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☆ Nigeria gets refineries investment, forex pledge from Saudi Arabia
▼ + stars: | 2023-11-10 | by ( Felix Onuah | ) www.reuters.com time to read: +3 min

REUTERS/Temilade Adelaja/File Photo Acquire Licensing RightsABUJA, Nov 10 (Reuters) - Nigeria and Saudi Arabia on Friday agreed to a series of investment and cooperation deals, including a pledge by the Saudi government to invest in the revamp of Nigeria's oil refineries and provide financial support to sustain the government's foreign-exchange reforms. Under Tinubu, Nigeria has embarked on the boldest reforms in decades, scrapping a popular petrol subsidy and unifying the country's multiple exchange rates as part of measures "aimed at improving the ease of doing business." Information Minister Mohammed Idris said the Saudi government pledged to make "a substantial deposit of foreign exchange to boost Nigeria's forex liquidity". "Nigeria and Saudi Arabia have always enjoyed a special relationship at both the bilateral and multilateral levels. The two leaders agreed to work together over the next six months to "develop a comprehensive road map and blueprint" to deliver on the investments, Idris said.

Persons: Bola Tinubu, Temilade, Saudi Crown Prince Mohammed bin Salman, Mohammed Idris, Idris, Tinubu, Ajuri Ngelale, Boko, Felix Onuah, Elisha Bala, Emelia Sithole, Matthew Lewis, David Evans Organizations: REUTERS, Rights, Saudi Crown, Saudi Aramco, Thomson Locations: Abuja, Nigeria, Rights ABUJA, Saudi Arabia, Saudi, Africa, Riyadh, Tinubu, Africa's

Net profit fell to $32.6 billion for the quarter to Sept. 30, above the $31.8 billion expected by 12 analysts in a company-provided forecast. The Saudi oil producer said lower oil prices and volumes were partially offset by a reduction in production royalties, which are linked to Brent prices. Chevron (CVX.N) and Exxon Mobil (XOM.N) last month reported sharp year-on-year falls in third-quarter profit as energy prices cooled. Saudi Aramco logo and stock graph are seen through a magnifier displayed in this illustration taken September 4, 2022. Back in 2021, Saudi Arabia's de facto ruler, Crown Prince Mohammed bin Salman, said that Saudi Aramco would sell more shares, with the proceeds going to bolster the PIF, the Vision 2030's main funding source.

Persons: Brent, Aramco's, Dado Ruvic, Prince Mohammed bin Salman, Hadeel Al Sayegh, Yousef Saba, Miral Fahmy, Jason Neely, Tomasz Janowski Organizations: DUBAI, Saudi Aramco, Chevron, Exxon Mobil, Reuters Graphics, OPEC, Aramco, REUTERS, Investment Fund, Energy, RBC, Riyadh bourse, Wall Street, Thomson Locations: Saudi, Reuters Graphics Saudi Arabia, Saudi Arabia, Aramco, Riyadh

Saudi Aramco logo and stock graph are seen through a magnifier displayed in this illustration taken September 4, 2022. Net profit fell to $32.6 billion for the quarter to Sept. 30 from $42.4 billion a year earlier. The Saudi oil producer said lower oil prices and volumes were partially offset by a reduction in production royalties. Chevron (CVX.N) and Exxon Mobil <XOM.N> last month posted sharp year-on-year falls in third-quarter profit as energy prices cooled. Aramco's revenue fell to $113.09 billion in the quarter from $144.99 billion a year earlier.

Persons: Dado Ruvic, Hadeel Al Sayegh, Yousef Saba, Miral Fahmy, Jason Neely Organizations: Saudi Aramco, REUTERS, DUBAI, Chevron, Exxon Mobil, OPEC, Aramco, Energy, Thomson Locations: Saudi, Saudi Arabia

☆ Oil giant Saudi Aramco's profit slides 23% in third quarter on lower crude prices, volumes
▼ + stars: | 2023-11-07 | by ( Natasha Turak | ) www.cnbc.com time to read: 1 min

Saudi state oil giant Aramco posted a 23% drop in net profit in the third quarter, down to $32.6 billion attributable to "the impact of lower crude oil prices and volumes sold," the company said Tuesday. The third-quarter net profit result marked a steep decline from $42.4 billion the same time last year, but still beat analyst estimates near $31.8 billion. Free cash flow for the company was slashed to $20.3 billion, less than half of what it was in the third quarter of 2022 at $45 billion. Aramco still upheld its dividend payout of $29.4 billon to investors and the Saudi government. This is a breaking news story, please check back later for more.

Organizations: Aramco Locations: Saudi

LAUNCESTON, Australia, Nov 7 (Reuters) - Saudi Arabia made two recent decisions that on the surface seem to indicate a steady crude oil market outlook but may point to a ticking up in concern over the state of demand. It's also likely that softer demand for refined products in Asia amid economic uncertainty led to Aramco's decision to keep the Arab Light OSP unchanged. The extension of the additional 1 million bpd cut is perhaps a tacit admission that crude oil demand isn't as strong as OPEC has been expecting. Asia's crude imports showed some resilience in October, rising to 27.36 million bpd from 26.60 million bpd in September, according to data compiled by LSEG. China, the world's biggest importer, saw arrivals of 11.90 million bpd in October, up from September's 11.18 million bpd, but both these months were down on August's 12.49 million bpd.

Persons: It's, Brent, Robert Birsel Organizations: Saudi Aramco, refiners, Aramco, Brent, West Texas Intermediate, OPEC, LSEG, world's, Saudi, Reuters, Thomson Locations: LAUNCESTON, Australia, Saudi Arabia, Saudi, Oman, Dubai, Asia, Singapore, Israel, Gaza, Atlantic, refiners, China, Russia

☆ Stock Market Today: Dow Futures Waver, UBS Posts a Loss
▼ + stars: | 2023-11-07 | by ( ) www.wsj.com time to read: +1 min

Stock futures ticked lower, suggesting the recent winning streak on Wall Street could come to an end, while Treasurys rallied, bringing down yields. In global markets, UBS posted a larger-than-expected loss on costs related to taking over Credit Suisse. Index futures declined. International stock markets broadly declined. Oil markets retreated, putting benchmark Brent crude on track for its lowest close since August at slightly under $84 a barrel.

Persons: Treasurys, Dow, Bond Organizations: UBS, Credit Suisse, KKR, Carlyle Group, TPG, EBay, Rivian Automotive, Robinhood, Dow industrials, Nasdaq, Treasury, Nikkei, Hang, Brent Locations: Saudi Aramco, Europe

☆ Most Gulf markets end higher after US job market softens
▼ + stars: | 2023-11-05 | by ( ) www.reuters.com time to read: +2 min

A trader looks on near electronic boards showing stock market data at Bahrain Bourse after Joe Biden won the U.S. presidency, in Manama, Bahrain, November 8, 2020. Most Gulf Cooperation Council countries, including the UAE, peg their currencies to the U.S. dollar and follow the Fed's policy moves closely. Saudi Arabia's benchmark index (.TASI) gained 0.8%, with oil giant Saudi Aramco (2222.SE) rising 0.5% and Lumi Rental Co (4262.SE) finishing 1.7% higher. Outside the Gulf, Egypt's blue-chip index (.EGX30) closed 2% higher, led by a 2.1% rise in Commercial International Bank (COMI.CA). On Friday, the lender reported third-quarter net income of 8.35 billion Egyptian pounds ($270.66 million), up 89% year-on-year.

Persons: Joe Biden, Hamad I Mohammed, Detroit's, Jerome Powell, Ateeq, David Goodman, Sharon Singleton Organizations: Bahrain Bourse, U.S, REUTERS, Federal, United Auto Workers, UAW, Gulf Cooperation, U.S ., Saudi Aramco, Lumi, Reuters, Industries Qatar, Commercial International Bank, Thomson Locations: Bahrain, Manama, U.S, Gulf, UAE, Saudi, Ateeq Shariff, Bengaluru

☆ Top Wall Street analysts remain optimistic about these five stocks
▼ + stars: | 2023-10-29 | by ( Tipranks.Com Staff | ) www.cnbc.com time to read: +7 min

To that end, here are five stocks favored by Wall Street's top analysts, according to TipRanks, a platform that ranks analysts based on their past performance. Mahaney reiterated a buy rating on NFLX stock with a price target of $500. Baird analyst Colin Sebastian recently initiated a buy rating on CART stock with a price target of $31. SLBOilfield services company SLB (SLB), formerly Schlumberger, recently reported better-than-expected third-quarter adjusted earnings. Calling SLB a structural winner, particularly during pullbacks, Mehta reiterated a buy rating on the stock with a price target of $65.

Persons: Dado Ruvic, Wall, Mark Mahaney, Mahaney, TipRanks, roadmaps, Harlan Sur, Sur, Baird, Colin Sebastian, Sebastian, Instacart, SLB, Goldman Sachs, Neil Mehta, Mehta, Tesla Organizations: Reuters, Netflix, Nvidia, JPMorgan, TipRanks, Schlumberger, Saudi Aramco, United Arab Locations: Saudi, United Arab Emirates, Qatar

☆ South Korea's Hyundai, Saudi Aramco clinch $2.4 bln gas plant deal
▼ + stars: | 2023-10-24 | by ( Hyonhee Shin | ) www.reuters.com time to read: +2 min

[1/2] General view of the summit between President of South Korea, Yoon Suk-Yeol and Saudi Arabia's Crown Prince, Mohammed bin Salman in al Yamamah Palace in Riyadh, Saudi Arabia October 22, 2023. Saudi Press Agency/Handout via REUTERS Acquire Licensing RightsSEOUL, Oct 24 (Reuters) - South Korea's Hyundai Engineering & Construction (000720.KS) and Hyundai Engineering have signed a $2.4 billion contract with oil giant Saudi Aramco (2222.SE) to build a gas processing plant, Seoul's presidential office said on Tuesday. Jafurah is Saudi's largest unconventional non-oil associated gas field, with reserves estimated at 200 trillion cubic feet (5.7 trillion cubic metres) of raw gas. State-run Korea National Oil Corp also clinched a storage deal with Aramco during Yoon's visit that allows the Saudi company to store 5.3 million barrels of oil in South Korea's reserve facilities in the port of Ulsan for five years. After a four-day stay in Riyadh, Yoon left for Doha on Monday where he will attend an international horticultural expo before holding a summit on Tuesday with Qatar's Emir Sheikh Tamim bin Hamad al-Thani, his office said.

Persons: Yoon Suk, Saudi Arabia's Crown Prince, Mohammed bin Salman, Yoon Suk Yeol, Yoon, Saudi Crown Prince Mohammed bin Salman, Emir Sheikh Tamim bin Hamad, Hyonhee Shin, Tom Hogue Organizations: Saudi Arabia's Crown, Saudi Press Agency, Handout, REUTERS Acquire, Rights, Hyundai Engineering, Construction, Saudi Aramco, South Korean, Hyundai Motor Group, Hyundai, Aramco, Saudi Crown, Saudi, Hamas, Korea National Oil Corp, Doha, Thomson Locations: South Korea, al Yamamah, Riyadh, Saudi Arabia, Rights SEOUL, Saudi, Israel, South Korea's, Ulsan, Thani

☆ Saudi is wild card in Middle East’s new turmoil
▼ + stars: | 2023-10-18 | by ( George Hay | ) www.reuters.com time to read: +8 min

Saudi Crown Prince Mohammed bin Salman attends the 18th consultative meeting of the leaders of the GCC & the Gulf summit with the central Asian countries C5, in Jeddah, Saudi Arabia, July 19, 2023. Saudi Press Agency/Handout via REUTERS Acquire Licensing RightsLONDON, Oct 18 (Reuters Breakingviews) - Mohammed bin Salman is the wild card in the Middle East’s new conflict. Saudi Arabia also needs prices above $85 a barrel in order to balance its budget. Saudi Arabia also needs to consider the views of international investors, though. For now, Saudi Arabia can count on the support of global bankers and fund managers.

Persons: Prince Mohammed bin Salman, Mohammed bin Salman, Joe Biden, Benjamin Netanyahu, Israel’s, Biden, Netanyahu, International Energy Agency reckons, Jamal Khashoggi, nix, Larry Fink, JPMorgan’s, Jamie Dimon, Israel, Antony Blinken, Jordan, ” Blinken, ”, “, Hossein Amirabdollahian, Al Jazeera, Peter Thal Larsen, Oliver Taslic Organizations: GCC, Saudi Press Agency, Handout, REUTERS Acquire, Reuters, Hamas, Israel . U.S, MbS, United, Gaza, International Energy Agency, Reuters Graphics Reuters, Saudi, kingdom’s Public Investment Fund, U.S, PGA, Foreign Investment, Telefonica, STC, BlackRock’s, Future Investment, United States, Diplomats, don’t, Palestinian, Israeli, United Arab, Iran’s, Thomson Locations: Saudi, Jeddah, Saudi Arabia, Israel, Iran, Palestinian, Israel ., United States, Gaza, OPEC, Russia, Saudi Aramco, Riyadh, Palestine, United, Amman, Jordan, Bahrain, Qatar, United Arab Emirates, Egypt, Lebanon, America

☆ Oil prices edge higher ahead of Biden Middle East trip
▼ + stars: | 2023-10-17 | by ( Nicole Jao | ) www.reuters.com time to read: +3 min

SummaryCompanies Biden travels to Middle East on WednesdayBiden trip will balance Israel support with containing warUS-Venezuela talks could see oil sanctions easeUPCOMING - U.S. oil inventory data from API and EIANEW YORK, Oct 17 (Reuters) - Oil prices edged higher on Tuesday ahead of a trip by U.S. President Joe Biden to the Middle East that is likely to involve balancing support for Israel with trying to prevent any regional escalation of its war with Hamas. Fears the Middle East conflict could widen drove big gains in both oil benchmarks last week. The U.S. government has been seeking ways to increase the flow of oil to world markets to alleviate high prices. But any real oil output increase by Venezuela will take time because of a lack of investment. Looking ahead, the oil market is waiting for U.S. oil inventory data from the American Petroleum Institute (API), an industry group, on Tuesday and the government's Energy Information Administration (EIA) on Wednesday.

Persons: Companies Biden, Joe Biden, Brent, Biden's, Edward Moya, Nicolas Maduro's, Washington, Phil Flynn, Nicole Jao, Paul Carsten, Sudarshan, Kim Coghill, Ed Osmond, Jan Harvey, Barbara Lewis Organizations: Companies, Middle East, Wednesday Biden, U.S, Israel, Hamas, . West Texas, Brent, Wednesday, OPEC, Organization of Petroleum Exporting, Price Futures, Saudi Aramco, American Petroleum Institute, government's Energy Information Administration, Thomson Locations: Middle, Israel, Venezuela, Iran, Lebanon, Washington, U.S, Saudi, OPEC, Russia, New York, London, Singapore

☆ Climate activist Greta Thunberg arrested at London protest after disrupting major oil conference
▼ + stars: | 2023-10-17 | by ( Sam Meredith | ) www.cnbc.com time to read: +5 min

Henry Nicholls | Afp | Getty ImagesLONDON — Swedish climate activist Greta Thunberg on Tuesday was detained by police after joining hundreds of protesters to disrupt a major energy conference in London. Thunberg was arrested outside the InterContinental London Park Lane hotel during the "Oily Money Out" protest organized by Fossil Free London and Greenpeace. Their only plan is to profit at our expense," Nuri Syed Corser, an organizer with Fossil Free London, said in a statement. Fossil Free London said 27 people have been arrested so far and protests would continue outside the conference through to Thursday. Climate activists protest outside the InterContinental London Park Lane during the "Oily Money Out" demonstration organised by Fossil Free London on the sidelines of the opening day of the Energy Intelligence Forum 2023 in London on October 17, 2023.

Persons: Greta Thunberg, Henry Nicholls, Thunberg, Nuri Syed Corser, Corser, Vicki Hollub, Amin Nasser, Wael Sawan, We've, Tengku Muhammad Taufik, I'm, Taufik Organizations: InterContinental, Fossil Free, Greenpeace, Energy Intelligence, Afp, Getty, LONDON, Lane, Government, Energy Intelligence Forum, Money, Occidental Petroleum, Shell, The Met Police, Amnesty, Petronas, CNBC, Fossil Locations: Swedish, Fossil Free London, London, Saudi Aramco, Abu Dhabi

☆ Oil prices dip as markets debate hit from Middle East turmoil
▼ + stars: | 2023-10-10 | by ( ) www.cnbc.com time to read: +2 min

Employees visit the Natural Gas Liquids (NGL) facility at Saudi Aramco's Shaybah oil field in the Rub' Al-Khali desert, also known as the 'Empty Quarter,' in Shaybah, Saudi Arabia, on Tuesday, Oct. 2, 2018. Oil prices edged down slightly on Tuesday after gaining more than 4% in the previous session as markets weighed the potential for supply disruptions as the conflict between Israel and the Palestinian Islamist group Hamas continued. While Israel produces very little crude oil, markets worried that if the conflict escalates it could hurt Middle East supply and worsen an expected deficit for the rest of the year. Israel's port of Ashkelon and its oil terminal have been shut in the wake of the conflict, sources said on Monday. The turmoil may also cause U.S. to tighten its sanctions on Iran and hurt export of Iranian oil, analysts said.

Persons: Brent, Israel Organizations: Hamas, U.S, West Texas Locations: Saudi, Shaybah, Saudi Arabia, Israel, Palestinian, Gaza, Ashkelon, Iran, United States, Venezuela, Caracas

☆ Saudi oil giant Aramco announces pilot project to suck CO2 out of the air, but some scientists are skeptical
▼ + stars: | 2023-10-09 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +4 min

Saudi oil giant Aramco on Monday announced a partnership with Siemens Energy AG to develop a small-scale direct air-capture "test unit" in an attempt to manage emissions. The test unit will be built in Dhahran, Saudi Arabia and finished in 2024, according to a statement from Aramco on Monday. The DAC collaboration between Aramco and Siemens Energy is still in early phases. Given DAC's adolescence, both oil companies are invested in other clean energy technology projects. The spokesperson for Siemens Energy said that the company has invested in hydrogen, wind, nuclear fusion and others.

Persons: Jonathan Foley, Foley, Cara Horowitz Organizations: Saudi Aramco, Monday, Siemens Energy AG, Aramco, International Energy Agency, Amazon, Frontier, UCLA's, DAC, Siemens Energy, CNBC Locations: Saudi, Aramco, Dhahran, Saudi Arabia

☆ Major Gulf bourses drop amid surging Gaza-Israel conflict
▼ + stars: | 2023-10-08 | by ( Md Manzer Hussain | ) www.reuters.com time to read: +1 min

REUTERS/Mohammed Salem Acquire Licensing RightsOct 8 (Reuters) - Major stock markets in the Gulf tumbled on Sunday amid worries that rising conflict between Palestinian group Hamas and Israel threatens to spiral. The index was dragged down by losses in all sectors, with Lumi Rental (4262.SE) down 5% and Etihad Atheeb Telecommunication (7040.SE) dropping 5.3%. Saudi Aramco Base Oil (2223.SE) (Luberef)dropped 6.8% and the world's largest Islamic bank by assets, Al Rajhi Bank(1120.SE) slipped 2.1%. The Qatari index (.QSI) fell for a third straight session, ending 0.6% lower, with most sectors in the red. Outside the Gulf, Egypt's blue-chip index (.EGX30) plunged 2.6%, the steepest drop in nearly three months.

Persons: Mohammed Salem, Md Manzer Hussain, Bernadette Baum Organizations: REUTERS, Lumi, Etihad Atheeb Telecommunication, Saudi Aramco Base Oil, Al Rajhi Bank, . Industries Qatar, Commercial Bank, Commercial International Bank, Finance, Digital, Financial, Telecom Egypt, Fawry Banking, Thomson Locations: Gaza City, Palestinian, Israel, Gaza, East, Saudi

☆ Q&A With the Sustainability Chief of Oilfield-Services Firm SLB
▼ + stars: | 2023-10-05 | by ( Rochelle Toplensky | ) www.wsj.com time to read: +9 min

The German native joined SLB, formerly known as Schlumberger , in 2021 as its chief strategy and sustainability officer. Katharina Beumelburg, chief strategy and sustainability officer of SLB. Beumelburg: This push toward lowering carbon emissions in the oil-and-gas industry is a major change. The other side is our transition technology portfolio that focuses on bringing the carbon emissions at our customers down. Carbon capture and storage is the obvious short-term solution to reduce carbon emissions, one where the technology is ready, where we know what to do.

Persons: Katharina Beumelburg, SLB, Beumelburg, SLB Beumelburg, Johan Rockström, Rochelle Toplensky Organizations: Sustainability, Siemens, SLB, Schlumberger, Pro, WSJ, Potsdam Institute, Business, Microsoft, Saudi Aramco, Linde, Rochelle, rochelle.toplensky@wsj.com Locations: Greenland, Paris, Texas, Europe, Australia, Japan, South Korea, Davos

☆ Former BP boss Bob Dudley says Looney’s shock exit ‘came out of nowhere’
▼ + stars: | 2023-10-03 | by ( Sam Meredith | ) www.cnbc.com time to read: +4 min

Arun Sankar | Afp | Getty ImagesFormer BP CEO Bob Dudley on Tuesday said that Bernard Looney's abrupt resignation last month came as a shock and denied any prior knowledge of the latter's past personal relationships with colleagues. Looney succeeded Dudley, who stood down as BP CEO in 2020. He informed the company that he was not "fully transparent in his previous disclosures" about relationships with colleagues before becoming CEO, BP said. "Things at BP are OK. We move forward as you would expect, despite the change that happens," interim BP CEO Murray Auchincloss said Monday during a CNBC-moderated ADIPEC panel session. Dudley — who now chairs the Oil and Gas Climate Initiative, an organization backed by BP, Saudi Aramco, Exxon Mobil and other Big Oil firms — echoed Auchincloss' view.

Persons: Bernard Looney, Arun Sankar, Bob Dudley, Bernard Looney's, Dudley, Looney, Murray Auchincloss, Auchincloss, It's, Dudley — Organizations: Afp, Getty, BP, Financial Times, CNBC, Abu Dhabi International Progressive Energy Congress, BP Plc, Abu, Abu Dhabi International Petroleum Exhibition, United, Bloomberg, Climate Initiative, Exxon Mobil, Big Oil Locations: New Delhi, Abu Dhabi, United Arab Emirates, Saudi Aramco

☆ Saudi bourse tracks oil prices lower, Egypt extends losses
▼ + stars: | 2023-10-01 | by ( Ateeq Shariff | ) www.reuters.com time to read: +1 min

A Saudi trader observes the stock market on monitors at Falcom stock exchange agency in Riyadh, Saudi Arabia February 7, 2018. REUTERS/Faisal Al Nasser/File Photo Acquire Licensing RightsOct 1 (Reuters) - Saudi Arabia's stock market ended lower on Sunday in response to Friday's fall in oil prices, while the Egyptian index extended loses on profit-taking. Saudi Arabia's benchmark index (.TASI) fell 0.1%, extending losses from the previous session, weighed down by a 0.9% fall in oil giant Saudi Aramco (2222.SE). Oil prices - a key catalyst for the Gulf's financial markets - settled 1% lower on Friday due to macroeconomic concerns and profit-taking. Saudi Arabia is expected to tap the international debt markets to finance a projected budget deficit in 2023-2024, the finance ministry said, against a backdrop of lower oil prices and the country's extended oil production cuts.

Persons: Faisal Al Nasser, Ateeq, David Holmes Organizations: REUTERS, Saudi, Saudi Aramco, Qatar National Bank, Qatar bourse, Banking, Thomson Locations: Saudi, Riyadh, Saudi Arabia, Qatar, Ateeq Shariff, Bengaluru

RIYADH, Oct 1 (Reuters) - Saudi Arabia is expected to tap the international debt markets to finance a projected budget deficit in 2023-2024, the finance ministry said, against a backdrop of lower oil prices and the country's extended oil production cuts. Both deficits are estimated at 161 billion riyals ($43 billion). Saudi Arabia is working to prepare an annual borrowing plan in accordance with a medium-term debt strategy and "access global debt markets to enhance the kingdom's position in international markets", the finance ministry said. This has pushed total revenue estimates for 2023 up to 1,180 billion riyals from an earlier projection of 1,130 billion riyals, the finance ministry said. Meanwhile, total expenditure is seen rising to 1,262 billion riyals in 2023, from an earlier estimate of 1,114 billion riyals, before slowing down marginally to 1,251 billion riyals in 2024.

Persons: Aziz El Yaakoubi, Jane Merriman Organizations: Saudi Aramco, Al, Thomson Locations: RIYADH, Saudi Arabia, Riyadh, Saudi, Al Rajhi

☆ Oil up $1 on tight U.S. supply, China demand
▼ + stars: | 2023-09-29 | by ( Robert Harvey | ) www.reuters.com time to read: +2 min

An Aramco employee walks near an oil tank at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. REUTERS/Ahmed Jadallah/File Photo Acquire Licensing RightsCompanies Saudi Arabian Oil Co FollowLONDON, Sept 29 (Reuters) - Oil prices rose on Friday and were headed for a gain of about 3% for the week, driven by tight U.S. supply and expectations of strong fuel demand in China during the Golden Week holiday. China's fuel demand was set to firm as the week-long Golden Week holiday began on Friday. "(An) increase in international travel during the Golden Week holiday is boosting Chinese oil demand," ANZ analysts said in a client note. Saudi Arabia and Russia's supply cuts will dominate oil prices for the remainder of this year, but a run towards $100 per barrel could be capped by macroeconomic headwinds, analysts said.

Persons: Ahmed Jadallah, Brent, Carsten Fritsch, Robert Harvey, Katya Golubkova, Sonali Paul, Mark Potter Organizations: REUTERS, Rights Companies Saudi Arabian Oil, . West Texas, ANZ, Golden, St . Petersburg International Mercantile Exchange, Reuters, Thomson Locations: Aramco, Saudi, Saudi Arabia, China, U.S, Cushing , Oklahoma, Russia, St

An Aramco employee walks near an oil tank at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. REUTERS/Ahmed Jadallah/File Photo Acquire Licensing RightsSept 29 (Reuters) - Oil prices settled 1% lower on Friday due to macroeconomic concerns and profit taking, but rose about 30% in the quarter as OPEC+ production cuts squeezed global crude supply. U.S. West Texas Intermediate crude (WTI) settled down 92 cents to $90.97, up 1% in the week and 29% in the quarter. While the total rig count fell by 51 in the third quarter, the cuts have slowed compared with a reduction of 81 in the second quarter as oil prices have rebounded due to tightening supplies. The supply cuts announced by Saudi Arabia and Russia are expected to dominate oil prices for the remainder of this year.

Persons: Ahmed Jadallah, Brent, WTI, John Kilduff, Lael Brainard, Baker Hughes, Suvro Sarkar, Robert Harvey, Katya Golubkova, Sonali Paul, Mark Potter, Paul Simao, Jan Harvey, David Gregorio Our Organizations: REUTERS, . West Texas, Federal Reserve Bank of Dallas, Energy Information Administration, Investors, White, Evergrande, HK, Reuters, Aramco, National Australia Bank, DBS Bank, Thomson Locations: Aramco, Saudi, Saudi Arabia, New York, U.S, Brent, OPEC, Russia

An Aramco employee walks near an oil tank at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. REUTERS/Ahmed Jadallah/File Photo Acquire Licensing RightsCompanies Saudi Arabian Oil Co FollowSept 29 (Reuters) - Oil prices were set for a weekly gain of around 2% after regaining ground on Friday as strong holiday demand from China and persistently tight U.S. fundamentals outweighed expectations of possible supply increases from Saudi Arabia. The market eased about 1% in the previous session, as traders took profits after prices soared to 10-month highs, and some worried that high interest rates may weigh on oil demand. Improving macroeconomic data from China, the world's largest oil importer, coupled with strong fuel demand as the country as it embarked on its week-long Golden Week holiday on Friday, supported prices. "(An) increase in international travel during the Golden Week holiday is boosting Chinese oil demand," ANZ analysts said in a client note.

Persons: Ahmed Jadallah, Brent, Katya Golubkova, Jamie Freed, Sonali Paul Organizations: REUTERS, Rights Companies Saudi Arabian Oil, Brent, . West Texas, ANZ, Golden, Traders, Organization of, Petroleum, ING Bank, Aramco, National Australia Bank, Thomson Locations: Aramco, Saudi, Saudi Arabia, China, U.S, Cushing , Oklahoma, OPEC

☆ Goldman Sachs warns US energy policy is backfiring
▼ + stars: | 2023-09-27 | by ( Matt Egan | ) edition.cnn.com time to read: +6 min

New York CNN Business —America’s emergency oil stockpile has plunged to 40-year lows. It has less levers left in its policy toolkit,” Daan Struyven, head of oil research at Goldman Sachs, told CNN in a phone interview. That’s one reason Goldman Sachs expects oil prices to stay high, averaging $100 a barrel this time next year. Saudi Arabia has an incentive to keep oil prices high in order to balance their budget. “Extremely high prices destroy long-term demand for Saudi barrels,” Struyven said.

Persons: Goldman Sachs, Daan Struyven, Biden, ”, Jennifer Granholm, Saudi Arabia’s, “, ” Struyven, Struyven, ” Francisco Blanch, Doug Lawler, “ That’s, ” Lawler, BofA’s Blanch, ” Blanch, ” Goldman’s Struyven, That’s Organizations: New York CNN Business —, Strategic Petroleum Reserve, CNN, Triple, White, Industry, Wall, The Energy Department, ”, Saudi, OPEC, AAA, Aramco, Bank of America, Resources, Bloomberg, Energy Department Locations: Saudi, Ukraine, Saudi Arabia, Russia, Saudi Aramco, OPEC

☆ Saudi Arabia and the UAE are battling to become the Middle East's economic superpower
▼ + stars: | 2023-09-24 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +11 min

Saudi Arabia's crown prince is shaking up his economy in a move escalating its UAE rivalry. In March, Saudi Arabia unveiled Riyadh Air , a new airline serving as an alternative to the UAE's Emirates and Etihad Airways. If you want to do business with Saudi Arabia or Saudi state-owned entities, you've got to base your regional HQ in Saudi Arabia." "Saudi Arabia sees the separation project in Yemen as a way to let the Houthis control the north and therefore have a more-threatening border at the south of Saudi Arabia." Bandar Algaloud/Courtesy of Saudi Royal Court/Handout via REUTERSHow far the rivalry between the two nations goes largely depends on Saudi Arabia's actions.

Persons: Saudi Arabia's, Mohammed bin Salman, Sheikh Mohamed bin Zayed Al Nahyan, MBZ, Obama, You've, Kristian Ulrichsen, Rice, Sheikh Mohamed, Prince Mohammed, Sheikh Mohamed —, —, Leon Neal, Shaybah, Ulrichsen, Sheikh Zayed, Sultan Al Nahyan, Abu, Prince Mohammed bin Salman, Neom, Abishur Prakash, Jorg Greuel, Abdullah Alaoudh, Prakash, you've, Saudi Crown Prince Mohammed, Ludovic Marin, Mohammed's, Jamal Khashoggi, Biden, Baker Institute's Ulrichsen, Alaoudh, wouldn't Organizations: United Arab Emirates, UAE, Service, Baker Institute, Saudi, UAE —, Qatar, Dubai, United, Freedom Initiative, UAE's Emirates, Etihad Airways, Saudi Public Investment Fund, Newcastle United FC, English Premier League, Manchester City, Saudi Crown, Getty, Ritz Carlton, Saudi Royal Court, REUTERS, Saudi Aramco, United Nations Locations: Saudi, Wall, Silicon, Saudi Arabia, East, Washington, London, UAE, Persian, Al Ain, British, Qatar, Abu Dhabi, United Arab, Riyadh, Manchester City . Saudi Arabia, New Delhi, Istanbul, Yemen, Iran, Saudi Arabia's, Bandar, Ukraine

LONDON, Sept 21 (Reuters Breakingviews) - Barely a day goes by without an eye-catching story involving Saudi Arabia’s Public Investment Fund. A third of the fund consists of significant stakes in domestic companies like the $51 billion Saudi Telecom Company (7010.SE) and $53 billion Saudi National Bank (1180.SE). Reuters Graphics Reuters GraphicsThe PIF’s investment strategy is also racier than its more conservative peers. But the episode reinforces the impression that the PIF is a mix of venture capital, hedge fund and startup money. The most spectacular was probably handing $45 billion to SoftBank Group (9984.T) boss Masayoshi Son for his $100 billion first Vision Fund.

Persons: Kylian Mbappé, It’s, Prince Mohammed bin Salman, Yasir Al, Abu Dhabi’s Mubadala, Rumayyan, Salman bin Abdulaziz, Masayoshi Son, SWFs, Taiwan’s Foxconn, Peter Thal Larsen, Streisand Neto Organizations: Reuters, Saudi Arabia’s Public Investment Fund, Standard Chartered, Spanish telco Telefonica, Fund, Abu, Abu Dhabi Investment Authority, Global, Reuters Graphics Reuters, Saudi, Saudi Telecom Company, Saudi National Bank, Saudi Aramco, giga, Qatar Investment Authority, Singapore’s Temasek, Al, MbS, SoftBank Group, Vision, Credit Suisse, UBS, Saudi giga, Aramco, Investment, Thomson Locations: Spanish, Abu Dhabi, Riyadh, Saudi

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