Oil industry gathering in Malaysia is shadowed by conflict in Middle East
Energy executives from around the world gathered on Monday in Malaysia's capital for an industry gathering. They were concerned about the dramatic escalation of the conflict between Israel & Iran which has fueled fears that the conflict could spread and disrupt the supply. According to the head of Saudi Arabia's state oil giant Aramco, conflict highlights the importance of oil. He said that the world was concerned about energy security, despite the fact that Israel and Iran were fighting. Israel launched attacks on Iran on Friday, including its nuclear power plants, in an effort to stop Tehran from developing a nuclear weapon.
Saudi Aramco CEO: Oil and gas is important during times of conflict
Saudi Aramco's head told a Monday energy conference that oil and gas are important in times of conflict, as we can see right now. Aramco CEO Amin Nasser gave his speech at the Energy Asia Conference held in Kuala Lumpur via video link. The oil prices rose last week, after Israel, claiming to have launched attacks against Iran on Friday in order to stop Tehran from building atomic weapons, said that they were meant to prevent Tehran. Over the weekend, fighting intensified. He said that the world was concerned about energy security, despite the fact that Israel and Iran were fighting.
Aramco signs MoUs for 6.2 Million Tons of LNG with NextDecade and Sempra
Saudi Aramco, the oil giant, will sign memorandums of understanding on Tuesday with NextDecade, a U.S. natural gas producer, and Sempra, a utility firm, according to Aramco’s CEO. The move comes as Aramco expands its LNG market. Amin Nasser, CEO of Aramco, told the U.S. Saudi Investment Forum that "the U.S. He added that the U.S. was a great place to invest, pointing out that Sempra would be supplying around 6.2 millions tons of LNG to Aramco under the MoUs. In the coming years, producers plan to double their capacity. NextDecade signed a contract with Aramco's subsidiary, which is looking to be a major player on the LNG market. The U.S.
Aramco's executive claims that oil demand may increase if the tariff dispute is resolved
Aramco, the Saudi oil giant and a cash cow of the kingdom for many years, is expecting oil demand to be resilient this year. It also expects further upsides if the U.S.-China trade dispute is successfully resolved. Washington and Beijing agreed earlier Monday to temporarily reduce reciprocal tariffs, in a deal which exceeded expectations. The two world's largest economies are seeking to end the damaging trade war which has stoked recession fears and roiled financial market. Amin Nasser, CEO of Aramco, said that the company expects demand to remain steady and grow compared to the year 2024.
Aramco's executive claims that oil demand may increase if the tariff dispute is resolved
Aramco, the Saudi oil giant and a cash cow of the kingdom for many years, is expecting oil demand to be resilient this year. It also expects further upsides if the U.S.-China trade dispute is successfully resolved. Washington and Beijing agreed earlier Monday to temporarily reduce reciprocal tariffs, a deal which exceeded expectations. The two world's largest economies are seeking to end the damaging trade war, which has raised fears of a recession and rattled financial markets. Amin Nasser, CEO of Aramco, said that the company expects demand to remain steady and grow compared to the year 2024. If the tariff issue is resolved...
Aramco CEO: More likely Elvis will speak than energy transition plans to succeed
Saudi Aramco's CEO said Monday that policymakers and energy executives should rethink their energy transition plans. They must stop investing in elements of the energy transition which have failed and instead rethink the entire energy transition. The remarks from the head the world's biggest oil company comes as the administration under President Donald Trump pushes for maximum oil and gas production. This is a dramatic U turn in U.S. Energy Policy after former President Joe Biden passed legislation to accelerate the shift away from fossil fuels.
Aramco's chief executive expects an additional oil demand of 1,3 million bpd in this year
Amin Nasser, the chief executive of Saudi oil giant Aramco, said that he believes the oil market is healthy and anticipates a demand increase of 1.3 million barrels a day this year. Nasser, speaking on the sidelines at the World Economic Forum, Davos, was answering a question about the impact of U.S. president Donald Trump's decisions on energy, which could lead to an increase in U.S. oil production. He said that oil demand will reach 106 million barrels a day this year, after having averaged 104.6 million barrels a day in 2024. He said: "We still believe the market is healthy. Last year we averaged 104.6 million barrels per day.
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)
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…
