Trafigura warns high prices to continue on under-investment
Trafigura has warned of further challenges for the energy, and metal, markets, with higher prices for some time, although also reporting record profits.
Saudi Arabia
Oil rises to three-month high as Saudis signal demand confidence
Oil extended gains to the highest level in almost three months after Saudi Arabia signalled confidence in the demand outlook by increasing the price of its crude for Asia by more than expected.
JGC takes Zuluf work in Saudi
JGC has won work from Saudi Aramco for the Zuluf central processing facilities.
STATS Group eyes international growth after ‘excellent’ 2021
Pipeline specialist STATS Group plans to boost its international footprint following an “excellent” 2021.
Aramco posts barnstorming quarter
Saudi Aramco has posted its strongest quarterly results since going public, with net income of $39.5 billion and free cash flow of $30.6bn.
Keppel’s legacy rigs heading to Middle East in $97m deal as market tightens
Singaporean yard Keppel Offshore & Marine (Keppel O&M) will send two of its jack-up rigs to Saudi Arabia in a five-year deal worth S$135 million ($97 million) as the market for rigs continues to tighten.
Solar, hydrogen and storage: a heady mix for the Middle East
The Middle East’s oil and gas has put the region at the heart of the energy sector the last 100 years. These resources, plus plentiful sunshine, will see it continue to play a major role into the energy transition – but there will be bumps along the way.
Standard Chartered under fire over Mozambique LNG emissions
Projects backed by Standard Chartered in 2021 will emit 2.3 billion tonnes of CO2 over their lifespan, with Mozambique LNG to play a major part in this.
KBR wins seven-year deal for Satorp maintenance
KBR has won a seven-year contract to provide general maintenance services (GMS) to the Satorp complex in Saudi Arabia.
Aramco awards NESR $300mn fracking contract
National Energy Services Reunited Corp. (NESR) has won a contract in Saudi Arabia for drilling services worth $300 million.
Neom signs deal with Air Products to begin green hydrogen work
Neom has signed an agreement to begin construction of a 1.2 million tonne per year green hydrogen facility in Saudi Arabia, the largest in the world.
Security risks abound for MENA oil supply
The Middle East and North Africa region is at “growing risk” of oil supply disruption, a new analysis from Verisk Maplecroft has reported.
Lamprell delays 2021 results on financing scramble
Lamprell has pushed back publishing its results as its board seeks alternative financing.
Yemen rebels announce temporary halt after strike on Saudi Aramco facilities
Yemen’s Houthi rebel leader on Saturday announced a three-day halt to hostilities after an escalation of missile, drone and ground attacks on Saudi Arabia over the past week, the rebel-run Al-Masirah TV reported.
Saudi Aramco hikes spending to boost output
Saudi Aramco will increase spending and issue bonus shares as oil’s surge to more than $100 a barrel bolsters the company’s plan to boost production.
Oil edges higher after three-day slide as volatility continues
Oil rose after a three-day slide as investors weighed the fallout from Russia’s invasion of Ukraine and Covid-19 lockdowns in China following its worst outbreak since the start of the pandemic.
PM can boast no oil commitments during ‘dictator to dictator’ trip to Saudi
Boris Johnson appeared to win no oil commitments from Saudi Arabia as he defended himself from allegations of going from "dictator to dictator" to find new fuel sources after the Russian invasion of Ukraine.
Boris Johnson heads to Saudi Arabia as he seeks to wean West off Putin’s oil
Boris Johnson has declared Saudi Arabia and the United Arab Emirates "key international partners" in efforts to reduce dependence on Russian energy after the invasion of Ukraine.
UAE says OPEC+ should boost output, setting up tension in group
The United Arab Emirates said it will call on its fellow OPEC+ members to boost oil output faster, a dramatic U-turn that could set the country against fellow members of the alliance led by Saudi Arabia and Russia.
Aberdeen’s Tendeka acquired by Saudi Arabian firm TAQA
Aberdeen-headquartered energy services firm Tendeka has been acquired by Saudi Arabian oilfield services company TAQA.
Biden, Saudi King discussed oil price stability and Yemeni war
President Joe Biden spoke on Wednesday with King Salman of Saudi Arabia about ensuring stable energy prices as well as Mideast security, in light of recent attacks by Yemeni rebels, and the status of talks over Tehran’s nuclear program.
China may need to rebuild its oil stockpiles, says Vitol
Oil prices, already up around 20% this year, could be boosted by China potentially replenishing its inventories and financial investors increasing their long positions, according to Vitol Group.
Aramco picks up Aker BP stake in Cognite
Saudi Aramco has bought a 7.4% stake in Norway’s Cognite, a software company.
Greenpeace floats boom as short-term FSO Safer response
Greenpeace has called for the FSO Safer to be isolated with a boom as a short-term measure to prevent an ecological disaster.
Dwindling OPEC+ spare capacity sets oil up for sizzling summer
As they strain to restore oil production, OPEC and its allies are being left with a diminishing buffer of spare supplies -- potentially setting up crude prices for a sizzling summer.