BREAKING NEWS | Saudi Aramco To Press Ahead With Plan To Boost Output Capacity, CEO says

RIYADH | SAUDI ARABIA – Saudi Aramco is moving ahead with plans to boost crude output capacity by 1 million barrels per day (bpd) to 13 million bpd despite cuts in capital expenditure this year and next year, the state oil group’s CEO said on Monday. Aramco’s capital spending plan for 2021 will be ‘significantly … Continue reading BREAKING NEWS | Saudi Aramco To Press Ahead With Plan To Boost Output Capacity, CEO says

BUSINESS | Saudi Arabia ups August Crude Prices To Asia

RIYADH | SAUDI ARABIA – Saudi Arabia’s state oil producer Aramco has hiked official selling prices (OSPs) for its crude to Asia by $1 a barrel in August, and raised the OSPs for almost all grades to Europe and the United States. Saudi Arabia has set the August price to Asia at plus $1.20 a … Continue reading BUSINESS | Saudi Arabia ups August Crude Prices To Asia

BUSINESS | Saudi Oil EXPORTS Down By $12 billion Year On Year In April

RIYADH | SAUDI ARABIA – The value of Saudi Arabia’s oil exports dropped by 65.4% in April when compared to the same month a year earlier, or a fall of about $12 billion, official data showed on Thursday. Compared to March, total exports – including non-oil exports of goods such as chemicals and plastics – … Continue reading BUSINESS | Saudi Oil EXPORTS Down By $12 billion Year On Year In April

BUSINESS NEWS | Saudi Arabia May Re-Route Tankers If U.S. Imposes Crude Import Ban: Sources

RIYADH | SAUDI ARABIA – Saudi Arabia is looking into re-routing millions of barrels of oil onboard tankers sailing to the United States if President Donald Trump decides to block imports of crude from the Kingdom, shipping and trade sources say. Some 40 million barrels of Saudi oil are on their way to the U.S. … Continue reading BUSINESS NEWS | Saudi Arabia May Re-Route Tankers If U.S. Imposes Crude Import Ban: Sources

BUSINESS | Saudi Says No Talks With Russia Over More OPEC+ countries or joint pact

RIYADH | SAUDI ARABIA – A Saudi Arabia energy ministry official said on Friday there had been no contact between the Saudi and Russian energy ministers over any increase in the number of OPEC+  countries, nor any discussion of a joint agreement to balance oil markets. The comments come after a senior Russian official said … Continue reading BUSINESS | Saudi Says No Talks With Russia Over More OPEC+ countries or joint pact

BUSINESS | Saudi Arabia Floods Europe With $25 Oil As Flight With Russia Escalates

LONDON – Saudi Arabia is flooding Europe with oil at prices as low as $25 per barrel, specifically targeting big refiners of Russian oil in an escalation of its fight with Moscow for market share, five trading sources said on Friday. The sources, from oil major and refiners which process crude in Europe, said Saudi … Continue reading BUSINESS | Saudi Arabia Floods Europe With $25 Oil As Flight With Russia Escalates

BUSINESS | Saudi Arabia Increase Oil Output To Record High

RIYADH | SAUDI ARABIA – Saudi Arabia’s state-run oil giant Saudi Aramco said Tuesday it would increase its crude oil production to 12.3 million barrels a day in April, a record amount. The move seemed to make good on the country’s promise over the weekend to increase output after Russia refused to cooperate on cutting … Continue reading BUSINESS | Saudi Arabia Increase Oil Output To Record High

BUSINESS | Saudi Energy Minister: No Need For OPEC+ Meet If No Agreement On Handling Oil Market Crisis

RIYADH – Saudi Arabia’s energy minister said on Tuesday he does not see a need to hold an OPEC+ meeting in May-June if there was no agreement on what measures should be taken to deal with the impact of the coronavirus on oil demand and prices. ‘I fail to see the wisdom for holding meeting … Continue reading BUSINESS | Saudi Energy Minister: No Need For OPEC+ Meet If No Agreement On Handling Oil Market Crisis