From Reuters Saudi Arabia’s cabinet said on Tuesday that Iran’s interception of commercial vessels in Gulf waters, including its seizure of a British tanker, violated international law and must be prevented. The Saudi remarks came after Britain called on Monday for a European-led naval mission to ensure safe shipping through the Straight of Hormuz, the world’s most important oil artery.
By Tyler Losier, Energy Reporter, Oil & Gas 360 Marjan and Berri oilfields to increase capacity by 550,000 BOPD, 2.5 BSCFD of gas Saudi Aramco, the state oil company of Saudi Arabia, has awarded 34 contracts worth $18 billion for increment programs to increase production in its Marjan and Berri oilfields. More specifically, the company plans to add an additional
From Bloomberg Nine-month extension takes output cuts into a fourth year, countries approve new charter formalising OPEC+ grouping It was supposed to be a six-month fling, but Saudi Arabia and Russia have instead signed up for eternity. Complete with poem and celebratory badges, Moscow and Riyadh led two dozen countries in signing a charter to formalize the OPEC+ group that
I have no doubt U.S. shale will peak, plateau and decline By Bevo Beaven, Editor, Oil & Gas 360 At today’s press conference following OPEC’s annual meeting in Vienna, Saudi Arabia’s Minister of Energy, Industry and Mineral Resources Khalid Al-Falih, also the chairman of the Joint Ministerial Monitoring Committee of OPEC+ (OPEC plus non-OPEC countries), said the OPEC+ group had
By Tyler Losier, Energy Reporter, Oil & Gas 360 Inauguration of new facilities includes MoU to build new cracker by 2024 Saudi Aramco joined South Korea’s S-Oil this week to inaugurate the latter company’s new petrochemical facilities: the residue upgrading complex and olefin downstream complex. The new refineries have boosted S-Oil’s petrochemical portion from 8% to 13%, including the production
By Tyler Losier, Energy Reporter, Oil & Gas 360 Aramco looks to expand its South Korean presence Saudi Aramco has signed a series of 12 different agreements with a variety of South Korean companies in order to expand its international operations and support the region’s energy security by providing Arabian crude to Asian markets. The agreements, which cover ship building,
By Tyler Losier, Energy Reporter, Oil & Gas 360 Sergio A. Tuberquia joins Data Gumbo as chief commercial officer Data Gumbo, a blockchain-as-a-service (BaaS) company based in Houston, has tapped Sergio A. Tuberquia for the position of chief commercial officer. The hiring of Tuberquia comes shortly after the company received $6 million in series A funding led by Saudi Aramco
From The Houston Chronicle Saudi Arabian Oil Co. has the experience and infrastructure it needs to keep crude flowing should supply through the Strait of Hormuz be disrupted, according to the chief executive officer of the state-run producer. “We are increasing our readiness,” Amin Nasser said in an interview in Seoul on Tuesday. “We can supply through the Red Sea
By Tyler Losier, Energy Reporter, Oil & Gas 360 Two vessels seriously damaged after seemingly intentional strike Two tankers were attacked Thursday near the Strait of Hormuz in the Gulf of Oman, leading to a spike in oil prices as markets opened today. U.S. officials are blaming Iran for the incidents; however the country has vehemently denied any involvement. Source:
By Tyler Losier, Energy Reporter, Oil & Gas 360 Actually, it’s been a rough few weeks for crude oil. West Texas Intermediate near-month futures are down just about 20% since WTI peaked at $66.60 in late April of this year, closing out yesterday at $53.25. And by the look of today’s NYMEX chart, it seems as though the rollercoaster ride
By Tyler Losier, Energy Reporter, Oil & Gas 360 Natural gas consumption is on the rise in the kingdom Saudi Arabia burns more crude oil for the purposes of power generation than any other nation in the world, tripling the consumption of Iraq between 2015 and 2017, who at the time was the second highest country on the list. Recently,
From Bloomberg Supply and demand both falling quickly, says BofA’s Blanch, Energy investors beat sector ‘to death’: RBC Capital Markets Oil flirted with bear-market territory as Saudi Arabia insisted OPEC will avert a global supply glut after international trade brinkmanship triggered the steepest monthly slump this year. Futures gained as much as 2.1% in New York on Monday before surrendering
