Saudi oil giant Aramco has restarted operations at the Kingdom’s biggest refinery Ras Tanura, which was shut as a precaution in the early days of the war following a drone strike in the area, a source with knowledge of the situation told Bloomberg on Wednesday.
OPEC’s crude oil production climbed last month as group leader Saudi Arabia bolstered production amid rising regional tensions, a Bloomberg survey showed.
Saudi Arabia has started reducing oil production as the crucial Strait of Hormuz chokepoint remains at a near-standstill, even as the kingdom rushes to boosts exports through an alternative route.
Saudi Arabia has started to increase its oil output as part of a contingency plan in the event the United States attacks Iran and oil flows are disrupted, Reuters reported on Wednesday, as OPEC’s biggest oil producer positions itself as a “reliable supplier” looking to take up its traditional role as a key swing producer ready to stabilize the markets if a conflict occurs.
In a statement sent to Rigzone on Monday, Saipem announced that it has been awarded an additional offshore contract in Saudi Arabia under its existing long-term agreement with Aramco.
India is set to import the most crude from Saudi Arabia in more than six years this month, as the South Asian nation faces sustained US pressure to reduce purchases of Russian barrels. Shipments from Saudi Arabia are set to rise to 1 million to 1.1 million barrels a day, the highest since November 2019, […]
Arabian Drilling has secured three land rig contract extensions in Saudi Arabia worth USD 373 million, extending its backlog by 25 rig years, the company announced on Tuesday. Of the rigs subject to extensions, one is currently operational, and another is projected to begin operations by the end of January 2026. A third is currently under […]
GAS Arabian Services has signed agreements worth USD 17.5 million to acquire stakes held by Afaq Al Mustaqbal in EagleBurgmann Saudi Arabia (EBKSA) and TCR Arabia (TCR), Gas Arabian Services said in a Saudi Exchange filing on Tuesday.
The transaction agreement covers the acquisition of all issued and outstanding shares of Shelf Drilling and was approved with 99.6% of votes cast in favour.
Saudi Arabia’s grand Vision 2030 ambitions may be colliding with a colder fiscal reality. Fitch Ratings warned Friday that Riyadh faces rising financial risks as oil prices soften and government spending balloons, threatening the kingdom’s plans for fiscal consolidation.