World Oil (Bloomberg) – Colombia’s state oil company, Ecopetrol SA, has decided against buying a $3.6 billion stake in Permian Basin assets from Occidental Petroleum Corp. The company told Occidental Wednesday that it had opted not to acquire the 30% stake in the assets it has agreed to buy from CrownRock LP, according to a filing Thursday. The stock of
Oil Price A supertanker-load of one of the key North Sea crudes has recently sold in Asia at a very low price – below the spot North Sea price and below the price of a Middle Eastern grade – in a sign that Asian demand for crude continues to be softer than anticipated. A cargo of 2 million barrels of
Oil Price Gulf Cooperation Council (GCC) economies will grow at a considerably slower clip in the current year due to the ongoing oil production cuts, with Saudi Arabia’s economy among the hardest hit, a Reuters poll of economists has predicted. A poll of 24 economists taken July 8-22 has predicted that Saudi Arabia’s economy will expand 1.3% in the current year,
Oil Price The International Monetary Fund (IMF) has downgraded its growth forecast for the Saudi economy due to ongoing oil production cuts by OPEC+. The IMF now sees 2024 growth clocking in at just 1.7%, nearly a percentage point lower than its earlier projection of 2.6%. The effects of the cuts are expected to spill over into the coming year,
Yahoo Finance ERBIL, Iraq – Heading for Turkey to the north and Iran to the east, hundreds of oil tankers snake each day from near Kurdistan’s capital Erbil, clogging the Iraqi region’s often winding and mountainous highways. The tankers are the most visible aspect of a massive operation to truck oil from the semi-autonomous region of Iraq to Iran and
Yahoo Finance (Bloomberg) — Saudi Arabia raised $1 billion more than previously expected from the sale of a stake in oil producer Aramco after a so-called stabilization period of the company’s shares ended. The government netted a total of $12.35 billion from the secondary offering, according to a statement. It sold a 0.64% stake in Aramco at 27.25 riyals a
CNBC U.S. crude oil on Tuesday hovered at a two-month high as worries grow that Israel and the Iran-backed militia Hezbollah could go to war, and Hurricane Beryl could impact Gulf Coast refineries. As oil has rallied in recent days, gasoline prices have hit a $3.50 per gallon average ahead of the Fourth of July holiday, according to the motorist
Oil Price As the war rages on in Gaza and tensions escalate between Israel and Hezbollah in Lebanon, private equity fund Carlyle (NASDAQ:CG) is forming a new Mediterranean oil and gas company to be led by ex-BP CEO Tony Hayward following the fund’s acquisition of assets in three countries for nearly $1 billion from Energean. The transaction, which is subject
CNBC Saudi Arabia is set to raise more than $11.2 billion from its secondary public share offering in state-controlled oil giant Aramco, after the stock was priced at the lower end of its expected range. The company on Friday said it will price the 1.545 billion of shares on offer at 27.25 Saudi riyal ($7.27) apiece, with the sale expected
Oil Price The $12-billion secondary share offering of Saudi oil giant Aramco has drawn strong demand from foreign investors, sources with knowledge of the matter told Bloomberg on Thursday. Saudi Aramco launched on Sunday a secondary public offering of 1.545 billion shares of the company, representing approximately 0.64% of the company’s issued shares. Aramcos’s share offer sold out in hours after opening
Oil Price Saudi Arabia is expected to launch as soon as Sunday a secondary share sale in its oil giant Aramco, Reuters reported on Thursday, quoting sources familiar with the plans. The landmark new share offering needs final approval from Saudi Crown Prince Mohammed bin Salman, according to Reuters’ sources. Last week, reports started emerging that Saudi Aramco planned to sell more shares as
Yahoo Finance Oil prices dipped on Monday as Israel-Hamas ceasefire talks in Cairo tempered fears of a wider Middle East conflict, while U.S. inflation data dimmed the prospect of interest rate cuts soon. Brent crude futures for June, which expire on Tuesday, were down by 70 cents, or 0.8%, to $88.80 a barrel by 1245 GMT. The more active July
