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Crude oil buoys up as Saudi persists OPEC to deepen cuts
Dec. 3, 2019
Source: Reuters

Crude oil buoys up as Saudi persists OPEC to deepen cuts

Oil prices jumped on Tuesday, as OPEC de facto leader, Saudi Arabia pushed the cartel to deepen a supply cut agreement. Brent crude futures rose 0.3%, to $61.11 per barrel. U.S. WTI crude was priced 0.4% higher, at $56.17 a barrel. Sources familiar with the discussions said that the cartel is aiming to increase its existing supply cut by 400,000 bpd and prolong the pact until June.

Aramco's IPO valued at $1.71 trillion
Nov. 18, 2019

Aramco's IPO valued at $1.71 trillion

On Sunday, Saudi Arabia revealed the value of world's biggest IPO. Aramco's IPO will be of up to $1.71 trillion and it will sell 1.5% of the company through this. But the IPO has missed Crown Prince's initial target of $2 trillion. The energy giant has already started taking bids from the investors in a price range of 30-32 Saudi riyals.

Climate change seen as big risk for Aramco's IPO
Nov. 15, 2019

Climate change seen as big risk for Aramco's IPO

Saudi's energy giant, Saudi Aramco has its IPO next month ahead of which climate change and decline in the demand for fossil fuels are seen as key risks. "Climate change concerns and impacts could reduce global demand for hydrocarbons and hydrocarbon-based products and could cause the company to incur costs or invest additional capital," says Aramco. The largest supplier of hydrocarbons will reveal the price of its shares on Sunday.

Concerns of oversupply bring down oil prices
Nov. 12, 2019
Source: Reuters

Concerns of oversupply bring down oil prices

Uncertainty over the progress of US-China trade talks led to the drop in oil prices on Tuesday. Rise in crude output of Saudi Arabia brought back the fear of oversupply in the market. WTI dropped by 0.3% and was traded at $56.68 a barrel. Brent went down by 0.2% and was traded at $62.04 a barrel.

Saudi Aramco registers $68 billion in profits for nine months
Nov. 4, 2019
Source: Reuters

Saudi Aramco registers $68 billion in profits for nine months

Oil behemoth, Saudi Aramco has said that it registered a net income of $68 billion during the last nine-month, which ended on September 30. Aramco recorded $244B in revenues and other income related to sales for the same period. The company recently announced its intention to list shares on the Saudi stock exchange. Aramco also said that Saudi nationals subscribing to the listing will remain eligible to receive bonus shares.

India and Saudi strike a deal
Oct. 30, 2019

India and Saudi strike a deal

Saudi-India strategic partnership has taken a major leap forward on Wednesday. Indian Strategic Petroleum Reserves Limited has signed an agreement with energy supermajor Saudi Aramco to lease part of the 2.5 million-tonne Padur storage in Karnataka. This bilateral deal focuses at building emergency crude reserves against volatility of the market.

Incident at SASREF kills two
Oct. 16, 2019
Source: Reuters

Incident at SASREF kills two

Saudi Aramco-owned SASREF yesterday informed about the death of two contractors in “an incident” during maintenance work on Sunday. A statement released by the refiner said that the incident also left two others injured. Maintenance work will continue as planned at the facility. SASREF existed as a joint venture between Aramco and Royal Dutch Shell until September when Aramco bought it Shell’s stake in the JV.

Saudi crown prince cautions of unimaginably high oil prices
Sept. 30, 2019

Saudi crown prince cautions of unimaginably high oil prices

Saudi Arabia's crown prince has warned of an unimaginable spike in oil prices lest the world comes together to deter Iran, though he added that a political solution is preferred. Speaking in an interview, Crown Prince Mohammed bin Salman agreed with a statement made by the U.S. Secretary, Mike Pompeo who referred to Sept 14 attacks as an act of war by Iran.

Saudi plans on investing $100 billion in India
Sept. 30, 2019

Saudi plans on investing $100 billion in India

Saudi Arabia is planning to invest $100 billion in India. Considering the growth potential of the country, Saudi Arabia will invest in energy, refining, petrochemicals, infrastructure, agriculture, minerals and mining. For India, Saudi is the source of over 17% of crude and 32% of LPG requirements. "India's invitation to Saudi Arabia to invest in its strategic petroleum reserve reflects the trust and goodwill the two countries share", said Saudi Ambassador.

Oil prices went down over weak manufacturing data
Sept. 24, 2019
Source: Reuters

Oil prices went down over weak manufacturing data

Oil prices slipped on Tuesday over weak manufacturing data from Europe and Japan. The data shifted the focus of the market from Saudi crisis to the global demand concerns. Brent went down to $64.42 a barrel. WTI decreased to $58.36 a barrel. On the other side of the world, Britain, Germany and France came in support of the US and blamed Iran for the Saudi oil attack.

We look forward to India's continued partnership, says Saudi Arabia
Sept. 23, 2019

We look forward to India's continued partnership, says Saudi Arabia

Following the biggest-ever attack on its oil installations, Saudi Arabia has assured of its commitment towards India's energy security needs. India and Saudi's relations have been flourishing over the last few years because of healthy energy ties. "We look forward to India's continued partnership. Saudi Arabia has valued India as a close friend and a strategic partner", said the Saudi Ambassador.

Oil prices increase as a result of increasing Middle East tension
Sept. 20, 2019
Source: Reuters

Oil prices increase as a result of increasing Middle East tension

Tension in the Middle East escalated the journey of oil prices uphill on Friday. This is the result of a military operation by Saudi in Hodeidah. Brent increased by 7.7% this week while WTI went up and was traded at $58.79 a barrel. Further, US and Saudi Arabia continue slamming Iran for the attack but Tehran denies any involvement.

A calm wave settles the turbulence in the international market
Sept. 19, 2019
Source: Reuters

A calm wave settles the turbulence in the international market

Oil prices improved after Saudi Arabia assured restoration of full production by September end. Brent increased and was traded at $63.68 a barrel. WTI went up to $58.23 a barrel. Meanwhile, oil analytics has informed about the loss of 3.4 million barrels per day (bpd) of oil output by Saudi. After Saudi pointed fingers at Iran for the attack, Washington has ordered U.S. Treasury to “substantially increase sanctions” on Tehran.

Oil prices fall by more than 1%
Sept. 17, 2019

Oil prices fall by more than 1%

The international market witnessed a drop in oil prices on Monday. The market is waiting for the response on the attack on Saudi facilities which brought down the kingdom's production. Brent dropped down by 1.1%, at $68.25 a barrel. WTI slipped by 1.3%, to $62.08 a barrel. This attack has led to a significant surge in the volatility of the market which otherwise was subdued due to US-China trade war.

Oil prices jump over Saudi oilfield attack
Aug. 19, 2019
Source: Reuters

Oil prices jump over Saudi oilfield attack

Oil prices jumped in the international market on Monday, climbing on the back of the drone attack by Yemen rebels on a Saudi oil facility. Brent crude LCOc1 rose by 1.1% to $59.28 a barrel. U.S. crude CLc1 was traded 1% higher at $55.42 a barrel. Tensions escalated in the middle east region on Saturday after Yemen’s Houthi group carried out a drone attack on an oilfield in eastern Saudi Arabia.

Oil prices dip on Tuesday
Aug. 13, 2019
Source: Reuters

Oil prices dip on Tuesday

The international market is struggling due to sluggish demand forecast. This led to the fall of oil prices on Tuesday. Brent dropped down by 0.3% and was traded at $58.39 a barrel. WTI slipped by 0.2% and was traded at $54.81 per barrel. In order to drain global oil inventories, Saudi has informed its plan to keep crude oil exports below 7 million bpd in August and September.

Saudi Aramco to revive the mega IPO
July 3, 2019
Source: Energy Voice

Saudi Aramco to revive the mega IPO

Saudi Aramco is planning to restart its mega IPO. But the plan will still face some hurdle, the major one being achieving the $2 trillion valuations. Meanwhile, Saudi Crown Prince wants Aramco to be listed in New York and insisted that the IPO takes place in 2020 or 2021. It was in 2016 that the IPO project was announced for the first time as a part of the Vision 2030.

Saudi Aramco awards an EPCI contract to McDermott
June 25, 2019
Source: World Oil

Saudi Aramco awards an EPCI contract to McDermott

McDermott has received a contract from energy supermajor Saudi Aramco. The contract is for engineering, procurement, construction and installation (EPCI) services in the Marjan and Zuluf fields in Saudi Arabia. The project will be carried out by McDermott's Al Khobar office and Dammam fabrication facility. The project will start immediately and will be reflected in the second-quarter 2019 backlog of McDermott.

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