The China Petroleum and Chemical Corporation (Sinopec) announced on Thursday that its Sinopec Oilfield Service Company has signed an agreement worth about $1.1 billion to construct natural gas pipelines for Saudi Aramco, the state oil company of Saudi Arabia.
Asset management giant BlackRock announced on Monday that it had named the CEO of Saudi Aramco, the world’s largest oil company, to its board of directors.
Genocidal Chinese dictator Xi Jinping reiterated his commitment to cooperation with Saudi Arabia in a phone call to Saudi Crown Prince Mohammed bin Salman on Tuesday, following multiple announcements from Saudi state oil company Aramco of major investments in China this weekend.
Climate activists reacted with equal measures of anger and despair Sunday at the news oil giant Saudi Aramco achieved record profits totalling $161.1 billion last year as global demand for fossil fuels shows no sign of abating anytime soon.
Saudi Arabia’s energy minister, Prince Abdulaziz bin Salman, said from the sidelines of the COP27 climate summit in Sharm el-Sheikh, Egypt on Friday that his country is being heavily targeted by activists for its leading role in oil production. “The world is hoping to crucify us,” he lamented.
The summer of 2022 is poised to deliver a dangerous challenge to overstressed power grids around the world, at a time of soaring energy prices and reduced fuel inventories thanks to the coronavirus pandemic aftermath and Russia’s invasion of Ukraine.
A fiery explosion lit up the skyline over the Saudi Arabian city of Jeddah on Friday morning, clearly visible from the F1 racing track where the Saudi Arabia Grand Prix began on Sunday.
The Iran-backed Houthi insurgents of Yemen, delisted as terrorists by President Joe Biden as one of his first acts in office, launched a massive terrorist strike on Saudi oil facilities and water desalination plants on Sunday.
Aramco, also known as the Saudi Arabian Oil Co., announced Sunday its net profit doubled last year as global growth recovered from the coronavirus downturn.
Saudi Aramco, the extremely wealthy national oil company of Saudi Arabia, on Wednesday announced the establishment of a “Non-Metallic Excellence and Innovation Center” (NEXCEL) in Beijing to promote the use of alternatives to metal in construction projects.
Saudi Aramco confirmed on Wednesday that a “limited amount” of its company data held by third-party contractors was recently leaked amid reports that an unidentified extortionist is holding a terabyte of the Saudi Arabian oil giant’s data hostage and demanding a $50 million ransom for its deletion, the Associated Press (AP) reported.
Reuters reported Wednesday that “major Chinese investors” are in talks to buy a stake in Saudi Aramco, the national oil company of Saudi Arabia.
The Houthis, Yemen’s Iran-backed Islamist terrorist insurgency, attacked civilian and military sites in Saudi Arabia on Thursday with 18 armed drones.
Yemen’s Iran-backed Houthi insurgents launched a major attack on the oil infrastructure of Saudi Arabia on Sunday, sending a swarm of missiles and armed drones to attack a vital Saudi Aramco facility.
U.S. Army General and Chairman of the Joint Chiefs of Staff Gen. Mark Milley touched down in Israel on Sunday morning to begin a series of meetings with senior Israel Defense Force leaders.
Saudi oil executives inked multi-billion dollar deals with companies to explore building petrochemical facilities along the Texas Gulf Coast. Essentially, they hope to capitalize on the U.S. oil and gas boom, largely fueled by shale drilling in the Permian Basin.
The latest report from the International Energy Agency finds American oil production at its highest level in 50 years and projects that it will surpass that of Saudi Arabia and Russia in 2018.
Two months after a sweeping series of arrests and temporary detentions made in connection with Saudi Crown Prince Mohammed bin Salman’s corruption probe, the fate of perhaps the biggest fish caught in the net remains uncertain: Prince Alwaleed bin Talal, one of the most wealthy, famous, and well-connected men in the world.
Fitch Credit Ratings has declared that the profitable doubling of U.S. oil drilling over the last 9 months means the reemerging U.S. shale boom is a potent threat to Saudi Arabia — despite the Saudis declaring a price war in 2014.
Talk of a production cap to stabilize oil prices seems like a distant memory now, as Iran continues ramping up post-sanctions production and Saudi Arabia cuts oil prices to Europe to compete.
It seems like only yesterday that the great hope of the oil market was that oil-producing nations, both inside and outside OPEC, would come together and cap production to bring prices back up. Now the chief executive of the Saudi national oil company says it will increase production, but he expects prices to start rising anyway.
On Monday, Saudi Arabia’s King Salman bin Abdulaziz addressed his nation by television, announcing cabinet approval for the “Saudi Vision 2030” plan — in essence, the Kingdom’s plan to decouple its economy from oil.
The New York Times offered a new set of clues recently as to how Saudi Arabia is handling the ongoing collapse of global oil prices by looking at the Saudis’ effort to “reformat” their economy, becoming less dependent on oil.
Saudi Arabia is still rich, but they are burning through their foreign reserve cash at a record pace due to lower oil prices and an unwillingness to cut the domestic spending that ensures the survival of the royal family. With the nation hemorrhaging cash, Saudi Arabia’s total foreign reserves fell by 5 percent, or $36 billion in just the last two months.
