Saudi Arabia’s crude oil exports increased by 170,000 barrels per day (bpd) to 5.75 million bpd in September, data from the Joint Organizations Data Initiative (JODI) showed on Thursday.
Saudi Arabia’s energy minister, Abdulaziz bin Salman, has disclosed that the kingdom signed preliminary agreements with African countries, including Nigeria, on energy-related cooperation.
Saudi Arabia said it would extend its voluntary production cuts of 1 million barrels daily of crude until the end of the year.
Kenera has secured a contract to deliver five top drives and five iron roughnecks to Arabian Drilling for new build rigs to operate on a major project in Saudi Arabia.
OPEC+ still has a positive outlook for growth in oil demand, despite the headwinds faced by the global economy, as it prepares for its next ministerial meeting.
Oil fell below US$80 a barrel for the first time in more than two months as fresh doubts on whether the Federal Reserve has finished tightening outweighed Saudi Arabia and Russia’s supply cuts.
Saudi Aramco, the world’s largest oil exporter, reported more than a 23% year-on-year decline in its net income for the third financial quarter to $32.6 billion due to relatively lower crude prices and production cuts.
Brent crude futures rose 55 cents, or 0.65%, to US$85.44 a barrel by 0700 GMT, while U.S. West Texas Intermediate crude was at US$81.14 a barrel, up 63 cents, or 0.78%
Saudi Arabia has big plans to decarbonise its economy through the diversification of its energy sector, investing significantly in clean technologies and introducing commercial-scale carbon capture systems in its oil and gas operations
Saudi Arabia and Russia, the key OPEC+ partners, will be keeping their oil supply cuts in November despite the recent crude oil price rally.