The move raised questions about Saudi Arabia’s view on future demand as the world shifts toward low-carbon energy, and was also seen as a concession there’s adequate oil supply from competitors including US shale producers.
Saudi Arabia is considering plans to revive a follow-on offering in Aramco as soon as February, in a multibillion-dollar deal that’s likely to rank among the biggest share sales in recent years, according to people familiar with the matter.
Saudi Arabia’s reversal of plans to bolster its oil production capacity has raised questions about the future of demand, but it points to another long-running risk to the kingdom’s energy petroleum revenue — rival suppliers.
Norway’s largest pensions’ manager divested $15 million from Gulf companies on concerns they may facilitate human rights violations, and decided to exclude Saudi Aramco because of climate risks.
The Saudi company also noted the importance of gas. During the period, Aramco started up the Hawiyah gas plant expansion, increasing the facility’s capacity by 800 million cubic feet per day.
The heads of Saudi Aramco and Exxon Mobil took to the stage at a major industry event Monday to voice support for the global transition to cleaner forms of energy, but one in which oil continues to play a major role for decades to come.
BlackRock has named Saudi Aramco Chief Executive Officer Amin Nasser to its board, underscoring the asset manager’s commitment to the oil industry in the middle of a highly politicized debate about its role in ESG investing.
Saudi Arabia issued big price increases for its crude to Europe and the Mediterranean, while also unexpectedly lifting the cost of barrels to Asia, a move that risks stifling demand for the kingdom’s barrels.
Saudi Aramco met with an army of Turkish contractors this week to discuss $50 billion of potential projects in the Gulf kingdom, underlining improving trade ties between the two countries after they buried a diplomatic spat over the killing of Jamal Khashoggi.
Saudi Arabia’s plans for another multibillion-dollar offering of Aramco stock are gaining fresh momentum, with any deal set to be one of world’s largest share sales in recent years, people with knowledge of the matter said.
Saudi Aramco unexpectedly increased its dividend and said it would hike spending as it looks to deploy an avalanche of cash generated by last year’s surge in oil and gas prices.
Saudi Aramco’s top official warned Sunday that an increased focus on climate was undermining investment in oil and gas to the point where it now posed a threat to the world’s energy security.
Saudi Aramco Base Oil, a refining unit of the state-owned oil producer, slumped in its trading debut following an initial public offering that raised $1.32 billion, bucking the trend for strong debuts in the Gulf region amid the gloomy outlook for the global economy.
HSBC will no longer provide lending or capital markets financing for new oil and gas fields, it has announced, while accelerating support for renewable energy.