Aramco has selected McDermott as one of 11 contractors under a long-term project management consultancy (PMC) agreement supporting future energy, downstream, petrochemical and low-carbon developments across Saudi Arabia.
Most oil producers in the Middle East will see their crude oil production surge by double-digit percentages next year, rebounding from this year’s shut-ins due to the Iran war and the closed Strait of Hormuz.
Saudi Arabia is expected to slash again the official selling prices of the crude it will load for Asia in July amid weakening demand and narrowing spot Middle East crude premiums, a Reuters survey of industry sources showed on Friday.
Saudi Arabia is importing more fuel oil than before, to use in power generation as its natural gas production reverses direction and declines, Reuters has reported, citing Rystad Energy.
Saudi Arabia has reduced the official selling price of its flagship crude loading for Asia in June from the May record high, but the price cut was less than expected.
The United Arab Emirates will leave OPEC and its wider alliance, OPEC+, dealing a blow to the group and its leader Saudi Arabia as the global oil industry grapples with the massive supply disruption caused by the Iran war.
Saudi Arabia has restored full pumping capacity on its East-West Pipeline to about 7 million bopd after damage from attacks last week resulted in a 700,000-bopd loss in throughput, Reuters reported on Sunday.
Saudi Arabia’s East-West Pipeline, a critical artery bypassing the Strait of Hormuz, was reportedly hit in an Iranian drone attack on Wednesday, Reuters has reported. According to the report, a pumping station along the 1,200 km pipeline was struck by a drone early morning on Wednesday. Prior to the attack, the pipeline was pumping at its emergency capacity of 7 million barrels per day (bpd) to bypass the shuttered Strait of Hormuz
Sadara Chemical Company has temporarily shut down production at its Jubail site due to supply-chain disruptions, subsidiary Sadara Basic Services said in a Tuesday stock market disclosure. Citing “several factors, including ongoing disruption to Sadara’s supply chains,” for the shutdown, Sadara Basic Services said it was unable to provide an estimate for the resumption of […]
Saudi Arabia has ramped up crude shipments from Yanbu export terminals on the Red Sea coast as it diverts supplies away from the Persian Gulf and the Strait of Hormuz, which Iran has kept effectively closed since the end of February.