MUST-READS

• Saudi Aramco Sees Oil Demand Growth at 1.3 Million Bpd in 2025

  Saudi Aramco, the world’s largest oil exporter, expects global oil demand to grow by a steady 1.3 million barrels per day (bpd) this year compared to 2024, the chief executive of the biggest oil firm in the world told Reuters. Oil demand is set to hit nearly 106 million bpd this year, up from about 104.6 million bpd last year, Saudi Aramco’s chief executive officer Amin Nasser told Reuters on the sidelines of the World Economic Forum in Davos. “We still think the market is healthy ... last year we averaged around 104.6 million barrels (per day), this year, we're expecting an additional demand of about 1.3 million barrels ... so there is growth in the market,” Nasser told Reuters

• Aramco signs 145 agreements and MoUs worth $9bn at iktva Forum & Exhibition 2025

  Aramco, one of the world’s leading integrated energy and chemicals companies, today signed 145 agreements and Memoranda of Understanding (MoUs) valued at around $9 billion at the In-Kingdom Total Value Add (iktva) Forum & Exhibition 2025. The agreements and MoUs are expected to advance the localization of goods and services in Saudi Arabia, boosting local content in the supply chain and fostering collaboration.

• Saudi Aramco and Sonatrach cut LPG prices for January

  Oil producer Saudi Aramco and Algeria's Sonatrach lowered January's official selling prices (OSPs) for liquefied petroleum gas (LPG) by between 1.6% and 6% from December because of weaker demand for the fuel, traders said on Thursday. Aramco's January OSP for propane decreased by $10 to $625 a metric ton while butane dropped by $15 to $615 a ton, the traders said. Propane and butane are types of LPG with different boiling points.

• Saudi Aramco leads $30m investment in tech startup

  Wa’ed Ventures, the $500 million venture capital fund owned by Saudi Aramco, and Japanese conglomerate Sumitomo have invested in Zension Technologies, a consumer electronics startup. Wa’ed led the funding raise of $30 million, which also included Dubai-based Global Ventures. Based in Riyadh, Zension provides consumers with access to the latest tech devices. Instead of purchasing devices outright, customers can subscribe to use them for a monthly fee, with options to upgrade, switch brands or return devices as needed.

• Saudi Aramco cuts January 2025 LPG prices

  Saudi Aramco has reduced the official selling prices for propane and butane for January 2025. According to an official statement on Tuesday, the price of propane was lowered by $10 per tonne, while butane saw a $15 per tonne reduction compared to the previous month. Propane and butane are both types of liquefied petroleum gas, commonly used for heating, vehicle fuel, and as a feedstock in the petrochemical industry. These products have distinct boiling points, making them suitable for different applications.

• Aramco raises diesel prices in Saudi Arabia to $0.44 per liter

  Saudi Aramco has increased diesel prices in Saudi Arabia to SR1.66 ($0.44) per liter, effective Jan. 1, 2025, marking a 44.3 percent rise compared to the start of 2024. According to the latest update on Aramco’s website, the company has kept gasoline prices unchanged, with Gasoline 91 priced at SR2.18 per liter and Gasoline 93 at SR2.33 per liter. The annual review of diesel prices is part of Aramco’s pricing mechanism, implemented in 2022. This year marks the fourth review under the system. In January 2024, the Kingdom raised diesel prices to SR1.15 from SR0.75 per liter, continuing its gradual adjustments.

• Saudi Arabia Taps Aramco Oil Field Brine in Lithium Battery Push

  Saudi Arabia is exploring projects that can produce lithium for batteries in an effort to ramp up production in the Middle Eastern oil exporter. The country, in the midst of revamping its economy to prepare for a post-oil world, is running two projects to test lithium production methods as part of a plan to develop materials for electric car batteries, Khalid Al-Mudaifer, the vice-minister for mining, said in an interview this week. The country is planning additional ventures, he said. Separately, Saudi Aramco is working on a joint project to extract lithium from brine taken from oil fields, the state energy giant said in an e-mailed response to questions. The presence of lithium and its concentrations and the prospects for extraction are being evaluated, the company said. Aramco is working with the King Abdullah University of Science and Technology.

• Non-institutional foreign ownership ex-Aramco rises to 9.48% last week

  Non-institutional foreign investors raised their ownership in Tadawul-listed equities, excluding Saudi Aramco, from 9.40% to 9.48%, or SAR 327.82 billion, in the week ended Dec. 12, market data showed.  The ownership of non-institutional foreign investors is represented by swap holders, residents, and qualified foreign investors (QFIs).

• Aramco to develop CCS in Saudi Arabia

  Saudi Aramco has signed a shareholders’ agreement with Linde and SLB for development of a carbon capture and storage (CCS) hub in Jubail, the Eastern Province of the Kingdom of Saudi Arabia. Phase one of the new CCS hub is expected to capture and store up to 9 million metric tons/year of CO₂ from three Aramco gas plants and other industrial sources. The captured CO₂ will be transported through a pipeline network and stored below ground in a saline aquifer sink, the operator said in a release Dec. 4. Construction is expected to be completed by end-2027. Later phases could further expand capacity. The overall project is aimed at supporting Aramco's ambition to achieve net-zero Scope 1 and gas emissions across its wholly owned operated assets by 2050.

• Aramco’s Diversification Strategy: Fueling Saudi Arabia’s Vision 2030

  Saudi Aramco is not only the largest oil producer globally but also the most profitable business, surpassing tech giants like Apple and Microsoft. Aramco is evolving far beyond its traditional role, now positioning itself at the forefront of economic diversification, technological innovation, and sustainability, aligning with the broader vision set forth by Crown Prince Mohammed bin Salman to transform the Saudi economy and reduce its dependence on oil. This shift has turned Aramco into a key player in reshaping the kingdom’s energy landscape and broader strategic interests. In a strategic move in March, Saudi Arabia transferred 8% of Aramco’s shares to the PIF – valued at around $163.6 billion, reflecting Aramco’s market worth – aiming to bolster the fund as the kingdom prepares for a possible IPO of the company. This transaction could provide additional financing for Vision 2030. The transaction raised the combined stake of the PIF and its affiliates in Saudi Aramco to 16%, equating to $327 billion in value.

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