Saudi announces plan to boost oil production capacity
March 12, 2020

DUBAI: Saudi Arabia said on Wednesday it plans to boost oil production capacity for the first time in more than a decade, a day after it announced a record high hike in crude supply in a battle for market share that has hammered global prices this week.
Saudi Arabia’s Energy Ministry has directed oil producer Saudi Aramco to raise its output capacity to 13 million from 12 million barrels per day (bpd), CEO Amin Nasser said in a statement on Wednesday....

Aramco to raise crude oil supply to 13 million barrels per day
March 12, 2020

RIYADH — Saudi Aramco, the world’s largest oil company, said on Wednesday that it plans to raise its crude production capacity by one million barrels per day to 13 million bpd.

'Saudi Aramco announces that it received a directive from the ministry of energy to increase its maximum sustainable capacity from 12 million bpd to 13 million bpd,' the company said in a statement on the Saudi Stock Exchange (Tadawul).

The news"...

Energy and service sectors brace for debt restructuring wave
March 12, 2020

NEW YORK: Plunging oil prices and the economic fallout from the global coronavirus outbreak are setting the stage for a potential wave of debt restructurings and bankruptcies, especially in the energy and services sectors, according to company advisers and analysts.

Oil prices dropped by a third over the weekend after Saudi Arabia discounted its crude and signaled it would raise output,"...

Saudi Aramco distances itself from 'human sanitiser' images
March 12, 2020

Energy giant Saudi Aramco has sought to distance itself from accusations of 'racism' triggered by images of a migrant worker wearing a dispenser to hand out sanitiser to white-collar staff.

The images, which went viral on social media, showed the worker wearing a protective mask approaching staff outside company offices with a dispenser attached to a sandwich board.

'Saudi"...

Saudi bourse leads Gulf rally as oil prices recover
March 11, 2020

DUBAI — Stock markets in the energy-rich Gulf states made a strong rebound in opening trade Tuesday, led by the Saudi bourse which jumped 5.6 percent, as oil prices bounced after heavy losses.

Energy giant Aramco, which dominates the Saudi Tadawul market, gained 5.5 percent after a series of sessions in the red where it tumbled below the price where it listed last December.

Dubai Financial Market surged 5.5 percent while its sister"...

Saudi Aramco named as new global sponsor of Formula 1
March 11, 2020

Formula 1 on Tuesday announced a new long-term global sponsorship deal with energy giant Saudi Aramco.

Aramco will become Formula 1’s sixth global partner alongside DHL, Emirates, Heineken, Pirelli and Rolex, a statement said.

The deal will include trackside branding for Aramco at most races and title rights"...

Thermal insulation of buildings urged to save energy in Saudi Arabia
March 10, 2020

RIYADH: The Saudi Energy Efficiency Center on Monday urged citizens to ensure thermal insulation of buildings to save energy.
In a statement issued on Monday, the center encouraged the use of light exterior colors to reduce heat absorption.
Thermal insulation for buildings is compulsory in Saudi Arabia. The initiatives are aimed at cutting energy costs in the cities which house 80 percent of the country’s population.
Although the installation"...

Aramco trades below IPO price for first time, after Opec pact unravels
March 9, 2020

DUBAI: Shares of Saudi state oil company Aramco slumped below their initial public offering (IPO) price on Sunday for the first time since they began trading in December, after Opec’s pact with Russia to restrict oil supplies fell apart on Friday.
Aramco shares were down 6.2 per cent at 30.85 riyals ($8.22) at 0852 GMT, their sharpest percentage fall in a day, and below the IPO price of 32 riyals. The Saudi market was down 7.4 per cent.
Aramco’s"...

Saudi Arabia pushes OPEC+ for deeper oil production cuts
March 8, 2020

Saudi Arabia is pushing OPEC+ to agree on an oil-output cut of more than 1 million barrels a day to compensate for the demand hit from the global spread of the coronavirus, delegates said.

Brent crude jumped as much as 2 percent in London to $52.89 a barrel.

Oil suffered its biggest slump since the global financial"...

Saudi Aramco shares set to face new test amid oil price slump
March 8, 2020

Saudi Aramco’s stock risks dropping below the initial public offering price on Sunday when trading resumes in Riyadh after OPEC+ talks ended in failure and oil prices collapsed.

Shares in the world’s biggest oil producer have largely defied gravity since they were listed in December, not falling below the initial public offering price of 32 riyals ($8.53) even as the coronavirus"...