Nasdaq LONDON – Gulf oil giants Saudi Aramco 2222.SE and Abu Dhabi National Oil Company (ADNOC) ADNOC.UL are in talks to invest in U.S. liquefied natural gas projects, as they step up competition with oil majors and regional rival Qatar in the booming super-chilled gas market, sources aware of the matter said. The two energy giants are trying to exploit their fossil fuel
Oil Price Global oil supply is sufficient now, but natural declines at oilfields mean that the world would need to find a Saudi Arabia every two years to offset these production drops, Saudi Aramco’s chief financial officer Ziad Al-Murshed has said. Due to the natural decline in operating fields, as many as 6 million barrels per day (bpd) of global
CNBC Saudi’s state-controlled oil giant Aramco suspended its capacity expansion plans because of the green transition, Energy Minister Abdulaziz bin Salman said Monday, stressing that the future of energy security lies with renewables. “I think we postponed this [Aramco capacity] investment simply because … we’re transitioning. And transitioning means that even our oil company, which used to be an oil
Investing NEW YORK – Oil futures were little changed on Monday as rising concerns about global demand caused the market to take a break after prices jumped about 6% last week on worries that Middle East tensions could cause supply problems. Brent futures fell 26 cents, or 0.3%, to $81.93 a barrel by 10:48 a.m. EST (1548 GMT), while U.S. West
Investing Oil rallied after revisions to US data confirmed that inflation is ebbing, boosting confidence that the Federal Reserve will cut interest rates later this year. West Texas Intermediate rallied above $77 a barrel. Prices have been buoyed by the S&P 500 reaching record highs, heightened geopolitical risk going into the weekend and crude crossing major moving averages, said Dennis
Yahoo Finance NEW YORK – Oil prices rose about a dollar a barrel on Monday on concerns that tensions in the Middle East and Russia’s ongoing invasion of Ukraine could curb global supplies. Brent crude futures settled higher by 66 cents, or 0.9%, at $77.99 a barrel and U.S. West Texas Intermediate crude futures settled at $72.78 a barrel, up
World Oil (WO) – QatarEnergy has announced the award of the four main Engineering, Procurement, Construction, and Installation (EPCI) contract packages related to the next development phase of the offshore Al-Shaheen field (Qatar’s largest oil field) to increase production by about 100,000 bopd. The award is part of Project Ru’ya (vision in Arabic), which is the third phase of Al-Shaheen’s
Nasdaq LONDON – OPEC oil output in January registered the biggest monthly drop since July, a Reuters survey found, as several members implemented new voluntary production cuts agreed with the wider OPEC+ alliance and unrest curbed Libyan output. The Organization of the Petroleum Exporting Countries pumped 26.33 million barrels per day (bpd) this month, down 410,000 bpd from December, the
Oil Price The Saudi state has ordered energy major Aramco to stop work on expanding its maximum sustainable capacity to 13 million barrels daily, instead keeping it at 12 million bpd. The company said in a statement today that its maximum sustainable capacity is determined by the state under a law from 2017. Aramco added that it would update its capital spending
World Oil (Bloomberg) – A drone strike that killed U.S. troops in Jordan and a separate attack on a fuel tanker in the Red Sea have led to an escalation of tensions in the region key to energy production and global trade. The White House blamed Iranian-backed militias for the assault on U.S. soldiers, which was denied by Tehran, while
World Oil (Bloomberg) – Saudi Aramco, the world’s largest oil company, is continuing to send tanker loads of crude and fuels through the southern Red Sea, where Houthi militants have for months been menacing merchant ships in response to the Israel-Hamas war in Gaza. “We’re moving in the Red Sea with our oil and products cargoes,” Mohammed Al Qahtani, who
Oil Price Oil prices rose by more than 1% early on Thursday, buoyed by a larger-than-expected U.S. crude draw, Chinese stimulus, and continued attacks by the Houthis in and near the Red Sea. As of 10:50 a.m. ET on Thursday, the U.S. benchmark, WTI Crude, had risen by 1.53% to $76.00. The international benchmark, Brent Crude, was up by 1.36% at $80.95.
