Oil near 12-week high after Saudis surprise with output curbs
Oil traded near the highest level in almost 12 weeks after Saudi Arabia surprised the market Friday with a significant supply cut beyond what was agreed to with fellow OPEC+ members.
Saudi Arabia
Domestic demands and Aramco’s IPO
Saudi Arabia is pushing ahead with the much-watched IPO of the mainstay of its economy, Aramco, although with somewhat diminished aspirations.
Saudi Arabia’s oil heartland is calm – that’s bad news for Iran
At a cultural gathering in the region of Qatif in Saudi Arabia’s oil-rich east, a poet recited some of his work before taking questions. The audience of 80 or so people was engaged and smiling, while a man quietly served coffee and tea in espresso-sized paper cups.
Saudi Arabia cuts $2trillion Aramco valuation
Saudi Arabia set a valuation target for Aramco’s initial public offering well below Crown Prince Mohammed bin Salman’s goal of $2 trillion and pared back the size of the sale to ensure the world’s largest oil producer successfully lists on the Riyadh stock exchange next month.
Saipem bags clutch of deals worth £685million
Italian oilfield services firm Saipem has won a subsea contract in Guyana, as well as additional work in regions including the North Sea, worth £684.6million.
Penspen’s local touch in Abu Dhabi
The Middle East has been a mainstay of Penspen and confirmation of that came earlier this week, with the announcement of a project management consultancy (PMC) award from Abu Dhabi’s ADNOC.
James Fisher wins six-figure decommissioning deal
James Fisher Offshore has earned a six figure sum for helping the Abu-Dhabi-headquartered National Petroleum Construction Company with offshore decommissioning in the Middle East.
Update: Iranian tanker ‘struck by two missiles’ off coast of Saudi Arabia
Two missiles have struck an Iranian tanker travelling through the Red Sea off the coast of Saudi Arabia, according to Iranian officials.
Integration against an uncertain world
Oil prices spiked as a result of the mid-September attack on Saudi Arabia’s production facilities but have since fallen back.
Oil rises as Saudi restores output to pre-attack levels
Oil edged higher after its biggest quarterly drop this year as investors weighed Saudi Arabia’s quick recovery from attacks last month against a resumption in U.S.-China trade negotiations next week.
Saudi Arabia starts offering loans to develop renewable energy
Saudi Arabia will start offering loans for renewable energy projects and manufacturers of renewable-energy components as the kingdom seeks to diversify its economy away from crude oil.
Oil on course for worst week since July as Saudis restore output
Oil is heading for the biggest weekly loss since July on indications Saudi Arabia is restoring lost crude production quicker-than-expected after attacks on its key energy infrastructure.
Oil price rises due to Gulf tensions and Saudi supply doubts
Oil resumed gains as tension between the U.S. and Iran ratcheted up following the attacks on Saudi Arabia, while doubts remained over how fast the kingdom would be able restore lost output.
Baptism of fire for new Saudi energy minister
Nobody expected Prince Abdulaziz bin Salman’s new job to be easy, but it is doubtful even he could have predicted how difficult his first few days would be.
Oil rising again as Iran’s war threat heightens tensions
The threat of war in the Middle East is pushing oil prices higher again, capping one of the most dramatic ever weeks for crude in which 5% of the world’s supplies were cut by attacks on Saudi production facilities.
Drone attacks ‘unquestionably sponsored by Iran’, Saudis say
An attack on Saudi Arabia's oil industry came "from the north" and was "unquestionably sponsored by Iran", a military spokesman has said.
Oil price stabilises as Saudi eyes quick restoration of output
Oil stabilised on signs Saudi Arabia is quickly restoring production following a debilitating weekend attack after two tumultuous days in which it surged the most on record and then pared around half of that gain.
Oil plunges on report Saudis may soon resume 70% of lost output
Oil plunged nearly 7% in London after Reuters reported Saudi Arabia is close to restoring 70% of the oil production it lost after this weekend’s attack on a key crude facility in the kingdom.
Jump in oil price could send service company margins higher – Rystad
The recent oil price jump could create further momentum for service sector margins, according to Rystad Energy.
Higher energy bills likely due to the Saudi oil attacks
The drone attack which knocked out half of Saudi oil production is likely to put up energy bills for UK consumers, an analyst said.
Saudis face lengthy oil halt with few options to fill gap
The oil market is facing a prolonged disruption to Saudi Arabia’s oil production with few options for replacing such huge output losses.
Aramco to face weeks without majority of Abqaiq’s oil output
Saudi Aramco is growing less optimistic that there will be a rapid recovery in oil production from the weekend’s attack and now faces weeks or months before the majority of output is restored at the giant Abqaiq processing plant.
Oil market gripped by uncertainty over lost Saudi production
Oil markets are grappling with uncertainty over how long it will take Saudi Arabia to restore output after the devastating attacks that knocked out 5% of global crude supply.
Oil skyrockets after attack cuts Saudi Arabian supply
Oil posted its biggest ever intraday jump to more than $71 a barrel after a strike on a Saudi Arabian oil facility removed about 5% of global supplies, an attack the U.S. has blamed on Iran.
Attacks on Saudi oil facilities knocked out half of supply
Saudi Arabia's energy minister has confirmed that drone attacks on its oil facilities knocked out about 50% of the country's production.