 70% of the oil production it lost after this weekend’s attack on a key crude facility in the kingdom.
The recent oil price jump could create further momentum for service sector margins, according to Rystad Energy.
The drone attack which knocked out half of Saudi oil production is likely to put up energy bills for UK consumers, an analyst said.
The oil market is facing a prolonged disruption to Saudi Arabia’s oil production with few options for replacing such huge output losses.
Saudi Aramco is growing less optimistic that there will be a rapid recovery in oil production from the weekend’s attack and now faces weeks or months before the majority of output is restored at the giant Abqaiq processing plant.
Oil markets are grappling with uncertainty over how long it will take Saudi Arabia to restore output after the devastating attacks that knocked out 5% of global crude supply.
Oil posted its biggest ever intraday jump to more than $71 a barrel after a strike on a Saudi Arabian oil facility removed about 5% of global supplies, an attack the U.S. has blamed on Iran.
Saudi Arabia's energy minister has confirmed that drone attacks on its oil facilities knocked out about 50% of the country's production.