Blow to Joe Biden, who had hoped to benefit from lower pump prices in an election year
Saudi Arabia has cast doubt on the future of the global oil market after abandoning plans to grow its crude production capacity by 1m barrels a day.
The world’s biggest exporter signalled a big change in policy by ordering the state oil company, Saudi Aramco, to drop plans to expand its maximum production capacity to 13m barrels a day by 2027.
Continue reading...Decline in crude oil prices and less refining income trims revenues inflated in 2022 by Russian invasion of Ukraine
The world’s biggest oil firm, Saudi Aramco, has announced a near-40% fall in profits after a decline in crude oil prices and weakening margins in refining and chemicals.
The company, which is 90% owned by the Saudi state, said in a statement to the market that profits were $30.1bn for the months of April to June, down 38% from $48.4bn in the second quarter of last year.
Continue reading...World’s largest energy company’s first-quarter profits fall by 19% to $32bn after dip in oil prices
The Saudi government looks likely to reap greater revenues from the state-backed oil group Saudi Aramco despite the company posting a near-20% fall in quarterly profits.
The world’s largest oil and gas company said on Tuesday its profits had fallen by 19% in its first quarter compared with a year earlier, to nearly $32bn (£25bn), caused by a drop in oil prices.
Continue reading...Amnesty International hits out at ‘shocking’ annual figure reaped through sale of fossil fuel
Saudi Aramco has reported a record $161bn (£134bn) profit for 2022, the largest annual profit ever recorded by an oil and gas company, fuelled by soaring energy prices and rising global demand.
The largely state-owned company’s profits rose by 46% year on year and it made more than the recent bumper results reported by Shell, BP, Exxon and Chevron combined.
Continue reading...The $48bn figure from world’s biggest oil firm is thought to be one of largest quarterly profits in history
Saudi Arabia’s largely state-owned energy firm has highlighted the colossal profits made by gas and oil-rich nations during the energy crisis by revealing profits in the three months to the end of June up 90% to $48bn (£40bn).
Saudi Aramco recorded what is believed to be one of the largest quarterly profits in history to easily beat the near $26bn it made a year earlier.
Continue reading...Investors to get $4bn in bonus shares after record earnings of $39.5bn on higher demand and crude prices
Saudi Aramco, the world’s biggest oil company, has disclosed an 82% rise in quarterly profits to a new record of $39.5bn (£32.2bn), boosted by an increase in demand and higher crude prices.
The company, which last week overtook technology group Apple to become the world’s most valuable company, said it would pay an $18.8bn (£15.3bn) dividend and hand $4bn (£3.2bn) in bonus shares to its investors after the better-than-expected performance.
Continue reading...Soaring commodity prices swell oil giant’s profits as tech stock slide pegs back iPhone maker
Apple has lost its crown as the world’s most valuable company to the oil giant Saudi Aramco, as soaring commodity prices swell profits at energy companies and technology stocks continue to slide.
In a sign that the old economy is reasserting itself over the new this year, Aramco eclipsed Apple on Wednesday night amid the ongoing rout on Wall Street.
Continue reading...Move follows Russian refusal to join Opec-led production cut aimed at keeping prices high
The price of crude oil has plunged by more than 20% after Saudi Arabia, the world’s top oil exporter, said it would step up production from next month, flooding global markets and most likely depressing petrol and diesel prices.
Brent crude futures slid 30% to $31.02 a barrel in chaotic trade on Monday morning, before recovering slightly to $36.06, a drop of 20% on Friday night’s close. It was the worst one-day fall for brent since the start of the first Gulf war in 1991. US crude fell 27% to $30.
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...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...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...Eight green groups send letter to express concern over planned market float
Environmental groups have warned the banks linked to Saudi Aramco’s planned market float that they risk financing the destruction of the planet by supporting the public listing of the world’s biggest oil producer.
The eight green groups, including Oil Change International and Friends of the Earth, warned that the world’s largest IPO would be “the biggest single infusion of capital into the fossil fuel industry” since global governments signed the Paris climate accord in 2015.
Continue reading...Defence spokesman calls on ‘international community to hold Iran responsible’
Saudi Arabia has ramped up the pressure on Donald Trump to respond to a devastating strike on two major oil installations, displaying drone and missile technology it insisted showed the attack was “unquestionably sponsored by Iran”.
At a press conference in Riyadh a Saudi defence spokesman claimed that 25 drones and cruise missiles were used in the attack on the Aramco facilities on Saturday, saying repeatedly they had been fired from the north, the direction of Iran.
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...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...Profits fell 12% but company still ahead of world’s six biggest listed oil producers combined
Saudi Arabia’s state-owned oil group is ready to move ahead with a record $2tn (£1.7tn) market float after revealing profits of $46.9bn for the first half of this year.
Saudi Aramco’s profits for the six months ending in June were down from $53.2bn in the first half of last year owing to lower oil prices, but were still well ahead of the world’s six biggest listed oil companies combined.
Continue reading...State-owned Saudi Aramco makes profits of £84.7bn last year, beating Apple and Exxon
Saudi Arabia’s state oil company has emerged as the most profitable business in the world, racking up profits of $111.1bn (£84.7bn) in 2018 to overtake Apple.
According to a rare glimpse into its finances contained in a bond-offering document, Saudi Aramco made the profit on revenues of $355.9bn last year, as it produced 10.3m barrels per day of crude oil.
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