Saudi Aramco CEO calls on a reset in energy policies for developing countries
The head of Saudi Aramco, who called for a reset to policies in developing countries, said that progress in Asia's energy transition is slower, less equitable, and more complex than many had expected. Aramco CEO Amin Nasser said that even with the transition as economies expand and standards of living rise, the Global South will likely see significant growth in the oil demand for a very long time. While this growth will eventually stop, it is likely that a plateau is to follow. In a speech delivered at the Singapore International Energy Week, he stated that "if so, then more than 100,000,000 barrels of oil per day will be needed by 2050".
The global oil demand must rise faster to absorb OPEC+'s hike
According to analysts, data and industry sources, the global oil demand growth must accelerate in the coming months, or else, the market may struggle to absorb a planned increase in oil production by OPEC+ starting in October. The United States and China, the two largest oil consumers in the world, failed to meet expectations for the growth of oil demand during the first seven-month period of the year. This was even before renewed fears about a U.S. economic recession led to a sell-off of global stocks and bonds this week. Oil demand will probably slow down if the economy continues to slow.
Saudi Aramco Q2 Profit Soars Nearly 300% to $25.5B
Saudi Arabian state oil producer Aramco reported a near four-fold rise in second-quarter net profit, beating expectations and boosted by higher oil prices and a recovery in oil demand.Aramco said its results were supported by the global easing of COVID-19 restrictions, vaccination campaigns, stimulus measures and accelerating economic activity in key markets.
Saudi Aramco, Chevron Chiefs See Global Oil Demand Recovery
Global oil demand is recovering and could return to around pre-pandemic levels next year, the chief executive of Saudi Aramco told an oil and gas conference on Tuesday.Global demand for oil is likely to recover from the second half of the year and could reach 99 million barrels per day (bpd) in 2022, Amin Nasser said at IHS Markit's online CERAWeek conference.Diesel demand has recovered globally due to door-to-door deliveries, though jet fuel lags as people avoid long flights, said Chevron CEO Michael Wirth, who spoke on a panel with Nasser.Oil demand improving in China, India and East Asia, with vaccine deployment as "cause for optimism" in the West, Nasser sai
Saudi Aramco's Profit Plunges, Sees Signs of Recovery
State oil giant Saudi Aramco's profit plunged 73% in the second quarter of the year, as a slump in energy demand and prices due to the coronavirus crisis hit sales at the world's biggest oil exporter.But the company stuck with plans to pay $75 billion in dividends this year and CEO Amin Nasser said global oil demand was recovering.All major oil companies have taken a hit in the second quarter as lockdowns to contain the coronavirus limited travel, which reduced oil consumption and sent prices tumbling to levels not seen in nearly two decades.Aramco…
Saudi Aramco Launches Largest Shale Gas Development Outside US
Saudi Aramco is launching the biggest shale gas development outside of the United States to boost domestic gas supply and end the burning of oil at its power generation plants, Chief Executive Officer Amin Nasser told Reuters on Monday.The world's top crude oil exporter has for years battled for market share with rapidly expanding shale oil producers in the United States, which in just a decade have developed capacity to pump millions of barrels per day of oil from rock formations that were previously too costly to tap.Saudi Arabia fought a price war aimed at putting the U.S. shale industry out of business just six years ago, which ultimately failed.
Timeline: Saudi Aramco's Winding Road to IPO
State-run oil giant Saudi Aramco has priced its initial public offering (IPO) at the top of its indicative range, making it the world's biggest flotation by raising more than Alibaba's $25 billion listing in 2014.Here are key events in the Saudi state oil giant's planned stock market debut.Dec 5, 2019 - Saudi Aramco announces the offering generated subscriptions of $106 billion by institutional investors and together with the total demand from individual Investors, the order book hit $119 billion.Dec 4, 2019 - The institutional book of Saudi Aramco's planned initial public offering (IPO) closes.Dec 2…
Saudi Aramco Kick-starts IPO
Saudi Arabia's giant state oil company finally kick-started its initial public offering (IPO) on Sunday, announcing its intention to float on the domestic bourse in what could be the world's biggest listing as the kingdom seeks to diversify its economy away from oil.But in its long-awaited announcement, Aramco, the world's most profitable company, offered few specifics on the number of shares to be sold, pricing or the date for a launch.Bankers have told the Saudi government that investors will likely value the company at around $1.5 trillion…
Oil Falls 1% on Surprise U.S. Crude Build, Saudi Crude Output
Oil shed more than 1% on Wednesday, logging a second straight day of losses after U.S. crude stockpiles unexpectedly rose and as Saudi Arabia maintained a faster-than-expected recovery of its oil production.A rally in the dollar index, which moves inversely with oil, also weighed on crude futures as a Democratic-led chamber was launching an official presidential impeachment inquiry.Brent crude futures settled at $62.39 a barrel, shedding 71 cents, or 1.1%, while U.S. West Texas Intermediate crude settled 80 cents, or 1.4%, lower at $56.49 a barrel.U.S.
Saudi Aramco to Buy LNG from US
Saudi Arabia’s state owned oil company Saudi Aramco will buy 5 million tons of liquid natural gas per year(LNG) from the U.S. company Sempra Energy, based in San Diego under a 20 year agreement.The heads of agreement (HOA) between the companies anticipates the negotiation and finalization of a definitive 20-year liquefied natural gas (LNG) sale-and-purchase agreement (SPA) for five million tonnes per annum (Mtpa) of LNG offtake from Phase 1 of the Port Arthur LNG export-project under development. It also includes the negotiation and finalization of a 25% equity investment in Phase 1 of Port Arthur LNG.Amin Nasser…
DAVOS: Oil Majors Huddle in DAVOS to Mull Future
When the global oil industry held its biggest annual gathering this week in the Swiss town of Davos, it invited banking bosses and fund managers to discuss two key topics - climate change and pressure from investors.The conclusion of the discussions was worrying for those present - pressure is rising and the industry is losing a battle not to be seen as one of the world's biggest evils.The answer? Lure investors with higher returns and raise the PR game."There is no doubt - and there is a consensus coming here in various meetings in Davos - that our industry is literally under siege and the future of oil is at stake…
Saudi Aramco CEO says IPO will 'certainly' happen
Saudi Aramco Chief Executive Officer Amin Nasser said the initial public offering of the state-oil producer will "certainly" happen when the conditions are right.Saudi Aramco said it is still in discussions to buy a stake in petrochemicals company Saudi Basic Industries Corp. (Sabic) from the kingdom's sovereigh wealth fund, the Public Investment Fund, he said at a conference in Abu Dhabi.(Reporting by Rania El Gamal; writing by Maher Chmaytelli)
Saudi Aramco: 2 mln bpd of Spare Capacity Exists
Oil giant Saudi Aramco has spare capacity of 2 million barrels per day (bpd) and can meet additional oil demand in case of any interruption in supplies, the company head said on Monday, days after OPEC agreed a modest increase in oil output from July. Aramco, the world's third-largest crude oil producer, is producing about 10 million bpd and has the capacity to produce 12 million bpd, Amin Nasser, the company's chief executive, said on the sidelines of a conference in New Delhi. The Organization of the Petroleum Exporting Countries (OPEC)…
Saudi Aramco to Ink Deal to Make Onshore Oil Rigs, Equipment
Saudi Aramco signed a deal with National Oilwell Varco Inc. (NOV) to form a joint venture to make onshore rigs and equipment in Saudi Arabia, the state-owned Saudi energy firm said. Saudi Aramco will own 30 percent of the venture, while the rest will be owned by NOV, the statement said. Aramco, the world's biggest oil producing company which the Saudi government plans to list in the kingdom and abroad, has been seeking to expand its operations with new downstream and associated industry investments. The new venture, which will be based in Ras Al-Khair…
Oil Investment a Tricky Target for OPEC
It's "mission accomplished" for OPEC in its battle against bulging global inventories of oil, thanks to the production cuts it has had in place for nearly 18 months. The Organization of the Petroleum Exporting Countries, which supplies a third of the world's oil, agreed to curb output by 1.8 million barrels per day jointly with 10 other producers including Russia until stocks returned to more normal levels. The overhang of unwanted crude and oil products has reached OPEC's target, but the group now says it would rather see a pickup in investment, which fell by $1 trillion in the three years of surplus and weak prices that started in June 2014.
Oil Falls by $2 After Saudi Arabia Reassures Market on Supply
Oil prices fell more than 2 percent on Tuesday after Saudi Arabia said it could supply more crude quickly if needed, reassuring investors ahead of U.S. sanctions on Iran's crude exports that start next month.Benchmark Brent crude oil dropped $2.03 a barrel to a low of $77.80, down 2.5 percent at a one-month low and beneath its 50-day moving average for the first time in two months.U.S. light crude lost $1.77 a barrel to a low of $67.59 before recovering to $67.86, down $1.50."Saudi Arabia's energy minister has dealt a fresh heap of bearish fodder onto the energy complex," said PVM Oil analyst Stephen Brennock.U.S. sanctions on Iranian oil begin on Nov.
Total, Aramco Sign Deal to Start Jubail Petrochem Engineering Works
French energy group Total and Saudi Aramco signed an agreement on Monday to start engineering studies for the $5 billion construction of a petrochemical complex at the Jubail Satorp refinery on the eastern coast of Saudi Arabia.Start-up of the complex, which will include a mixed-feed cracker with capacity of 1.5 million tons per year of ethylene and related high-added-value petrochemical units, is expected in 2024, the companies said."Satorp's second-phase expansion represents a quantum leap in Saudi Aramco’s downstream strategy to maximize our hydrocarbon resources and help position the Kingdom as a chemicals manufacturing hub," Saudi Aramco Chief Executive Ami
Russian Energy Firms Discuss Cooperation Saudi Aramco Chief
The head of Russian oil giant Rosneft, Igor Sechin, and Saudi Aramco Chief Executive Amin Nasser held talks in Moscow on Friday on areas for cooperation, Rosneft said.Rosneft, the world's largest-listed oil producer by output, said in a brief statement that they "discussed a wide range of issues related to mutual interests and prospects for cooperation between Rosneft and Saudi Arabia".Nasser had said in an earlier statement during his visit that Aramco's relationship with Russia would grow with the projects in which they were cooperating.Gazprom Neft…
Saudi Aramco: IPO Work to be Completed in H2
Saudi Aramco Chief Executive Officer Amin Nasser said on Thursday that all work required from the oil giant for its initial public offering (IPO), which could be the biggest in history, will be completed in the second half of 2018. Speaking at a conference in London, Nasser added that the decision on the listing venue "and the rest is a job for the shareholder". Saudi Crown Prince Mohammed bin Salman on Wednesday embarked on a trip to Britain and the United States, which could shape the decision on where to list the company. London…
Saudi Aramco Ready for IPO in Second Half of 2018
Saudi Aramco will be ready for an initial public offering in the second half of 2018 and the work is ongoing, Amin Nasser, the chief executive officer of the state oil company, said in a Bloomberg television interview on Monday. "We are doing a lot of work to prepare the company for listing," he said. The venue and the timing will depend on the government, Nasser said. "Don't forget this is a very complex process. Saudi Arabia is planning to list up to 5 percent of Saudi Aramco in the offering. A successful IPO could give the company a total valuation of up to $2 trillion, making it the world’s biggest oil company by market capitalization.