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☆ 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 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

☆ Aramco Q2 profit down 38% to $30 bln
▼ + stars: | 2023-08-07 | by ( ) www.reuters.com time to read: 1 min

A view shows branded oil tanks at Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019. REUTERS/Maxim Shemetov/File PhotoCompanies Saudi Arabian Oil Co FollowDUBAI, Aug 7 (Reuters) - Saudi Arabian state oil giant Aramco (2222.SE) on Monday reported a near 38% drop in second-quarter net profit reflecting lower oil prices and thinner margins in refining and chemicals. Aramco's net profit fell to 112.81 billion riyals ($30.07 billion) for the quarter to June 30 from 181.64 billion a year earlier, the company said in a bourse filing, but topped the $29.8 billion expected by 15 analysts in an Aramco-provided poll. ($1 = 3.7513 riyals)Reporting by Maha El Dahan and Yousef Saba; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

Persons: Maxim, Maha El Dahan, Yousef Saba, Jason Neely Organizations: Saudi, REUTERS, Companies Saudi Arabian Oil, Thomson Locations: Saudi Aramco, Abqaiq, Saudi Arabia, DUBAI, Saudi Arabian, Aramco, bourse

Oil demand growth is an indication of likely oil market strength and forms part of the backdrop for policy decisions by OPEC and its allies, known as OPEC+. OPEC is expected to publish its first demand forecast for 2023 in its monthly report on July 13. Top officials from OPEC countries at a conference this week such as Amin Nasser, chief executive of state-owned oil producer Saudi Aramco, expressed optimism over the oil demand outlook despite economic headwinds weighing on prices. China alone between 2019 and 2023, 3 million bpd growth, India 1 million bpd growth, so there is a pickup in demand," he said. OPEC originally forecast demand growth in 2023 of 2.7 million bpd in its first forecast published in July 2022, later revising it down to 2.35 million bpd.

Persons: Amin Nasser, Ahmad Ghaddar, David Evans Organizations: Saudi Arabian Oil, OPEC, International Energy Agency, IEA, Saudi Aramco, Thomson Locations: VIENNA, OPEC, Saudi, Asia, China, India

☆ Saudi Arabia hikes most August oil prices to Asia after supply cuts
▼ + stars: | 2023-07-06 | by ( Muyu Xu | ) www.reuters.com time to read: +2 min

Companies Saudi Arabian Oil Co FollowJuly 7 (Reuters) - Top oil exporter Saudi Arabia has raised the prices for most its crude oil to Asian customers in August for a second month, after its announcement of prolonging an extra output cut on top of a broader OPEC+ deal. Saudi Aramco hiked the official selling prices (OSP) for August-loading Arab Light to Asia by 20 cents a barrel from July to $3.20 a barrel over Oman/Dubai quotes, the state oil giant said in a statement. Saudi Arabia on Monday announced it would draw out its 1 million barrels-per-day (bpd) voluntary cut to oil production to August and left the door open to extend the trim further. The more expensive Saudi oil would further weigh on the thin refining margins in Asia and prompt refiners to seek alternatives from other Middle Eastern suppliers or from regions such as the U.S. and West Africa, considering the spread between Brent- and Dubai-pegged oil has narrowed. Meanwhile, the OSP to the United States was also raised by 10 cents in August from the prior month at $7.25 versus ASCI.

Persons: refiners, Muyu Xu, Brijesh Patel, David Goodman, David Evans, Alexander Smith Organizations: Saudi Arabian Oil, Saudi Aramco, Reuters, Saudi, Monday, Renaissance Energy, Thomson Locations: Saudi Arabia, OPEC, Saudi, Asia, Oman, Dubai, West Africa, Brent, Singapore, Europe, United States

☆ Global oil market fundamentals sound for rest of 2023 - Aramco CEO says
▼ + stars: | 2023-06-26 | by ( Muyu Xu | ) www.reuters.com time to read: +1 min

Companies Saudi Arabian Oil Co FollowKUALA LUMPUR, June 26 (Reuters) - Global oil market fundamentals are expected to remain sound for the rest of the year, underpinned by healthy demand in developing countries, especially in China and India, Saudi Aramco CEO Amin Nasser said on Monday. "Overall, we believe that oil market fundamentals remain generally sound for the rest of the year," Nasser told the Energy Asia conference, hosted by Malaysia's state oil firm Petronas. "Despite the recession risks in several OECD countries, the economies of developing countries – especially China and India – are driving healthy oil demand growth of more than 2 million barrels per day this year," he said. Although China is facing some economic headwinds, the transport and petrochemical sectors are still showing signs of demand growth, he added. Reporting by Muyu Xu; Writing by Florence Tan; Editing by Christopher Cushing and Himani SarkarOur Standards: The Thomson Reuters Trust Principles.

Persons: Amin Nasser, Nasser, Muyu Xu, Florence Tan, Christopher Cushing, Himani Organizations: Saudi Arabian Oil, Energy Asia, Petronas, Brent, Organization of, Petroleum, Thomson Locations: KUALA LUMPUR, China, India, Saudi Aramco, Russia, Iran, Saudi Arabia

☆ Oil falls on weak China data, stronger U.S. dollar
▼ + stars: | 2023-05-31 | by ( Rowena Edwards | ) www.reuters.com time to read: +3 min

Companies Saudi Arabian Oil Co FollowLONDON, May 31 (Reuters) - Oil prices fell by over 2% on Wednesday on a stronger U.S. dollar and as weak data from top oil importer China raised demand fears. Further pressure came as the U.S. dollar rose to its highest in over two months, making commodities more expensive for buyers holding other currencies and weighing on oil demand. Mixed signals by major OPEC+ producers on whether or not the group will decide to further cut oil production have sparked recent volatility in oil prices. HSBC said on Wednesday that stronger oil demand from China and the West from the summer onwards will bring about a supply deficit in the second half of the year. Separately, U.S. crude oil and gasoline stockpiles were seen falling last week, while distillate inventories likely increased, a preliminary Reuters poll showed on Tuesday.

Persons: Brent, Brent's, Stephen Brennock, Rowena Edwards, Trixie Yap, Stephanie Kelly, Yuka Obayashi, Mark Potter, David Evans Organizations: Saudi Arabian Oil, . West Texas, U.S, Federal Reserve, Organization of, Petroleum, HSBC, American Petroleum Institute, Thomson Locations: China, U.S, Russia, London, Singapore, New York, Tokyo

☆ Aramco Q1 profit falls 19% to $31.9 billion
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +1 min

Companies Saudi Arabian Oil Co FollowDUBAI, May 9 (Reuters) - Saudi oil giant Aramco (2222.SE) posted first-quarter net profit of 119.54 billion riyals ($31.88 billion) on Tuesday, a fall of about 19% from the previous year. Net profit was 3.75% higher than in the fourth quarter but also below analysts' median forecast of $30.8 billion, according to Refinitiv data. The world's top oil exporter will pay $19.5 billion in dividends for the first quarter, in line with the previous quarter. CEO Amin Nasser in a statement said Aramco was looking at introducing performance-linked dividends, in addition to its base distribution. Aramco reached deals to expand its downstream business abroad in the first quarter, including investments in China and completing a $2.76 billion acquisition of Valvoline Inc's products business.

Companies Saudi Arabian Oil Co FollowDUBAI, March 12 (Reuters) - Aramco's chief executive Amin Nasser said on Sunday the market would remain tightly balanced in the short to medium term, adding that he was cautiously optimistic. Nasser was speaking to the press after the Saudi Arabian oil giant reported its highest ever annual profit since the company was listed. On recent imports of Russian diesel into Saudi Arabia, Nasser said the kingdom had always been importing products for its domestic market since before the Russian invasion of Ukraine. Nasser said Aramco was looking globally at liquefied natural gas (LNG) market opportunities, when asked about potential acquisitions in the year ahead. "We need to make sure that there is additional supply in the market otherwise this tightness of supply in the mid- to long term will have an impact."

☆ Saudi Arabia may cut Arab Light crude prices to 15-month low for Asia
▼ + stars: | 2023-01-04 | by ( Muyu Xu | ) www.reuters.com time to read: +2 min

Companies Saudi Arabian Oil Co FollowSINGAPORE, Jan 4 (Reuters) - Top oil exporter Saudi Arabia may further cut the prices for its flagship Arab Light crude grade to Asia in February, after they were set at a 10-month low this month, as concerns of oversupply continued to cloud the market. Though Moscow last week banned crude sales to countries that observe the price ceiling on Russian crude oil, its key oil clients in Asia would be unaffected as they did not join the price cap coalition. Oil demand is also unlikely to return imminently even though China has removed its stringent COVID-19 restrictions. Saudi Aramco sets its crude prices based on recommendations from customers and after calculating the change in the value of its oil over the past month, based on yields and product prices. Below are expected Saudi prices for February 2023 (in $/bbl against the Oman/Dubai average):Reporting by Muyu Xu; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

☆ Saudi Aramco to ship full oil contract volumes to Asia in Dec
▼ + stars: | 2022-11-10 | by ( Muyu Xu | ) www.reuters.com time to read: +2 min

Companies Saudi Arabian Oil Co FollowSINGAPORE, Nov 10 (Reuters) - Saudi Aramco has told at least four refinery customers in North Asia they will receive full contract volumes of crude oil in December, several sources with knowledge of the matter said on Thursday. "(The OSP adjustment) could indicate that Saudi wants to maintain its market share in Asia in December when the price cap on Russian crude kicks in," said another source. The United States, the European Union and other G7 nations are set to impose a price cap on Russian oil on Dec. 5 in response to Russia's invasion of Ukraine. China, the biggest buyer of Saudi crude oil, has increased purchases from Russia to take advantage of discounts for Russian oil as western countries scaled back trade with Moscow. Saudi Aramco did not immediately respond to Reuters' request for comment.

☆ Saudi Arabia may cut crude prices for Asia for Dec cargoes
▼ + stars: | 2022-10-31 | by ( Muyu Xu | ) www.reuters.com time to read: +3 min

Companies Saudi Arabian Oil Co FollowSINGAPORE, Oct 31 (Reuters) - Top oil exporter Saudi Arabia may cut the prices of most crude grades to Asia in December as weaker-than-expected fuel consumption in China amid its strict COVID-19 rules put a lid on regional demand, trade sources said. The price cut comes as China, the world's largest crude oil buyer, extended stringent mobility controls to contain the highly transmissible Omicron variant after a surge in daily reported cases. ,Saudi crude OSPs are released around the fifth of each month, and set the trend for Iranian, Kuwaiti and Iraqi prices, affecting more than 9 million barrels per day (bpd) of crude bound for Asia. Saudi Aramco sets its crude prices based on recommendations from customers and after calculating the change in the value of its oil over the past month, based on yields and product prices. Below are expected Saudi prices for December (in $/bbl against the Oman/Dubai average):Reporting by Muyu Xu; Editing by Christian SchmollingerOur Standards: The Thomson Reuters Trust Principles.

Companies Saudi Arabian Oil Co FollowRIYADH, Oct 26 (Reuters) - Saudi Aramco CEO Amin Nasser said on Wednesday planned European embargoes on Russian crude and products were adding to uncertainty in the global oil market. Nasser also said that market realignments were taking place with discounts being offered by Russia. The Group of seven countries agreed last month to cap Russian oil sales at an enforced low price by Dec. 5 but have faced consternation from main players in the global oil industry. Nasser said the market for blue hydrogen was "building up" but that it was so far costly at around $200-$300 per barrel of oil equivalent. Blue hydrogen is obtained through capturing carbon from crude oil, storing it underground and mixing it with ammonia.

☆ Saudi, China agree to strengthen energy cooperation -SPA
▼ + stars: | 2022-10-21 | by ( ) www.reuters.com time to read: +2 min

Companies Saudi Arabian Oil Co FollowDUBAI, Oct 21 (Reuters) - Saudi Arabia's energy minister Prince Abdulaziz bin Salman and the director of China's National Energy Administration Zhang Jianhua on Friday said they would strengthen their ties in the energy sector, the Saudi state news agency SPA reported. The officials spoke in a teleconference call and stressed the importance of stable long-term supplies to crude oil markets, SPA said. The Saudi minister reaffirmed earlier on Friday from New Delhi that OPEC+ is doing the right job to ensure stable and sustainable oil markets. Prince Abdulaziz and his Chinese counterpart agreed to continue cooperation efforts to maintain stability in oil markets, SPA said, adding that the Kingdom continues to be China's most reliable partner and supplier of crude oil. He had earlier this week spoken with the trade minister of Japan, another key client, and discussed strengthening cooperation on energy.

☆ Saudi Aramco to maintain full oil supplies to Asia in Nov despite OPEC+ cuts
▼ + stars: | 2022-10-10 | by ( Florence Tan | ) www.reuters.com time to read: +1 min

Companies Saudi Arabian Oil Co FollowSINGAPORE, Oct 10 (Reuters) - 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 Energy Minister Abdulaziz bin Salman had said the real supply cut would be about 1 million to 1.1 million bpd. Analysts expect Saudi Arabia, the United Arab Emirates and Kuwait to shoulder much of the production cuts because other OPEC+ members are falling behind output targets. Consultancy FGE expects the Saudi oil production target to fall by around 550,000 bpd in November from the previous month.

☆ OPEC+ supply shortfall now stands at 3.5% of global oil demand
▼ + stars: | 2022-09-20 | by ( Ahmad Ghaddar | ) www.reuters.com time to read: +2 min

General view of Aramco tanks and oil pipe at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. REUTERS/Ahmed JadallahCompanies Saudi Arabian Oil Co FollowLONDON, Sept 20 (Reuters) - OPEC+ is now producing below its targets by a record 3.58 million barrels per day - about 3.5% of global demand - highlighting underlying tight supply in the oil market, even as recession fears drag oil prices lower. Nigeria's crude oil production fell below 1 million bpd in August, figures from its regulator show, as the nation grappled with rampant theft from its pipelines and years of underinvestment. read more"It has been struggling for months to fulfil its quota and Saudi Arabia has made it abundantly clear that they would only use thinning spare capacity in case of real emergency," PVM Oil's Tamaz Varga said. Register now for FREE unlimited access to Reuters.com RegisterReporting by Ahmad Ghaddar; editing by David EvansOur Standards: The Thomson Reuters Trust Principles.

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