Markets look vulnerable as countries ease lockdowns
4 years, 8 months ago

Markets look vulnerable as countries ease lockdowns

CNN  

A version of this story first appeared in CNN Business’ Before the Bell newsletter. “If one of the vaccines treatments being testing currently proves effective, we are a buyer of risk assets,” Evercore ISI portfolio strategist Dennis DeBusschere said in a recent note to clients. “Risk assets could be fragile once the cold, hard economic reality hits again.” Cheap crude squeezes the world’s top producer When the world’s largest and most profitable oil and gas company made its public market debut in December, crude cost more than $60 per barrel. “The numbers show that the existing production can still not cover for the lost demand and that global storages will fill up during the second part of May,” Louise Dickson, oil markets analyst at Rystad Energy, told clients on Friday. Dickson said that oil producers see a light at the end of the tunnel as cuts take effect and countries, states and cities start to ease lockdown measures.

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Saudi oil giant Aramco posts third-quarter profits of $27.5 billion, down 15% from a year earlier
2 months, 1 week ago

Saudi oil giant Aramco posts third-quarter profits of $27.5 billion, down 15% from a year earlier

The Independent  

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Saudi Arabia's Aramco reports lower half-year profits as economic worries dampen energy prices
5 months, 1 week ago

Saudi Arabia's Aramco reports lower half-year profits as economic worries dampen energy prices

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Saudi oil giant Aramco reported …

Why Saudi Aramco stock is a tough sell on Wall Street
7 months, 1 week ago

Why Saudi Aramco stock is a tough sell on Wall Street

Live Mint  

Saudi Aramco’s generous dividends can only go so far in making up for an overpriced initial public offering. The Saudi government, which will still own more than 80% of Aramco at the end of the sale, will use the proceeds to fund the country’s cash-hungry Vision 2030 initiatives. Aramco shareholders missed out on the share-price rallies and bumper payouts delivered …

Saudi Arabia may announce landmark Aramco share sale soon: Report
7 months, 2 weeks ago

Saudi Arabia may announce landmark Aramco share sale soon: Report

Hindustan Times  

Saudi Arabia may announce a landmark secondary share offering in oil giant Aramco later on Thursday, pending final approval from Crown Prince Mohammed bin Salman, people with knowledge of the matter said. Aramco share sale: The Saudi Aramco logo is pictured at Hyvolution exhibition in Paris, France. The share offering on Riyadh's Saudi Exchange, which the sources said is expected …

Saudi Aramco says Q1 profit down 14.5 percent
8 months, 1 week ago

Saudi Aramco says Q1 profit down 14.5 percent

Hindustan Times  

Oil giant Saudi Aramco said Tuesday its first-quarter net profit dipped 14.5 percent on year to $27.27 billion as the Gulf kingdom kept production cuts in place. The world's biggest crude exporter, whose profits dropped by a quarter last year, is currently producing roughly nine million barrels per day, well below its capacity of 12 million bpd. Deficits expected The …

Saudi Arabia Needs Oil Price Near $100, IMF Says
8 months, 3 weeks ago

Saudi Arabia Needs Oil Price Near $100, IMF Says

Hindustan Times  

Saudi Arabia will need a higher oil price than previously thought this year as the OPEC leader spearheads the group’s production cuts, according to the International Monetary Fund. Saudi Arabia Needs Oil Price Near $100, IMF Says Riyadh will require an average oil price of $96.20 a barrel to balance its budget, assuming it holds crude output steady near 9.3 …

Saudi oil giant Aramco announces $121 billion profit last year, down from 2022 record
10 months ago

Saudi oil giant Aramco announces $121 billion profit last year, down from 2022 record

Associated Press  

DUBAI, United Arab Emirates — Saudi oil giant Aramco on Sunday reported it made $121 billion in profit last year, down from its 2022 record due to lower energy prices. The results still marked the company’s second highest ever result, Aramco said, as members of the OPEC+ alliance continue to cut their production to try to boost global energy prices. …

Saudi Arabia's oil giant Aramco says it will not increase maximum daily production on state orders
11 months, 2 weeks ago

Saudi Arabia's oil giant Aramco says it will not increase maximum daily production on state orders

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Saudi Arabia's oil giant Saudi …

Saudi Arabia defends oil supply cuts as prices hit fresh high
1 year, 3 months ago

Saudi Arabia defends oil supply cuts as prices hit fresh high

The Telegraph  

Opec’s leader claims its massive oil production cuts are no different to the actions of central banks, as oil prices hit a fresh 10-month high. Saudi Arabia’s energy minister Prince Abdulaziz bin Salman on Monday defended Opec+ cuts to global supply as the price of Brent crude approached $95 per barrel. Oil prices have surged by more than 30pc since …

Oil prices spike as Saudi Arabia, Russia extend 1.3 million barrel a day oil cut through December
1 year, 4 months ago

Oil prices spike as Saudi Arabia, Russia extend 1.3 million barrel a day oil cut through December

Associated Press  

DUBAI, United Arab Emirates — Saudi Arabia and Russia agreed Tuesday to extend their voluntary oil production cuts through the end of this year, trimming 1.3 million barrels of crude out of the global market and boosting energy prices. Bob McNally, the founder and president of the Washington-based Rapidan Energy Group and a former White House energy adviser, said Saudi …

Saudi Arabia's Aramco Q2 profit drops 40% due to lower oil prices
1 year, 5 months ago

Saudi Arabia's Aramco Q2 profit drops 40% due to lower oil prices

Hindustan Times  

Saudi Arabia's state-run oil giant Aramco made $30 billion in profit in the second quarter, a nearly 40% decline from the same period the previous year, which it attributed to lower crude oil prices. An Aramco employee walks near an oil tank at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia. In an earnings report filed …

Saudi Arabian oil giant Aramco reports $30B in Q2 profits, down nearly 40% from last year
1 year, 5 months ago

Saudi Arabian oil giant Aramco reports $30B in Q2 profits, down nearly 40% from last year

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Saudi Arabia's state-run oil giant …

Saudi oil giant Aramco reports $30B in profits, down nearly 40% from last year due to lower prices
1 year, 5 months ago

Saudi oil giant Aramco reports $30B in profits, down nearly 40% from last year due to lower prices

Associated Press  

DUBAI, United Arab Emirates — Saudi state-run oil giant Aramco on Monday reported $30 billion in second quarter profit, a nearly 40% decline from the same period the previous year that it attributed to lower oil prices. In an earnings report filed with the Saudi stock exchange, Aramco said the decrease “mainly reflected the impact of lower crude oil prices …

With oil prices slumping, OPEC+ producers weigh more production cuts
1 year, 7 months ago

With oil prices slumping, OPEC+ producers weigh more production cuts

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The major oil-producing countries led …

Oil giant Saudi Aramco's 1st quarter profit down 20% to $31B
1 year, 8 months ago

Oil giant Saudi Aramco's 1st quarter profit down 20% to $31B

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Oil giant Saudi Aramco reported …

Aramco Q1 PAT plummets 19% to $31.9 billion on lower crude prices
1 year, 8 months ago

Aramco Q1 PAT plummets 19% to $31.9 billion on lower crude prices

Live Mint  

On Tuesday, the Saudi oil giant Aramco reported a first-quarter net profit of 119.54 billion riyals, a drop of around 19% from the same period of the previous year. Aramco said the drop was mainly driven by lower crude prices, although partially offset by lower taxes and zakat and a rise in finance and other income. As per Refinitiv data, …

Oil producers’ cuts could boost gasoline prices, help Russia
1 year, 9 months ago

Oil producers’ cuts could boost gasoline prices, help Russia

Associated Press  

FRANKFURT, Germany — Major oil-producing countries led by Saudi Arabia said they’re cutting supplies of crude — again. The decision by oil producers, many of them in the OPEC oil cartel, to cut production by more than 1 million barrels a day comes after prices for international benchmark crude slumped amid a slowing global economy that needs less fuel for …

Oil producers' cuts could boost gasoline prices, help Russia
1 year, 9 months ago

Oil producers' cuts could boost gasoline prices, help Russia

Firstpost  

Russia is joining in by extending its own cuts for the rest of the year. In theory, less oil flowing to refineries should mean higher gasoline prices for drivers and could boost the inflation hitting the US and Europe Major oil-producing countries led by Saudi Arabia said they’re cutting supplies of crude — again. In theory, less oil flowing to …

Oil prices surge as Saudi Arabia leads shock production cuts
1 year, 9 months ago

Oil prices surge as Saudi Arabia leads shock production cuts

The Independent  

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Oil giant Saudi Aramco makes a historic $161B profit in 2022
1 year, 10 months ago

Oil giant Saudi Aramco makes a historic $161B profit in 2022

Associated Press  

DUBAI, United Arab Emirates — Oil giant Saudi Aramco reported Sunday earning $161 billion last year, claiming the highest-ever recorded annual profit by a publicly listed company and drawing immediate criticism from activists. The monster profit by the firm, known formally as the Saudi Arabian Oil Co., came off the back of energy prices rising after Russia launched its war …

Saudi Arabia cuts oil prices for Asia and Europe as demand slows
2 years ago

Saudi Arabia cuts oil prices for Asia and Europe as demand slows

Live Mint  

Saudi Arabia cut oil prices for its main market of Asia and for Europe, signaling that demand remains sluggish as economies slow and coronavirus cases in China surge. State-controlled Saudi Aramco reduced prices for all types of crude that will be shipped to Asia in February. Saudi Arabia sells about 60% of its crude exports to Asia under long-term contracts, …

Oil giant Saudi Aramco has $42.4B profit in third quarter
2 years, 2 months ago

Oil giant Saudi Aramco has $42.4B profit in third quarter

Associated Press  

DUBAI, United Arab Emirates — Oil giant Saudi Aramco on Tuesday reported a $42.4 billion profit in the third quarter of this year, a 39% bump buoyed by the higher global energy prices that have filled the kingdom’s coffers but helped fuel inflation worldwide. The oil firm’s profits will help fund the kingdom’s assertive Crown Prince Mohammed bin Salman’s plans …

Oil giant Saudi Aramco has $42.4B profit in third quarter
2 years, 2 months ago

Oil giant Saudi Aramco has $42.4B profit in third quarter

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Oil giant Saudi Aramco on …

Why Saudi Arabia defied the US over OPEC oil supply cut
2 years, 3 months ago

Why Saudi Arabia defied the US over OPEC oil supply cut

CNN  

Editor’s Note: A version of this story first appeared in CNN’s Meanwhile in the Middle East newsletter, a three-times-a-week look inside the region’s biggest stories. Abu Dhabi CNN — Saudi Arabia’s energy minister once famously said that the kingdom “derives pleasure from keeping everyone on their toes.” That is likely how White House officials and Democratic politicians were left feeling …

High oil prices help Saudi Aramco earn $88B in first half
2 years, 5 months ago

High oil prices help Saudi Aramco earn $88B in first half

Associated Press  

DUBAI, United Arab Emirates — Saudi energy company Aramco said Sunday its profits jumped 90% in the second quarter compared to the same time last year, helping its half-year earnings reach nearly $88 billion. Prices have dipped below the $100 mark in past weeks amid slowed-down economic growth in China and the U.S. Aramco President CEO Amin Nasser said he …

Saudi oil giant Aramco’s first-quarter profits surge 80%
2 years, 8 months ago

Saudi oil giant Aramco’s first-quarter profits surge 80%

Associated Press  

DUBAI, United Arab Emirates — Oil giant Saudi Aramco said Sunday its profits soared more than 80% in the first three months of the year, as the state-backed company cashes in on the volatility in global energy markets and surging oil prices following Russia’s invasion of Ukraine. The bumper first-quarter earnings by the firm formally known as the Saudi Arabian …

Aramco profit hits $110 billion as Saudis seek to expand investments
2 years, 9 months ago

Aramco profit hits $110 billion as Saudis seek to expand investments

Live Mint  

DUBAI : State oil giant Saudi Aramco said Sunday its 2021 net profit more than doubled to $110 billion, a boon to the Middle East’s largest economy as it seeks to use its hefty profits for investment opportunities domestically and abroad. Aramco’s income jumped 124% in 2021 from $49 billion a year earlier, due to higher crude oil prices, stronger …

Saudi Aramco closes near $2T valuation as oil prices rally
3 years, 3 months ago

Saudi Aramco closes near $2T valuation as oil prices rally

Associated Press  

DUBAI, United Arab Emirates — Saudi Arabia’s oil company Aramco closed on Wednesday just shy of a $2 trillion valuation the kingdom’s crown prince has long sought, buoyed by high oil prices and increased demand for energy as economies recover from last year’s pandemic lockdowns. Aramco, which produces Saudi Arabia’s oil and gas, is closely watched by energy traders and …

Saudi Aramco hits $2T valuation on back of higher oil prices
3 years, 3 months ago

Saudi Aramco hits $2T valuation on back of higher oil prices

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Saudi Arabia s oil company …

Saudi Aramco’s profits quadruple as oil giant unveils plans to increase production
3 years, 5 months ago

Saudi Aramco’s profits quadruple as oil giant unveils plans to increase production

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The world’s largest oil company, …

Saudi oil giant Aramco sees half-year earnings climb to $47B
3 years, 5 months ago

Saudi oil giant Aramco sees half-year earnings climb to $47B

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Saudi Arabia's oil-producing company, Aramco …

Oil prices went negative a year ago. Now the glut is gone
3 years, 8 months ago

Oil prices went negative a year ago. Now the glut is gone

CNN  

New York CNN Business — Panic gripped the energy market last spring as a frightening realization dawned on oil traders: The world was rapidly running out of space to store excesscrude. After hitting a record of 12.9 million barrels per day in November 2019, US oil output crashed to just 10 million barrels per day last May. The overwhelming majority …

Oil giant Saudi Aramco sees 2020 profits drop to $49 billion
3 years, 9 months ago

Oil giant Saudi Aramco sees 2020 profits drop to $49 billion

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Saudi Arabia’s state-backed oil giant …

Oil prices surge after attack on Saudi oil site
3 years, 10 months ago

Oil prices surge after attack on Saudi oil site

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Oil prices pressed higher Monday …

Aramco may have to sell assets, borrow more to maintain Saudi dividend
4 years ago

Aramco may have to sell assets, borrow more to maintain Saudi dividend

Live Mint  

Oil giant Aramco, whose dividend remains vital to helping Saudi Arabia contain a huge deficit, may have to sell assets and borrow more to fulfil its fiscal role amid uncertainty in oil prices, market specialists said. With oil prices at $50 per barrel or above, Aramco should be able to fund the $75 billion dividend and capex from operating cash …

World’s biggest oil firm Saudi Aramco kicks off bond sale
4 years, 1 month ago

World’s biggest oil firm Saudi Aramco kicks off bond sale

Live Mint  

Saudi Aramco kicked off a jumbo bond sale Tuesday to help fund a $75 billion dividend, returning to the debt markets for the first time since April of last year. Aramco, the world’s biggest oil company, is selling tranches maturing in three, five, 10, 30 and 50 years, according to a person with knowledge of the matter. But the spreads …

Saudi Aramco plans debt market comeback with multi-tranche bond deal
4 years, 1 month ago

Saudi Aramco plans debt market comeback with multi-tranche bond deal

Live Mint  

Dubai: Saudi Aramco said on Monday it had hired banks for a multi-tranche U.S. dollar-denominated bond issuance, as the world's largest oil company seeks cash amid lower oil prices. "The backdrop is supportive," said a debt banker on the deal, citing a $1 billion Islamic bond issuance last week from Dubai Islamic Bank, which achieved record low yields. Aramco's outstanding …

Saudis cut oil prices for Asia as virus clouds energy market
4 years, 2 months ago

Saudis cut oil prices for Asia as virus clouds energy market

Live Mint  

Saudi Arabia cut most oil pricing for its customers in Asia and the U.S. as a resurgence in the coronavirus clouds the outlook for energy markets. State producer Saudi Aramco decreased December pricing for shipments of Arab Light crude to Asia, its largest regional market, by 10 cents a barrel to a 50-cent discount to the benchmark. Oil dropped around …

Amid Slump in Crude Due to Covid-19 Pandemic, Saudi Arabia Doubles Down on Oil to Outlast Rivals
4 years, 3 months ago

Amid Slump in Crude Due to Covid-19 Pandemic, Saudi Arabia Doubles Down on Oil to Outlast Rivals

News 18  

The slump in demand for crude during the coronavirus pandemic has forced oil companies to contemplate the possibility that the fossil fuel market has peaked and the time for a global energy transition has come. But Saudi Aramco plans to boost its production capacity so it can pump as much of the kingdom’s vast oil reserves when demand picks up …

Saudi Arabia’s financial woes mean it’s squeezing cash cow Saudi Aramco
4 years, 4 months ago

Saudi Arabia’s financial woes mean it’s squeezing cash cow Saudi Aramco

Live Mint  

The world’s biggest oil company is getting squeezed by its main shareholder, the Saudi Arabian government. “It will limit how much they can invest in things like maintaining the oil fields and developing new technologies.” Dividend Promise The government has previously leveraged Aramco’s balance sheet to bolster its own finances. Gearing could reach 30% by 2023 if crude prices remain …

Oil prices tumble $1 per barrel after Saudi price cuts
4 years, 4 months ago

Oil prices tumble $1 per barrel after Saudi price cuts

Deccan Chronicle  

SINGAPORE: Oil prices dropped more than $1 a barrel on Monday, hitting their lowest since July, after Saudi Arabia made the deepest monthly price cuts for supply to Asia in five months as optimism about demand recovery cooled amid the coronavirus pandemic. The world remained awash with crude and fuel supplies despite OPEC+ supply cuts and government efforts to stimulate …

Saudis Reduce Oil Pricing in Sign Demand Recovery Struggling
4 years, 4 months ago

Saudis Reduce Oil Pricing in Sign Demand Recovery Struggling

Live Mint  

Saudi Arabia cut pricing for oil sales in October, a sign the world’s biggest exporter sees fuel demand wavering amid more coronavirus flare-ups around the globe. Aramco cut Arab Light to Asia to a discount against the benchmark oil price used by the Saudis for the first time since June. “The market will interpret these numbers to have been fair,” …

Saudi Aramco profits plunge 73 per cent as coronavirus causes oil demand to plummet
4 years, 5 months ago

Saudi Aramco profits plunge 73 per cent as coronavirus causes oil demand to plummet

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Saudi Aramco is to push …

Saudi Aramco Profits Slump 73% on Low Oil Price as Covid-19 Undercuts Global Demand
4 years, 5 months ago

Saudi Aramco Profits Slump 73% on Low Oil Price as Covid-19 Undercuts Global Demand

News 18  

Energy giant Saudi Aramco said Sunday its net profit for the second quarter plunged a massive 73 percent due to sharply lower oil prices as the coronavirus crisis undercuts global demand. Aramco's net profit for the first half of the year also dived, by 50 percent to $23.2 billion, compared to $46.9 billion over the same period last year. Following …

Oil prices steady amid signs of demand coming back after coronavirus
4 years, 6 months ago

Oil prices steady amid signs of demand coming back after coronavirus

Hindustan Times  

Oil prices were steady on Tuesday, holding onto the previous session’s gains, amid more signs of fuel demand picking up after the depths of the coronavirus pandemic as major crude producers continue to stick to supply cuts. The reopening of some US states and countries around the world after lockdowns has helped sustain oil’s recent rally as demand for fuel …

$190 oil sounds crazy. But JPMorgan thinks it’s possible, even after the pandemic
4 years, 6 months ago

$190 oil sounds crazy. But JPMorgan thinks it’s possible, even after the pandemic

CNN  

New York CNN Business — In a little-noticed report, JPMorgan Chase warned in early March that the oil market could be on the cusp of a “supercycle” that sends Brent crude skyrocketing as high as $190 a barrel in 2025. “The reality is the chances of oil going toward $100 at this point are higher than three months ago,” said …

Saudi Aramco first-quarter profit falls 25%, below analyst estimates; hurt by lower crude oil prices as coronavirus slashed demand
4 years, 8 months ago

Saudi Aramco first-quarter profit falls 25%, below analyst estimates; hurt by lower crude oil prices as coronavirus slashed demand

Firstpost  

Saudi Arabian state oil giant Aramco on Tuesday reported a 25 percent fall in first-quarter net profit, below analyst estimates, hurt by lower crude oil prices as the coronavirus slashed demand Dubai: Saudi Arabian state oil giant Aramco on Tuesday reported a 25 percent fall in first-quarter net profit, below analyst estimates, hurt by lower crude oil prices as the …

Saudi Aramco’s profit fell 25% and that was before oil prices hit rock bottom
4 years, 8 months ago

Saudi Aramco’s profit fell 25% and that was before oil prices hit rock bottom

CNN  

London CNN Business — The world’s top oil producer said its profit plummeted during the first three months of 2020 — and that was before crude prices completed their spectacular crash. State oil giant Saudi Aramco said Tuesday that net profit for the quarter ending in March fell 25% to $16.7 billion, down from $22.2 billion during the same period …

Oil prices rise as countries ease virus lockdown
4 years, 8 months ago

Oil prices rise as countries ease virus lockdown

Deccan Chronicle  

SINGAPORE: Oil prices rose in Asian trade Friday and were set to end the week with strong gains on signs demand is returning as some governments ease tough coronavirus lockdowns. US benchmark West Texas Intermediate gained 2.25 percent to change hands at $24.08 per barrel, and has risen about 20 percent this week. Oil markets were battered in April as …

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