MUST-READS

• Saudi Aramco to maintain full oil supplies to Asia in Nov despite OPEC+ cuts

  Saudi Aramco has told at least seven customers in Asia they will receive full contract volumes of crude oil in November ahead of the peak winter season, several sources with knowledge of the matter said on Monday. The producer is keeping supplies to Asia steady despite likely production cuts by tapping on inventories, the sources said. Saudi Aramco could not be immediately reached for comment outside office hours.

• Saudi Aramco: The Oil Market Is Ignoring Supply Fundamentals

  “[The market] is focusing on what will happen to demand if recession happens in different parts of the world, they are not focusing on supply fundamentals,” the top executive at the world’s largest oil firm and single largest crude oil exporter, said at the Energy Intelligence Forum in London today.

  • Bloomberg - Aramco Says Global Oil Spare Buffers to Slump When China Reopens
  • Yahoo - Opinion: Commentary: Which side are they on? Our Saudi friends cannot have it both ways on oil politics
• Aramco CEO calls for investments in oil & gas and ‘more credible’ energy transition plan

  On the other hand, Aramco’s CEO underscored that the energy transition plan has been “undermined by unrealistic scenarios and flawed assumptions” as many were led to assume that “major oil use sectors would switch to alternatives almost overnight,” but oil demand came surging back after lockdowns, as did gas. According to Nasser, solar and wind currently account for 10 per cent of global power generation, and less than 2 per cent of the global primary energy supply, thus, he believes that “this is the moment to increase oil and gas investments, especially capacity development.”

  • Aramco - Aramco CEO: Urgent global consensus required to concurrently address climate priorities and energy security challenges
• Aramco CEO calls for investments in oil & gas and ‘more credible’ energy transition plan

  “When you shame oil and gas investors, dismantle oil- and coal-fired power plants, fail to diversify energy supplies (especially gas), oppose LNG receiving terminals, and reject nuclear power, your transition plan had better be right. Instead, as this crisis has shown, the plan was just a chain of sandcastles that waves of reality have washed away.”

  • Aramco - Aramco CEO: Urgent global consensus required to concurrently address climate priorities and energy security challenges
• Aramco boss slams oil and gas critics amid global energy transition

  “When you shame oil and gas investors, dismantle oil- and coal-fired power plants, fail to diversify energy supplies (especially gas), oppose LNG receiving terminals, and reject nuclear power, your transition plan had better be right,” Amin Nasser said in a speech on Tuesday.

• ‘Global AI Corridor’ deal with Saudi Aramco aims to link Riyadh to California

  “The corridor is designed to develop and commercialize complex AI solutions, train Saudi talent, support Saudi start-ups, and together with a global partner build a local AI ecosystem,” Saudi Aramco CEO Amin Nasser said at the Global AI Summit in Riyadh. The deal, valued at $250 million, aims to link Riyadh to the US state of California, Beyond Limits CEO AJ Abdallat told al-Arabiya TV on Tuesday. It will include building a center with Aramco that will focus on energy and combating climate change and will span five years, Abdallat added.

• ‘Global AI Corridor’ deal with Saudi Aramco aims to link Riyadh to California

  “The corridor is designed to develop and commercialize complex AI solutions, train Saudi talent, support Saudi start-ups, and together with a global partner build a local AI ecosystem,” Saudi Aramco CEO Amin Nasser said at the Global AI Summit in Riyadh. The deal, valued at $250 million, aims to link Riyadh to the US state of California, Beyond Limits CEO AJ Abdallat told al-Arabiya TV on Tuesday. It will include building a center with Aramco that will focus on energy and combating climate change and will span five years, Abdallat added.

• Cyber attacks are among top risks faced by Saudi Aramco, CEO says

  Cyber attacks are one of the top risks faced by Saudi Arabia's state oil giant Aramco, on a par with natural disasters and physical attacks, the company's chief executive said on Tuesday at an artificial intelligence summit in Riyadh. "While these attacks are growing in scale and severity, AI is helping us to fend off some of these threats," Amin Nasser said.

• Saudi Aramco partners with Formula Motorsport to introduce sustainable fuels

  Saudi Aramco, the world’s largest oil-exporting company, signed a preliminary agreement with Formula Motorsport to introduce the use of sustainable fuels in the Formula 2 and Formula 3 motor racing championships from 2023 as decarbonisation efforts to limit global warming gather pace globally. The agreement, which is subject to FIA World Motor Sport Council approval, “will form part of the wider sustainability strategy announced by the FIA and Formula 1, which will see the sport become net zero carbon by 2030,” the companies said in a statement on Friday.

• Aramco VC Fund Turns to Global Investments in Saudi Startup Push

  “Many global start ups see the next expansion avenue in the region as funding is available in plenty and they can have an edge by potentially relocating into Saudi Arabia and the GCC,” he said. “We will attract firms from those sectors and position the kingdom as the center of gravity for these global ventures.” To tap these opportunities, Wa’ed has increased the size of its typical investment to $20 million from $5 million, Alidi said.

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