Saudi Arabia’s state-owned oil company, Aramco, has decided to suspend its ambitious plan to boost oil production capacity to 13 million barrels per day (bpd) as per the Saudi government’s request.
The latest round of Middle East OSP cuts was inevitable.
Arab Light remains the cheapest grade for any US buyer, assessed at a $5.15 per barrel premium to the Argus Sour crude index.
Iraq has slashed prices across all continents in the same vein that Saudi Aramco did.
RIYADH — Saudi Aramco President and CEO Amin Nasser expected global demand for oil to rise by 1.5 million barrels per day (bpd) to 104 million bpd in 2024.
Saudi Arabia’s Aramco is one of 50 oil and gas companies pledging to stop adding to planet-warming gases by 2050
The top three emitters are Saudi Arabia’s Aramco, Russian government-owned Gazprom, the National Iranian Oil company, and the top investor-owned companies are ExxonMobil, Shell, BP and Chevron. The list also includes the company led by the president of this year’s international climate negotiations: the Abu Dhabi National Oil Company.
Aramco, one of the world’s leading integrated energy and chemicals companies, has successfully produced the first unconventional tight gas from its South Ghawar operational area two months ahead of schedule. This development supports Aramco’s strategy to increase gas production by more than half, over 2021 levels, through 2030, subject to domestic demand.
Saudi Aramco reports a profit decline but exceeds analyst expectations and maintains large investor dividends.
Oil prices have nearly erased all year-to-date gains as shrinking refining margins signal weaker demand for oil.
Saudi Arabia’s oil giant Aramco has told at least five refiners in North Asia that it would supply the full crude oil volumes by contract next month, Reuters reported on Monday, quoting sources familiar with the plans.
According to the Forbes Global 2000, Saudi state oil enterprise Saudi Aramco is once again the world’s most profitable company – this time with a big lead over second-placed Apple as oil and gas prices skyrocketed as part of the global energy crisis in the aftermath of the Russian invasion of Ukraine.