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OIL AND GAS

Explaining Saudi Arabia’s Oil Export Strategy
February 17, 2018

Saudi Arabia continues to keep the market informed about its stance on the OPEC production cut deal, with Khalid al-Falih's latest guidance that Saudi would prefer to overtighten the market than exit early from cuts (channeling Neil Young's 'it's better to burn out than fade away').

Al-Falih"...

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Saudi Arabia Approves 300MW Solar Energy Project
February 15, 2018

Saudi Arabia’s renewable energy procurement body has kicked off the nation’s solar energy program by sealing a privately financed contract with ACWA Power to develop a 300-MW plant. Due to start operating next year, the plant will cover more then 6 sq kilometers at Sakaka, nearly 1,000 km northwest of Riyadh. Energy Minister Khalid Al-Falih valued the privately financed deal at roughly $300 million. The government’s Renewable Energy Project Development"...

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Saudi Arabia, Russia focus on rebalancing oil markets saudi arabia
February 15, 2018

Rebalancing oil markets was high on the agenda when King Salman and Russian Energy Minister Alexander Novak held official talks on Wednesday exploring aspects of cooperation between their two countries.
The talks at Al-Yamamah Palace addressed bilateral relations and cooperation in the fields of energy, especially in achieving the stability of the global oil markets through the leadership of producing countries to reduce the surplus from world oil stocks....

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S. Korea zeroes in on Saudi Arabia nuclear power deal
February 14, 2018

South Korea's energy ministry said Wednesday it will make concerted efforts with the local nuclear industry and related associations to submit a winning proposal for Saudi Arabia's first nuclear power project, which is expected to select a contractor by the end of this year.

The Ministry of Trade, Industry and Energy held a meeting with the two state utility firms -- the Korea"...

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UAE, Saudi Arabia look at increasing crude and product supply to Asia
February 12, 2018

Opec producers led by the UAE and Saudi Arabia will increase their push towards locking in long-term crude and oil product contracts in Asia as they compete with higher US exports to the region.

“Long-term contracts give assurance to the producer/refiner, they know that the product is sold, they know the price, their income is locked in and so it is easier to plan, easier to make"...

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Makkah governor opens first phase of solar plant in Taif
February 7, 2018

Makkah Gov. Prince Khaled Al-Faisal, inspected work on the new Taif project on Monday on the first stop of a tour of the eastern governorates.
The project, carried out by the Center for Development Complementarity, consists of the new airport, Okaz City, the Technical Oasis, a residential suburb, industrial city and university city.
Prince Khaled Al-Faisal launched the Unified Center for Services, which will house the governorate, police and the subsidiary"...

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From Oil to Solar: Saudi Arabia Plots a Shift to Renewables
February 6, 2018

Life in Saudi Arabia has long been defined by the oil that flows from the kingdom. Over decades, the vast wealth it pumped out paid not just for gleaming towers and shopping malls but also for a government sector that employs a majority of working Saudis.

Now, Saudi Arabia is trying to tie its future to another natural resource it has in abundance: sunlight.

The"...

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Saudi Arabia: One-time 'swing producer' becomes 'swayed producer' of oil
February 5, 2018

Oil prices have reached the $70-a-barrel mark, their highest since December 2014, but neither Saudi Arabia nor Russia is shouting with glee. That’s because it remains to be seen whether the oil market has achieved price stability for awhile.

Saudi Energy Minister Khalid al-Falih has announced that a much-anticipated initial public offering of Saudi Aramco stock must be further delayed"...

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Saudi Arabia to start solar project soon
February 5, 2018

Minister of Energy, Industry and Mineral Resources Khalid Al-Falih said Saudi Arabia will very soon have power from renewable energy, adding that this week, and for the first time, a project for solar power was signed at a competitive value to provide 300 megawatts of solar power.

He said, “This is part of the National Transformation Program and it will be followed by other projects for wind power to make Saudi Arabia a leader in renewable energy"...

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OPEC, Russia sustain production as Saudi Arabia masks Venezuelan drop
February 3, 2018

Crude production by OPEC and its main ally Russia held steady last month as increases in Saudi Arabia and Iran offset the ongoing deterioration of Venezuela’s oil industry.

Output from the 14 members of the Organization of Petroleum Exporting Countries rose just 20,000 bopd to 32.4 MMbpd in January, according to a Bloomberg News survey of analysts, oil companies and ship-tracking"...

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