BUSINESS NEWS | Saudi Aramco’s Profit Plunges 73.4%, Sees Signs Of Oil Market Recovery

MILAN | ITALY – Saudi state oil group Aramco on Sunday reported a 73.4% fall in second-quarter net profit, a steeper drop than analysts had forecast, and said it expected capital expenditure for 2020 to be at the lower end of a $25 billion to $30 billion range.

The world’s biggest oil exporter said the rapid spread of COVID-19 globally had significantly reduced demand for crude oil, natural gas and petroleum products.

‘We are seeing a partial recovery in the energy market as countries around the world take steps to ease restrictions and reboot their economies’, CEO Amin Nasser said in a statement.

Net profit fell to 24.6 billion riyals ($6.57 billion) for the quarter to June 30 from 92.6 billion riyals a year earlier.

Analysts had expected a net profit of 31.3 billion riyals in the second quarter, according to the mean estimate from three analysts, provided by Refinitiv.

All major oil companies have taken a hit in the second quarter as lockdowns to contain the coronavirus limited travel, which hurt oil demand and sent oil prices LCOc1 tumbling levels not seen in nearly two decades.

Brent crude prices at the end of the second quarter were down 38% from a year earlier, despite an agreement by OPEC+ producers to cut oil supply by record 9.7 million barrel per day from May to help to shore up prices and curb oversupply.

Aramco said it would distribute a dividend of 18.75 billion for the second quarter of this year, in line with its plan to pay a base dividend of $75 billion for 2020.

BUSINESS | Oil Tanker Hit By Blast At Saudi Terminal, Saudi Arabia Confirms

An explosion damaged a Greek-managed tanker at a Saudi Arabian terminal on the Red Sea just north of the Yemeni border, the ship’s manager said on Wednesday, in an attack confirmed by Saudi Arabia. In a statement published by state media, the Saudi-led coalition fighting the Houthis in Yemen said a commercial vessel suffered minor  … Continue reading BUSINESS | Oil Tanker Hit By Blast At Saudi Terminal, Saudi Arabia Confirms

TRAVEL | UAE Halts New Visas To Citizens Of 13 Mostly Muslim States

The United Arab Emirates has stopped issuing new visas to citizens of 13 mostly Muslim – majority countries, including Iran, Syria, Afghanistan and Pakistan, according to a document issued by a state-owned business park. A source briefed on the matter told Reuters that visas had temporarily stopped being issued to Afghan, Pakistan and citizens of … Continue reading TRAVEL | UAE Halts New Visas To Citizens Of 13 Mostly Muslim States

BREAKING NEWS | Putin Thanks Saudi King Salman Over Russia OPEC+ Role

Russian President Vladimir Putin has thanked Saudi Arabia’s King Salman for the ‘active and joint cooperation’ in OPEC+. Putin said Russia and Saudi Arabia are actively cooperating in the alliance of the world’s largest oil exporters to ensure the stability of global energy markets, Saudi Press Agency reported on Wednesday. Putin’s remarks were made during … Continue reading BREAKING NEWS | Putin Thanks Saudi King Salman Over Russia OPEC+ Role

BREAKING NEWS | Saudi Crown Prince, British PM Discuss Boosting Cooperation

Saudi Crown Prince Mohammed bin Salman, Deputy Prime Minister and Minister of Defense, held telephone talks on Tuesday with British Prime Minister Boris Johnson. Discussion focused on way to boost cooperation between their countries. The British premier also congratulated Crown Prince Mohammed bin Salman on Saudi Arabia’s successful hosting of the G20 Leaders Summit.

TRAVEL | German States Plan To Relax Virus Rules For Christmas

Germany’s 16 federal states plan to allow gatherings of up 10 people over Christmas and New Year, offering some relaxation of coronavirus restrictions to led families and friends celebrate together, a draft proposal showed on Tuesday. Leaders have also agreed to  dramatically boost capacity on state-owned railway Deutsche Bahn through the winter months, effectively making … Continue reading TRAVEL | German States Plan To Relax Virus Rules For Christmas

BREAKING NEWS | Twin Blast In Afghan Province Of Bamiyan Kill 14 People, Injure 45 Officials

KABUL – Twin explosion in the central Afghan province of Bamiyan killed at least 14 people and wounded 45 more, provincial official said on Tuesday, as the international community pledged assistance for Afghanistan at a conference in Switzerland. The two bomb, hidden at the side of a road in a main bazaar in Bamiyan city, … Continue reading BREAKING NEWS | Twin Blast In Afghan Province Of Bamiyan Kill 14 People, Injure 45 Officials

BREAKING NEWS | Saudis Tells U.N. That Houthis To Blame For Aramco Attack

NEW YORK – Saudi Arabia told the U.N. Security Council that Yemen’s Houthi group were to blame for a missile attack on a petroleum products distribution plant in Jeddah in Monday, urging the 15-member body to ‘stop the threat’ to global energy security, Yemen’s political process and regional security. ‘It has been identified that the … Continue reading BREAKING NEWS | Saudis Tells U.N. That Houthis To Blame For Aramco Attack

TRAVEL | Qantas Become First Airline To Require Passengers To Get Covid-19 Vaccine Before

Getting a Covid-19 vaccines could soon be a requirement to travel internationally, with one major airline already saying that vaccination will become a ‘necessity’ to set foot on its aircraft in the future, while become a ‘necessity’ to set foot on its aircraft in the future, while a project led by air industry trade body … Continue reading TRAVEL | Qantas Become First Airline To Require Passengers To Get Covid-19 Vaccine Before

NEWS ALERT | Kuwait’s Emir Congratulates Saudi Arabia On Success of the G20 Summit.

Kuwait’s Emir Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah has congratulated Custodian of the Two Holy Mosques King Salman on the success of G20 Leader’ Summit presided over by Saudi Arabia. Sheikh commended the summit’s distinguished organization that contributed to reaching constructive decision and fruitful recommendations, especially with regard to strengthening international cooperation to confront the coronavirus … Continue reading NEWS ALERT | Kuwait’s Emir Congratulates Saudi Arabia On Success of the G20 Summit.

BREAKING NEWS | Arab Coalition: Iran – Backed Houthis Behind Cowardly Jeddah Terrorist Attack

The Saudi-led Arab coalition announced on Monday that the Iran-backed Houthi militias in Yemen were behind the ‘cowardly terrorist’ attack against an oil facility in Jeddah. Coalition spokesman Colonel Turki Al-Malki said that the attack ‘not only targets Saudi Arabia’s national capabilities, but the global economy and its energy supplies and security’. Monday’s attack on … Continue reading BREAKING NEWS | Arab Coalition: Iran – Backed Houthis Behind Cowardly Jeddah Terrorist Attack

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