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Global Oil Demand Could Reach New Heights In 2022
Dec. 29, 2021
Source: Oil Price

Global Oil Demand Could Reach New Heights In 2022

Oil demand suffered a severe blow last year when the initially ignored coronavirus in China spread around the world and started prompting lockdowns. Then the wave receded, and oil demand began to rebound, much faster than most expected. Despite the green transition push, demand will continue to recover into next year, too, and those after it. Many forecasters, including BP, in 2020 argued that peak oil was already past us and what we had to look forward to was a more renewable energy mix. And then Covid-19 case numbers in key markets began to decline, and oil demand began to rise. Since then, demand has rebounded so strongly that it has led forecasts to start warning of the possibility of a shortage. Saudi Arabia recently warned that underinvestment in new oil and gas production would lead to higher prices and supply crunches.

Saudi Arabia warns traders against shorting oil prices
Dec. 14, 2021

Saudi Arabia warns traders against shorting oil prices

OPEC+, a 23-nation group led by Saudi Arabia and Russia, decided on Dec. 2 to raise daily oil output by 400,000 barrels in January. But it kept the meeting open and said it would be able to reconvene at short notice to change course. "I call my friends every day, we chat and share notes," Prince Abdulaziz bin Salman said in Riyadh, referring to fellow OPEC+ ministers. "So the meeting is truly not suspended. It continues to be in session." That strategy has helped bolster crude prices by making traders warier of taking short positions, according to analysts.

Saudi Aramco agrees $15.5bn gas pipeline deal with global consortium led by BlackRock
Dec. 7, 2021

Saudi Aramco agrees $15.5bn gas pipeline deal with global consortium led by BlackRock

Saudi Aramco has agreed a $15.5 billion lease-and-leaseback deal for its gas pipeline network with a group of companies led by BlackRock Real Assets and state-backed Hassana Investment Company. As part of the deal, the world's largest exporting company's newly-formed unit, Aramco Gas Pipelines Company, will lease usage rights in the state energy firm's gas pipelines network and lease them back to Aramco for a 20-year period, the company said in a statement.

Oil ends higher as concerns over the omicron variant ease, Saudis raises prices for some buyers
Dec. 7, 2021
Source: Market Watch

Oil ends higher as concerns over the omicron variant ease, Saudis raises prices for some buyers

Oil futures climbed on Monday, with news that the omicron variant may not lead to severe cases of COVID-19 and Saudi Arabia's move to lift crude prices for some buyers providing support. The Saudi move "portrays confidence in the markets but it doesn't alter the uncertain outlook in any way," said Craig Erlam, senior market analyst at Oanda. The most bullish thing for oil prices is that omicron is "reportedly less severe and if more good news follows, we can all relax a little and the downside risks to the economy will abate." January West Texas Intermediate crude CLF22, +1.02% rose $3.23, or 4.9%, to settle at $69.49 a barrel on the New York Mercantile Exchange.

Oil gains more than $1/bbl after Saudi price hike
Dec. 6, 2021
Source: Reuters

Oil gains more than $1/bbl after Saudi price hike

SINGAPORE, Dec 6 (Reuters) - Oil prices rose by more than $1 a barrel on Monday after top exporter Saudi Arabia raised prices for its crude sold to Asia and the United States, and as indirect U.S.-Iran talks on reviving a nuclear deal appeared to hit an impasse. Brent crude futures for February gained $1.69, or 2.4%, to $71.57 a barrel by 0033 GMT while U.S. West Texas Intermediate crude for January were at $67.92 a barrel, up $1.66, or 2.5%.

Saudi Arabia, Russia warn of reduction in oil production
Nov. 26, 2021
Source: The Donga ILBO

Saudi Arabia, Russia warn of reduction in oil production

The US-led proposal to release strategic oil reserves in a bid to lower oil prices, which was backed by South Korea, China, Japan, India, and the United Kingdom, was met with opposition from major oil producers such as Saudi Arabia and Russia, suggesting a move to phase down oil production. Concerns about a probable oil price increase are mounting as global oil prices continue to rise despite plans to release strategic oil reserves and major oil producers launch a counterattack. According to the Wall Street Journal, Saudi Arabia and Russia, the world's two largest oil producers, are considering a shift in oil policy by reducing production in reaction to the US-led proposal to release strategic oil reserves in an effort to lower oil prices. OPEC, led by Saudi Arabia, and OPEC+, made up of OPEC members and non-oil producing countries, were also mentioned in the publication.

Faster GCC growth likely next year as oil production set to rise
Sept. 20, 2021

Faster GCC growth likely next year as oil production set to rise

As we enter the final quarter of 2021, it is a good time to look back on how the region’s economies have performed so far compared with our expectations at the start of the year and also to recalibrate our outlook for next year. The UAE has yet to release official gross domestic product statistics for the first and second quarters of this year, but the PMI survey data suggests that the non-oil sectors have continued their gradual recovery following last year’s Covid-related contraction. Companies have generally reported increased activity on a monthly basis and domestic demand appears to be strengthening. Although global travel restrictions have continued to weigh down the tourism sector, the outlook for the fourth quarter is brighter here as well.

Saudi Arabia Gets Serious About Solar to Meet National, Youth Aspirations
Sept. 14, 2021
Source: Saur Energy

Saudi Arabia Gets Serious About Solar to Meet National, Youth Aspirations

Saudi Arabia is on a tight deadline. The kingdom has set itself some of the most ambitious economic and social targets in the region, with an aim to revamp its economy completely. Underpinning this drive for change is its youth population, now better equipped than ever to contribute productively. Not only does the kingdom want to retain its place as the largest economy in the Middle-east, but do much better than that, to ensure it becomes a magnet for non-oil sectors worldwide. At an average age of just 32, Saudi Arabia has a strong cohort of the young, that has acquired quality qualifications in the recent past, thanks to high investments in building up education and health infrastructure.

DNV supports Saudi Arabia’s Sudair Solar PV project
April 21, 2021
Source: Energy Global

DNV supports Saudi Arabia’s Sudair Solar PV project

DNV, the independent energy expert and assurance provider, has acted as technical consultant to Saudi Power Procurement Company (SPPC) during the development of the 1.5 GW Sudair Solar PV project. DNV supported SPPC for over two years with a scope of work which included preparation of project protocol documents, setting the technical conditions of the project, such as project grid interconnection requirements, technical aspects of the PPA and the transmission connection agreement.

A $12.5 billion deal shows Saudi oil still eclipses all else
April 15, 2021
Source: Energyworld

A $12.5 billion deal shows Saudi oil still eclipses all else

Saudi Arabia is celebrating one of the biggest foreign-investment windfalls in its history after netting more than $12 billion by selling off a stake in the oil pipelines that traverse the desert kingdom.But the country may also be facing an uncomfortable reality as a result. As carefully cultivated relationships with firms such as BlackRock Inc. and SoftBank Group Corp. have yet to draw in the desired investment, it’s turning to the jewels of its energy industry to attract new money.

ACWA Power unveils Saudi Arabia’s first renewable energy project
April 13, 2021

ACWA Power unveils Saudi Arabia’s first renewable energy project

Saudi Arabian energy company ACWA Power has announced the opening of a utility-scale solar renewable energy project in the country. The 300MW Sakaka PV independent power producer (IPP), which was built with an investment of SAR1.2bn ($319m), was inaugurated by Crown Prince Mohammed bin Salman. Salman said: “The private sector plays a fundamental role in the development of renewable energy projects in Saudi Arabia.

Saudi oil giant Aramco to scale back spending after 2020 profit slump
March 22, 2021
Source: Reuters

Saudi oil giant Aramco to scale back spending after 2020 profit slump

Saudi Arabian state oil giant Aramco is betting on an Asian-led rebound in energy demand this year after it reported a steep slide in net profit for 2020 on Sunday and scaled back its spending plans.The world’s largest oil exporter said net profit fell 44.4% to 183.76 billion riyals ($49 billion) for the year ended Dec. 31, from 330.69 billion riyals a year earlier.

India to cut Saudi Arabian oil imports after OPEC ignores India demand
March 18, 2021
Source: Energyworld

India to cut Saudi Arabian oil imports after OPEC ignores India demand

New Delhi: India’s state refiners are considering purchasing fewer barrels from Saudi Arabia in May after the OPEC ignored New Delhi’s call for higher supplies to calm international crude oil prices.Weaker demand due to increasing Covid-19 cases or regular maintenance shutdowns may also contribute to lower purchase from Saudi Arabia in May, they said.

U.S. becomes India's second biggest oil supplier, Saudi plunges to No. 4 - trade
March 16, 2021
Source: Energyworld

U.S. becomes India's second biggest oil supplier, Saudi plunges to No. 4 - trade

The United States overtook Saudi Arabia as India's second biggest oil supplier last month, as refiners boosted cheaper U.S. crude purchases to record levels and to offset supply cuts from the Organization of the Petroleum Exporting Countries and its allies (OPEC+), data from trade sources showed.

Rebel attack on world’s largest crude terminal sends oil prices surging
March 9, 2021
Source: world oil

Rebel attack on world’s largest crude terminal sends oil prices surging

Oil surged above $71 a barrel in Asian trading after Saudi Arabia said the world’s largest crude terminal was attacked, although output appeared to be unaffected after the missiles and drones were intercepted. Futures in London jumped as much as 2.6% at the open after rising 4.9% last week. The attacks follow a recent escalation of hostilities in the Middle East region after Yemen’s Houthi rebels launched a series of attacks on Saudi Arabia.

Brent cracks $70 for first time since pandemic began after Saudi facilities attacked
March 9, 2021
Source: Energyworld

Brent cracks $70 for first time since pandemic began after Saudi facilities attacked

Brent crude futures jumped above $70 a barrel on Monday for the first time since the COVID-19 pandemic began, while U.S. crude touched its highest in more than two years, following reports of attacks on Saudi Arabian oil facilities.Despite fast-rising crude prices, Saudi Arabia's oil minister has voiced doubts on demand recovery.

Saudis raise U.S. and Asian crude prices for April delivery
March 8, 2021
Source: world oil

Saudis raise U.S. and Asian crude prices for April delivery

Saudi Arabia raised pricing for its crude for shipment to Asia and the U.S. next month after OPEC+ extended oil supply constraints, pointing to a tightening physical market. State oil producer Saudi Aramco increased pricing for Arab Light crude for Asia, its largest regional market, by 40 cents a barrel to $1.40 more than the benchmark. Aramco raised all other pricing to Asia, except for its Heavy crude which remained unchanged.

Saudi Arabia’s bold plan to rule the $700 billion hydrogen market
March 8, 2021
Source: Energyworld

Saudi Arabia’s bold plan to rule the $700 billion hydrogen market

As governments and industries seek less-polluting alternatives to hydrocarbons, the world’s biggest crude exporter doesn’t want to cede the burgeoning hydrogen business to China, Europe or Australia. So it’s building a $5 billion plant powered entirely by sun and wind that will be among the world’s biggest green hydrogen makers when it opens in the planned megacity of Neom in 2025.

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