Oil Price Although the U.S. marked an historic shift in 2020 by becoming a net exporter of petroleum, it has remained a net importer of crude oil since the end of the Second World War, according to Energy Information Administration (EIA) data. For the relatively uninitiated, which appears to include Saudi Arabia in its ‘oil output figures’
Oil Price Saudi Arabian Mining Company (Ma’aden) has signed an agreement with the Saudi sovereign wealth fund, the Public Investment Fund, to set up a joint company that will invest in mining assets abroad to secure strategic minerals. Under the joint venture agreement, Ma’aden will own 51% of the new company, while the Public Investment Fund (PIF) will own the
Oil Price Saudi Arabia’s oil giant Aramco has discovered two unconventional natural gas fields in the eastern part of the country, Energy Minister Prince Abdulaziz bin Salman said on Wednesday. The Awtad unconventional gas field has been discovered southwest of the giant Ghawar field, and the AlDahna unconventional gas field has been discovered 230 kilometers (143 miles) southwest of Dhahran, the
Oil Price Iran’s exports of crude oil, condensates, and petrochemical products hit their highest level in the Iranian month of November since 2018, when the U.S. reimposed sanctions on the Islamic Republic’s oil industry, Petroleum Minister Javad Owji said. “Iran’s oil industry is currently at the forefront of the economic war and the highest sanctions have been imposed on the industry,”
Investing Saudi Arabia and other OPEC oil producers are discussing an output increase, the Wall Street Journal reported on Monday, citing unidentified delegates within the group. An increase of up to 500,000 barrels per day is now under discussion for OPEC+’s Dec. 4 meeting, the report said. Oil prices, which were already down on the day, fell more than
World Oil (Bloomberg) — Saudi Arabia’s wealth fund is considering an initial public offering of oil and gas driller ADES International Holding by the first half of next year, as it accelerates efforts to raise billions of dollars for new investments, people familiar with the matter said. The Public Investment Fund is looking to hire investment banks for a
World Oil (Bloomberg) – Many of the world’s oil refineries are rushing to try and guarantee supplies of Middle East crude for next year, fearful of what’s to become of Russia’s giant export program. In under a month, almost all companies in the European Union will be barred from purchasing seaborne cargoes from Russia — an attempt by the
Oil Price Crude oil is in “decline mode” in the long term, OPEC heavyweight the United Arab Emirates (UAE) says. “To assume oil is going to be there forever is wishful thinking,” the UAE’s Energy Minister Suhail Al-Mazrouei said at the ADIPEC energy conference, as carried by Bloomberg. “No matter how much we defend it, it’s in decline mode,” said
Oil Price The United States and the United Arab Emirates (UEA) signed on Tuesday a partnership expected to attract $100 billion in investment in clean energy projects worldwide, the White House said today. The U.S. and the UAE have signed the U.S.-UAE Partnership for Accelerating Clean Energy (PACE), set to catalyze $100 billion in financing, investment, and other support for clean
Oil Price The Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, could soon have an announcement about a possible sale of part of its 4% stake in Saudi Aramco, which is currently worth around $85 billion, the governor of the fund, Yasir Al-Rumayyan, told Bloomberg in an interview on Tuesday. Al-Rumayyan said that investors and analysts should “stay tuned” for news
Nasdaq Saad al-Kaabi, the head of Qatar’s state-run energy company, said on Monday all oil and gas trade should be depoliticized, calling for policies to move away from sanctions and anti-free market agreements. The comments by Kaabi, who is also Qatar’s minister of state for energy, come ahead of a Gas Exporting Countries Forum (GECF) meeting in Egypt and echo
US News LONDON – Oil prices rose on Friday in choppy trade as hopes of stronger Chinese demand and output cuts by OPEC and its allies offset concern about a global economic downturn and the impact of interest rate rises on fuel use. To fight inflation, the U.S. Federal Reserve is trying to slow the economy and will keep
