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.
Following the recent China-brokered resumption of relationship deal between historical enemies Saudi Arabia and Iran, a deal for the Kingdom to develop two key projects in Iran’s close ally Iraq is in the offing.
ABU DHABI, June 1, 2023 – Saudi Aramco has signed multiple contracts with Chinese geophysics services giant BGP for onshore and offshore seismic surveys, Upstream Online reported on Wednesday.
It might appear counter-intuitive to characterise Saudi Aramco’s first quarter net income of SAR119.54 billion (US$31.88 billion) as bad but, in the context of what the company is, it is. It is not so much the 19 percent drop in net income that will be troubling to savvy oil market watchers. Some of that can be explained by the drop in oil prices over the quarter.
Saudi oil giant Aramco on Tuesday reported a first-quarter net income of $31.9 billion, down by 19% from the first quarter of 2022 as macroeconomic concerns dragged down oil prices between January and March 2023.
The world’s largest crude oil exporter, Saudi Arabia, is betting big on the growing market for crude China, as Saudi oil giant Aramco is strengthening its downstream presence and crude supply market share in the world’s top importer.