Rumors of Middle East war used to inevitably lead to soaring gas prices but fracking revolution has changed the market landscape
For many older Americans the thought of war in the Middle East will trigger memories of soaring gas prices and long lines at the pumps. But as US relations with Iran sink to a new low there is, as yet, no sign of panic.
Related: By killing Qassem Suleimani, Trump has achieved the impossible: uniting Iran | Dina Esfandiary
Continue reading...Rise in cost of crude after US attack on Iranian general could affect petrol price
Oil prices have climbed above $70 a barrel for the first time in four months amid fears that the US air strike that killed Iran’s top military commander may trigger a retaliation.
The global oil markets have risen by more than 5% to $70.73 a barrel since the attack that killed Qassem Suleimani in Iraq last week.
Continue reading...US bank becomes the first to establish a no-go zone in the oil and gas sector
Goldman Sachs has ruled out future financing of oil drilling or exploration in the Arctic and said it would not invest in new thermal coal mines anywhere in the world.
The new environmental policy, which was released by the US bank on Sunday, was praised by environmentalists, though many warned that it was only a first step.
Continue reading...World’s biggest listed company briefly reaches valuation sought by Saudi ruler
Saudi Aramco has touched a market value of $2tn a day after the Saudi state-backed oil company made its stock market debut.
The shares rose almost 10% at the open on the second day of trade on Riyadh’s Tadawul stock exchange, lifting the company’s market value briefly to $2tn, before giving up some of their gains.
Continue reading...Investor demand pushes oil giant’s market value to $1.9tn on first day of trade in Riyadh
Saudi Aramco has secured its position as the most valuable listed company in history after investor appetite for the world’s biggest fossil fuel producer pushed its market value to $1.9tn (£1.4tn) on its first day of trade.
Shares in the Saudi state-backed oil company defied Aramco’s critics by climbing nearly $200bn above the $1.7tn valuation set before its market debut on Riyadh’s stock exchange.
Continue reading...Oversubscribed listing in Riyadh of 1.5% stake in state oil company will value it at $1.7tn
Saudi Aramco is poised to achieve the biggest initial public offering in history next week by raising $25.7bn for the Saudi state in its market debut.
The state-owned oil business will emerge as the world’s most valuable listed company after reportedly valuing its shares at 32 riyals ($8.53) apiece before its float on Riyadh’s stock exchange next week.
Continue reading...De facto Opec leader will push other countries to rein in oil output before Aramco’s IPO
Saudi Arabia is planning to use its position at the head of the Opec oil cartel to buoy global oil prices before the $25bn stock market debut of its state-owned oil giant.
The Organization of the Petroleum Exporting Countries is due to meet its oil market allies this week to agree the cartel’s oil production policy for 2020.
Continue reading...Interior minster says authorities will intervene if public properties are damaged in protests that have spread across country
Iran’s interior minister has warned that security forces will act to restore calm if those protesting against the 50% increase in petrol prices “damaged public properties”, as anti-government protests spread across Iran.
Protesters blocked traffic in major cities and clashed with police after a night of demonstrations punctuated by gunfire. At least one person has reportedly been killed.
Continue reading...Donald Trump has insisted that the US military presence in Syria is “only for the oil”, contradicting his own officials who have insisted that the remaining forces were there to fight Isis.
Related: Donald Trump says US military presence in Syria 'only for the oil' – live
Continue reading...State-owned Saudi oil giant said it will provide the final offer price on 5 December
Bidding for shares in the world’s most profitable company will start in one week, it has been announced. Saudi Aramco, the state-owned oil giant, said it plans to provide the final offer price, precise number and percentage of shares on 5 December.
Its prospectus, released on Saturday night, showed profits of $68.2bn (£53.3bn) for the first six months of this financial year, but did not include any indication of the value the Saudi government hopes to achieve.
Continue reading...Foreign minister’s comments further inflame tensions in Persian Gulf after oil attacks
Iran’s foreign minister has warned that any attack on his country after a series of missile strikes on Saudi Arabia’s oil industry would result in “all-out war”.
Javad Zarif also demanded that Riyadh hand over the evidence that it claimed proved the attack came from Iran, and not from Houthi-occupied Yemen.
Continue reading...US secretaries of state and energy both explicitly blamed Iran for the attack but Trump suggests US did not have definitive evidence
Donald Trump has said the US response to the attack on Saudi oil facilities will depend on the assessment in Riyadh, the capital of Saudi Arabia, and downplayed US dependence on Middle East energy supplies.
The US secretaries of state and energy both explicitly blamed Iran for the attack. Unnamed US officials were also quoted in US media outlets as saying Iranian cruise missiles were used in Saturday’s attack on an oil field and processing plant. Estimates of the number of missiles used ranged from “nearly a dozen” to “over two dozen”.
Continue reading...US president says he has ‘reason to believe we know the culprit’, as oil prices rise
Everything you need to know about the Saudi Arabia oil attacks
Donald Trump has said the US is “locked and loaded” and ready to respond to attacks on a petroleum processing facility in Saudi Arabia, as US officials said the evidence pointed to Iranian involvement.
The US president did not mention Iran, but wrote on Twitter that he had “reason to believe that we know the culprit” behind the series of attacks on the Abqaiq facility, which is the world’s largest petroleum processing plant. The attacks disrupted more than half of the kingdom’s oil output and will affect global supplies.
Continue reading...Foreign ministry counters accusations from US secretary of state with threats to US bases
Iran has dismissed US accusations that it was responsible for a series of explosive drone attacks on the world’s largest petroleum processing facility in Saudi Arabia that disrupted more than half of the kingdom’s oil output and could affect global supplies.
Yemen’s Iran-aligned Houthi rebel group claimed responsibility for launching waves of drones at state-owned Saudi Aramco facilities early on Saturday morning. But the US secretary of state, Mike Pompeo, said there was no evidence the drones were launched in Yemen and accused Iran of “an unprecedented attack on the world’s energy supply”.
Continue reading...Explosions halve Saudi output and reduce global production by 5%
Global supplies of oil are likely to suffer a “major jolt” following Saturday’s attack by a swarm of explosive drones on the world’s biggest oil processing plant in Saudia Arabia.
Major fires engulfed the Abqaiq processing facility and the Khurais oil field after the attack, for which Houthi rebels in Yemen claimed responsibility. They said they launched 10 drones with “intelligence cooperation from people inside Saudi Arabia”, according to the rebel-run Saba news agency. The rebels’ spokesman Yahya Saree said their operations “will expand and would be more painful as long as the Saudi regime continues its aggression and blockade” on Yemen, he said.The fires are now under control at both facilities, Saudi state media said.
Continue reading...Yemen’s rebel movement says it launched strikes that sparked huge fire at processing facility
Houthi rebels have claimed responsibility for a drone attack on the world’s largest oil processing facility in Saudi Arabia which is vital to global energy supplies.
The attacks on the processor and a major oilfield, operated by Saudi Aramco, on early Saturday sparked a huge fire, the kingdom’s interior ministry said.
Continue reading...President Hassan Rouhani signals approval of firing of national security adviser
Iran’s president has urged the US to “put warmongers aside” as tensions roil the Persian Gulf amid an escalating crisis between Washington and Tehran after the collapsing nuclear deal with world powers.
Hassan Rouhani’s remarks signalled approval of Donald Trump’s abrupt dismissal of John Bolton as national security adviser. Bolton had been hawkish on Iran and other global challenges.
Continue reading...As the Aramco listing is revived, crown prince appoints a businessman to lead the oil sector and gets a new gatekeeper
Saudi Arabia has announced the creation of a new natural resources ministry, separating it from the energy ministry, while replacing the head of the royal court in a wide-ranging shakeup of the government.
As plans for the massive $2 trillion stock market listing of the state-owned oil company Aramco are stepped up, the kingdom’s de facto ruler and crown prince, Mohammed bin Salman, has brought in a prominent businessman to head the new ministry of industry and mineral resources.
Continue reading...Decision to rule out UK and Hong Kong would be major blow to both financial centres
Saudi Arabia’s revived plans for a $2tn mega-listing of its state oil company may rule out the London Stock Exchange amid Britain’s rising political uncertainty, according to reports.
Saudi Aramco, the world’s most profitable company, may instead look to Japan’s Tokyo stock exchange to host the second phase of what would be the biggest public offering in history.
Continue reading...Signs Beijing may be importing Iranian oil as Trump’s two biggest foreign policy headaches converge
In early June, a Chinese-owned supertanker abruptly went dark in the Indian Ocean, the tracking system signalling its course apparently deactivated.
It was not the first ship to vanish from the monitors. The deactivation of transponders that generate a unique ID issued to ships by the International Maritime Organisation (IMO) has become increasingly familiar in recent weeks to the companies that track tankers.
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