OPEC ministers met with partners and rivals in Houston this week as they try to figure out whether to prolong production cuts. That decision only got harder.
Category: Saudi Arabia
Saudi Aramco’s Green Energy Push Seen Widening Appeal of IPO
Aramco is the world’s largest oil company, but when it sells shares next year its foray into renewables is what may lure investors who would otherwise be forced to stay away. Saudi Arabian Oil Co., as it is formally called, is considering investments of as much as $5 billion in renewable energy, part of the kingdom’s effort to reduce the amount of oil feeding domestic energy needs.
Saudi Arabia Bulks Up in Asia to Boost Appeal Before Oil IPO
Saudi Arabian Oil Co. bought half of a Malaysian oil refinery and petrochemical plant as it prepares for what may be the biggest ever initial public offering by bulking up its business in Asia, its largest market.
Saudi Aramco to Invest $7 Billion in Malaysian Oil Refining Hub
Saudi Arabian Oil Co. will invest $7 billion in an oil refining project being developed by Malaysia’s Petroliam Nasional Bhd., according to the Southeast Asian nation’s prime minister.
Saudi Arabia Tells OPEC It Cut Oil Output by Most in 8 Years
Saudi Arabia told OPEC that it cut oil production by the most in more than eight years, going beyond its obligations under a deal to balance world markets. The kingdom reported that it reduced output by 717,600 barrels a day last month to 9.748 million a day, according to a monthly report from the Organization of Petroleum Exporting Countries.
Saudi Aramco Said to Pick Moelis to Advise on Biggest IPO
Saudi Arabian Oil Co. hired Moelis & Co. to advise on its initial public offering, according to a person familiar with the matter, as it pushes ahead with plans to pursue the world’s biggest share sale.
Saudis Said to Cut Oil to China, South Asia as Others Spared
Saudi Arabia was said to cut February crude sales to China and southern Asian nations while largely sparing countries including Japan and South Korea, as it curbs supply as part of a deal between OPEC and other producers. Two Southeast Asian refiners received cuts of about 30 percent from the world’s biggest crude exporter, according to two people with knowledge of the matter who asked not to be identified because the information is confidential.
Expat Fee, Subsidy Cuts: What’s in Saudi Fiscal Balance Document
Saudi Arabia followed a historic budget announcement last week with an 84-page document outlining how the Arab world’s largest economy plans to balance its budget by 2020. The document includes plans to curtail capital spending, raise new revenue and stimulate the private sector.
Saudi Paper Retracts Aramco 49% Stake Sale Plan Story
The Riyadh-based newspaper al-Eqtisadiah retracted a story saying Saudi Arabia is planning to sell almost half of Saudi Arabian Oil Co., the world’s largest oil company known as Aramco. The stake that the government plans to sell and the time frame of the sale are different than what was mentioned in the story published on Saturday, al-Eqtisadiah said in a statement published Sunday.
Investors Betting on Oil Price Drop Flee as Production Cuts Near
Oil investors seem to have less reason to doubt that OPEC and other producers will make the cuts needed to balance the market. Money managers trimmed bets on falling West Texas Intermediate crude prices to the lowest level since August 2014 as the Organization of Petroleum Exporting Countries and other crude-exporters prepare to start curbing output in January.
Saudi Arabia’s Energy Minister Sees Oil Recovering on OPEC Cuts
Oil prices are set to recover next year as OPEC fulfills its agreement to cut output, halting the slump that battered the global oil industry, Saudi Arabia’s energy minister said. The kingdom sees no need for additional production cuts on top of the curbs pledged in recent weeks by OPEC and 11 other oil-producing countries, Khalid Al-Falih said at a ceremony to announce the annual budget in Riyadh.
OPEC Deal Makes Oil Investors Most Bullish Since Slump Began
Money managers boosted bets on rising West Texas Intermediate crude prices to the highest level since July 2014 after the Organization of Petroleum Exporting Countries and producers outside the group agreed to coordinate crude production cuts. Prices advanced to a 17-month high on Dec. 12 on speculation that the curbs will reduce the global inventory glut next year.
OPEC Deal Makes Oil Investors Most Bullish Since Slump Began
Money managers boosted bets on rising West Texas Intermediate crude prices to the highest level since July 2014 after the Organization of Petroleum Exporting Countries and producers outside the group agreed to coordinate crude production cuts. Prices advanced to a 17-month high on Dec. 12 on speculation that the curbs will reduce the global inventory glut next year.
OPEC Deal Leaves Oil Investors Most Optimistic Since Slump Began
Money managers boosted bets on rising West Texas Intermediate crude prices to the highest level since July 2014 after the Organization of Petroleum Exporting Countries and producers outside the group agreed to coordinate crude production cuts. Prices advanced to a 17-month high on Dec. 12 on speculation that the curbs will reduce the global inventory glut next year.
How Global Oil Flows Might Look After OPEC’s Supply Shock
OPEC’s quest to end a global crude glut already snapped a two-year slump in oil prices. Now attention is turning to how the group’s surprise decision to cut output will transform international trade flows of the world’s most important commodity.