Saudi Arabia Increase Arab Light Crude Oil Price To Asia In May

Saudi Arabia increased the price of its Arab light crude for the Asian market by $0.4/barrel in May, compared to April, and lowered those for the U.S. and European markets by $0.1/barrel and $0.2 barrel respectively, according to a statement from oil producer Saudi Aramco. It set the Arab light price for Asia at +$1.8/barrel … More Saudi Arabia Increase Arab Light Crude Oil Price To Asia In May

U.S. Energy Secretary Makes Phone Call To Saudi Arabia Ahead of OPEC+ Meet

The United States said in call with Saudi Arabia that energy should be kept affordable for consumers, as the administration of President Joe Biden resumed the practice of his predecessor Donald Trump who contacted OPEC’s leaders before key meetings. U.S. Energy Secretary Jennifer Granholm said on Twitter she had a call with Saudi Energy Minister … More U.S. Energy Secretary Makes Phone Call To Saudi Arabia Ahead of OPEC+ Meet

Oil Falls On OPEC+ Concerns Over Slow Demand Recovery

Oil prince fell on Wednesday on concerns about the market’s recovery after OPEC and its allies lowered its 2021 demand growth forecast, although strong Chinese factory activities lent some support. Brent crude for May, which expires on Wednesday, fell 32 cents, or 0.5%, to $63.82 a barrel at 0948GMT. The more active Brent contract for … More Oil Falls On OPEC+ Concerns Over Slow Demand Recovery

Saudi Aramco To Prioritise Energy Supply To China For 50 Yrs, Says CEO

Saudi Aramco will ensure China’s energy security remains its highest priority for the next 50 years and beyond as new and existing energy sources run in parallel for some time, CEO Amin Nasser told the China Development Forum on Sunday. Saudi Arabia, the world’s biggest oil exporter, retained its position as China’s top supplier in … More Saudi Aramco To Prioritise Energy Supply To China For 50 Yrs, Says CEO

Saudi Aramco 2020 Net Profit Slumps 44.4% As COVID-19 Bites

Saudi Arabia state oil giant Aramco on Sunday reported a 33.4 drop in 2020 net profit, hit by lower crude oil prices and volumes sold, and weakened refinery margins, as the coronavirus pandemic depressed demand. Net profit fell to 183,76 billion riyals ($49.00 billion) for the year that ended December 31, from 330,69 billion riyals … More Saudi Aramco 2020 Net Profit Slumps 44.4% As COVID-19 Bites

Sustained Higher Oil Prices To Spur U.S. Output Growth – JP Morgan

Sustained higher oil prices are expected to spur higher U.S. oil output this year, JP Morgan analysts said in a weekly note. ‘At current prices, most U.S. onshore operators are economic, leaving a vast group  of operators, from large public companies to private players, in good position to ramp up activity in 2h21 and build … More Sustained Higher Oil Prices To Spur U.S. Output Growth – JP Morgan

Russia, Saudi Arabia At Odds Over Output Deal Ahead Of OPEC+ Meeting – RIA Cites Source

Saudi Arabia and Russia have difference over a potential deal among OPEC+ oil producers that could ease curbs on supply starting in April, a source told RIA news week. The Organization of the  Petroleum Exporting Countries and its allies, a group known as OPEC+, are likely to ease curbs on supply after April given a … More Russia, Saudi Arabia At Odds Over Output Deal Ahead Of OPEC+ Meeting – RIA Cites Source

BUSINESS | Global Oil Prices Have Fully Recovered From The Pandemic

MILAN – – After a rocky 12 months, oil prices – which got crushed when COVID-19 slashed demand for energy around the world – are roaring back. What’s happening: Brent crude futures, the global benchmark, have breached $50 per barrel, their highest level since January 2020. The immediate catalyst appeared to be weekend remarks from … More BUSINESS | Global Oil Prices Have Fully Recovered From The Pandemic

BUSINESS| Oil Drops As OPEC+ Resume Talks On Output Cut Extension After Impasse

Oil prices fell on Thursday as producers including Saudi Arabia and Russia locked horns over the need to extend record production cuts set in place in the first wave of the COVID -19 pandemic. Brent crude was down 15 cents, or 0,3%, at $48.10 a barrel by 0155 GMT, after gaining 1,8% on Wednesday. U.S … More BUSINESS| Oil Drops As OPEC+ Resume Talks On Output Cut Extension After Impasse