Energy

Saudi Aramco Chief Says World’s Spare Oil Supplies Are Falling Rapidly, Urges Production Investment

A pump jack is silhouetted against the sunset at Naval Petroleum Reserve No.3 (NPR-3) near Casper, Wyoming.

SUSTG Team
|
10. 27. 2021

Saudi Aramco's CEO Amin Nasser said that oil-output capacity across the world is dropping quickly and companies need to invest more in production, according to a story in Bloomberg. It’s a “huge concern,” Nasser said in an interview in Riyadh. “The spare capacity is shrinking.”

Report: For Now, OPEC+ Resists Calls by U.S. for Increased Oil Production

Ras Tanura is one of the largest oil shipping ports in the world.

SUSTG Team
|
8. 17. 2021

The so-called OPEC+ group of oil producing nations, including Russia, "believe oil markets do not need more oil than they plan to release in the coming months, despite U.S. pressure to add supplies to check an oil price rise," a report in Reuters said.

OPEC+ Believes Glut Created with Pandemic ‘Nearly Gone’, Sees Stockpiles Diminishing Rapidly in 2021 – Report

The so-called OPEC+ coalition of oil-producing nations lead by Saudi Arabia and Russia is "expecting world oil markets to get acutely tight" in 2021, a year after taking the unprecedented steps of slashing production in the face of weak demand created by the Coronavirus pandemic, Bloomberg reports.
Report: Saudi Arabia Asks State Agency Heads to Prepare for Budget Cuts ‘of at Least 20%’
Abdulaziz bin Salman

Saudi Arabia Names New Energy Minister, Appointing Royal with Deep OPEC Experience

Saudi Arabia has named a new energy minister in Prince Abdulaziz bin Salman, a son of King Salman and older half brother of Crown Prince Mohammed bin Salman, to replace Khalid Al-Falih.
Aramco-SABIC

Saudi Aramco Agrees to Buy 70% Stake in SABIC from Kingdom’s Public Investment Fund

Saudi Arabia’s national oil company Saudi Aramco has agreed to buy a 70% stake in Saudi Basic Industries Corporation (SABIC), the kingdom’s leading petrochemical firm, for $69.1 billion in a private transaction, SABIC said in a press release.
Energy

Al-Falih: ‘Going forward the world is going to be Saudi Aramco’s playground’

In a new interview with the Financial Times, Saudi Arabia's powerful minister of energy, industry, and mineral resources Khalid Al-Falih indicated that Saudi Aramco would take on an active position as investor in resource opportunities outside the Kingdom of Saudi Arabia.
Energy

Saudi Arabia Eyes Major Domestic Energy Conservation by 2030, Al Falih Says

Saudi Arabia expects to throttle back domestic energy consumption by 2030 by up to the equivalent of 2m barrels of oil per day, in line with the Kingdom's Vision 2030 economic and social reform initiative, according to comments made by Khalid Al-Falih published by Reuters.
Oil Price

OPEC, Russia Will Cut 1.2 million Barrels of Oil Production a Day; Price Jumps

OPEC and Russia have agreed to collectively throttle back oil production by 1.2 million barrels per day to dry up a global supply glut, according to energy reporters from the Wall Street Journal.
Saudi Aramco

Saudi Aramco CEO: ‘We Need a Major Acquisition For Us to Be In Different Markets Quickly’

In an interview with Bloomberg, Saudi Aramco's CEO Amin Nasser said the company is earmarking $500 billion to invest over the next 10 years, including $160 billion for natural gas developments and $100 billion for chemicals projects.

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