Saudi Arabia

A survey revealed that the non-oil sector of Saudi Arabia expanded at its fastest rate in six months during September. This was due to a surge in orders and an increase in output. The Riyad Bank Saudi Arabia Purchasing Managers' Index climbed from 56.4 to 57.8 (seasonally adjusted) in September, the highest improvement in operating conditions seen since March. Firms saw an increase in new orders, as they benefited from a strong market, new customers, and competitive pricing. For the second month in a row, new orders from overseas clients increased. The new order subindex jumped to 63.3 from 60.1...

Fitch Ratings warned on Friday that Saudi Arabia's fiscal consolidation path is fraught with risk, due to lower oil prices, heavy spending commitments linked to Vision 2030, the country's economic transformation plan, and the Kingdom's financial situation. Vision 2030, led by a Public Investment Fund of nearly $1 trillion, aims to reduce reliance on crude oil, and develop sustainable revenue streams. This requires hundreds of millions of dollars of investment. Fitch Ratings' warning that Saudi's ambitious spending plans face risks follows the Saudi government's 2026 pre-budget statement on Tuesday, which signalled a shift toward tighter fiscal discipline after a sharper-than-expected...

Saudi Arabian stocks rose the most on Wednesday since 2020, after a report that suggested the regulator of markets may relax rules limiting foreign ownership in listed companies. Bloomberg News reported on a possible easing of the cap on foreign ownership in listed companies. This could revive interest in the Arab World's largest stock exchange. In a report, CMA board member Abdulaziz Abdulmohsen Bin Hassan said that the law could be implemented before the end the year. The benchmark index has fallen 9.6% this year. This is below other regional markets like Dubai and Kuwait, which have risen 13.8% and...

Naim Qassem, the Hezbollah leader, urged Saudi Arabia on Friday to "turn a new page" and put aside past disputes in order to create a united front against Israel. This comes after years of hostility which strained Riyadh’s ties to Lebanon. Saudi Arabia and the other Gulf States designated Shi'ite Hezbollah as a terrorist organization in 2016. Riyadh, Washington, and Hezbollah rivals in Lebanon have been pressing the Lebanese Government to disarm Hezbollah, which has been severely weakened since last year's conflict with Israel. Qassem, in a Friday televised speech, said that regional power should view Israel and not Hezbollah...

A government source revealed on Tuesday that India's Nayara Energy increased fuel sales to Hindustan Petroleum Corp, after European Union sanctions hit the Russian-backed refiner. Since the imposition sanctions, Nayara operates its 400,000 barrels per day (bpd), Vadinar refinery located in western India at 70 to 80% capacity. Source: Increasing local sales of refined fuels will help the company sustain its refinery operations. The source told reporters that they would like Nayara to work at maximum capacity. HPCL, a state-owned fuel retailer, buys diesel and petrol for local sale from other companies, despite the fact that Indian Oil Corp. and...

The International Energy Agency stated on Thursday that the world oil supply would rise faster than expected in 2018, as OPEC+ member countries increase their output and the supply from outside of the group increases. It also suggested that a surplus may grow by 2026. The IEA, a consultancy for industrialised nations, has said that the supply will increase by 2.7 millions barrels per day in 2025. This is up from 2.5million bpd, as previously predicted. And by a further 2.1million bpd in next year. OPEC+ has added more crude oil to the market since the Organization of the Petroleum...

According to estimates by the government released on Monday, Saudi Arabia's GDP (gross domestic product) will grow 3.9% in 2025 due to non-oil sector growth. According to the Saudi General Authority for Statistics, non-oil activities grew 4.6% in comparison to the same period last year. The fastest growing sectors were electricity, water, and gas, followed by business, finance, and insurance. Oil grew by 3.8%, while government activities grew 0.6%. The oil activities grew the most compared to first quarter by 5.6%. On Sunday, the Saudi-led OPEC+ decided to increase oil production further as the kingdom tries to regain its market...

Saudi Aramco plans to sell U.S.-dollar denominated Islamic bonds this month, according to two sources who are familiar with the matter. The company is looking to boost its balance sheet in light of lower oil prices. Aramco could raise anywhere between $3 billion to $4 billion through its sukuk. A sukuk bond is one that adheres to Shariah. They spoke under condition of anonymity as the matter was private. Aramco has declined to comment. Aramco's deal would be the culmination of a month-long surge in bond issues, driven by strong demand from investors and large inflows to bond funds. Saudi...

Kuwait has opened the bids for phase one of the Al Khairan water and power project. The project is a 1.8-gigawatt energy source that aims to alleviate Kuwait's power shortages. Kuwait Authority for Partnership Projects invited pre-qualified international consortiums to submit bids for Al Khairan Phase 1 independent water and power producer project. The project will also produce 125 millions imperial gallons per day of water. Kuwait, a member of OPEC and a major oil producer, is facing a severe electricity shortage because of rapid population growth, urbanization, rising temperatures, and maintenance delays in certain plants. The government has had...

It would have been a bold prediction a couple of months back to claim that OPEC+ could bring back 2,5 million barrels of crude oil production per day and keep the price of oil at $70 a barrel. This is what happened, as the eight producers of the group rolled back their voluntary reductions of 2.2 million bpd by September and allowed a separate rise for the United Arab Emirates. Eight OPEC+ member countries met virtually on Sunday and agreed to increase output by 547,000 bpd in September. This is an addition to the 548,000 bpd increases for August, the...

SABIC, the Saudi chemical giant and one of the largest petrochemicals firms in the world, announced a second-quarter loss on Sunday. The company had decided to close a cracker plant in the UK as part of a restructuring during a slowdown in the industry. SABIC's net loss for the three-month period ending June 30 was 4,07 billion riyals (about $1.09 billion), a far cry from analyst expectations that it would be a profit in the amount of 504 millions riyals. The opening price of the shares was 53.8 riyals, a decline of 1.6%. SABIC, 70% owned by Saudi Aramco, has...

Data from oil analytics company Kpler revealed that fuel importers in California received gasoline from Saudi Arabia’s Jubail industrial port after maintenance at India's world's biggest refinery helped to open up the rare arbitrage. Kpler reports that three gasoline shipments, totaling 886,000 barrels, from Saudi Arabia's Jubail industrial port have been discharged at Southern California's Olympus terminals in the last few months. California hadn't imported fuel from Saudi Arabia since the year 2022. In 2025, about 40% of the gasoline imported by the terminal came from Jamnagar. This was because Jamnagar had a maintenance shutdown in April. Yui Torikata, Kpler's...

Saudi Arabian crude oil exports fell to their lowest level since four months in July, according data released by the Joint Organizations Data Initiative on Monday. The world's biggest oil exporter has seen its crude exports fall to 5,994 million barrels a day from 6,141 million bpd, the lowest level since March 20,25. Saudi Arabia's crude production for July fell to 9.201 million barrels per day (bpd) from the 9.752 in June. The data revealed that the crude throughput of Saudi refineries was 2.978 millions bpd. This is up 10% from June, when it was 2.703million bpd. Direct crude burning,...

Three sources with knowledge of the matter have confirmed that Saudi Aramco, the world's largest oil exporter, has asked Asian buyers for more crude oil in October. The kingdom had made price cuts deeper than expected on all grades due to a growing supply. Two sources claim that Saudi Aramco, in its bid to regain market share, spoke with Asian buyers at the APPEC Conference in Singapore this week, encouraging them to buy more crude oil in October. One of them stated that this has partially led to the delay of the October supply being allocated to their customers, possibly...

A survey released on Thursday found that OPEC oil production increased in August following an OPEC+ production agreement. This was primarily due to the United Arab Emirates' and Saudi Arabia's higher production. According to the survey, the Organization of the Petroleum Exporting Countries (OPEC) pumped 27,84 million barrels of oil per day in July, an increase of 360,000 barrels per days over the revised total for the month of July. The United Arab Emirates, and Saudi Arabia, were the countries that saw the biggest increases. OPEC+ - which includes OPEC, its allies, including Russia - is accelerating the plan to...

China's refiners increased their processing rates in the month of July. However, strong crude oil imports from abroad and domestic production meant that there was still an excess of over half a million barrels a day (bpd). Calculations based on data from the official sources show that crude oil surplus in July dropped to 530,000 barrels per day (bpd) from 1.42million bpd. The key is that despite the drop in oil surplus, refiners will likely continue to add to their stockpiles. This will allow them the ability to reduce imports if prices increase to levels they feel are not justified....

It would have been a bold prediction a couple of months back to claim that OPEC+ could bring back 2,5 million barrels of crude oil production per day and keep the price of oil at $70 a barrel. This is what happened, as the eight producers of the group rolled back their voluntary reductions of 2.2 million bpd by September and allowed a separate rise for the United Arab Emirates. Eight OPEC+ member countries met virtually on Sunday and agreed to increase output by 547,000 bpd in September. This is an addition to the 548,000 bpd increases for August, the...

Kuwait's Oil Minister said he is optimistic about the fundamentals of the oil market and that OPEC+'s efforts aim to achieve market balance, according to the state news agency KUNA on Tuesday. Tariq Suleiman Al-Roumi made his comments after the OPEC+ Meeting on Monday. Al-Roumi, along with other ministers of the Joint Ministerial Monitoring Committee, met online to have a brief discussion and stress the importance of full compliance with oil agreements. KUNA reported him saying that he was "optimistic" about the fundamentals on the oil market, and that OPEC+'s efforts were aimed at energy security and the market balance....

A panel of OPEC+ members on Monday emphasized the importance of full compliance with oil production agreements, in advance of Sunday's separate meeting of eight OPEC+ member countries to decide whether or not to increase oil output for September. Online, the Joint Ministerial Monitoring Committee (JMMC), which is composed of top energy ministers of the Organization of the Petroleum Exporting Countries, as well as their allies, led by Russia convened for a brief discussion. The JMMC is a two-monthly meeting that has the authority to call a full OPEC+ meeting to discuss market developments if necessary. In a press release...

United Arab Emirates' energy minister stated on Thursday that the country could increase its oil production after 2027, if the market demands it. This move could push the country into the top five oil producing countries in the world. OPEC granted the UAE a larger production quota for this year. The country argued that it was restricting too much its output after investing heavily to increase capacity from 3 million barrels to 4,85 million. Suhail Mohamed al-Mazrouei, Energy Minister of the country, told reporters that capacity could increase further after 2027. He said that if the market demanded it, they...

Saudi Arabian oil exports reached their highest level in over a year during June, as the country shipped more crude into overseas storage amid fears that supply disruptions could be caused by conflict in the Middle East. OPEC’s largest producer has intervened on oil markets since decades ago to supply more oil when there are disruptions in the market or reduce output when they feel that the market is oversupplied. Kpler data show that crude exports increased by 450,000 barrels a day (bpd), from the level of May to 6.33 millions bpd, in June. Kpler predicts that there could be...

China continues to accumulate crude oil stocks, despite the fact that it refines less crude oil than it can produce or import. The world's largest oil importer can now buy less in the coming months, as prices rise due to Middle East tensions. Calculations based on data from the Chinese government show that the surplus crude in China reached 1.4 million barrels a day (bpd), the third consecutive month where it was above the 1,000,000 bpd mark. Since June 13, when Israel launched airstrikes against Iran, Tehran has responded with missiles and drones. Brent futures have risen almost 6% in...

China continues to accumulate crude oil stocks, despite the fact that it refines less crude oil than it can produce or import. The world's largest oil importer can now buy less in the coming months, as prices rise due to Middle East tensions. Calculations based on data from the Chinese government show that the surplus crude in China reached 1.4 million barrels a day (bpd), the third consecutive month where it was above the 1,000,000 bpd mark. Since June 13, when Israel launched airstrikes against Iran, Tehran has responded with missiles and drones. Brent futures have risen almost 6% in...

Four sources with knowledge of the matter have confirmed that Malaysia's Pengerang Refining Company, or Prefchem, has restarted its residue fluid catalytic (RFCC), after it was shut down for repairs in early 2018. One source said that the run rates of the Pengerang complex, in Johor which produces primarily gasoline, are still not at full capacity. They said that the unit had been closed since the end of January because of technical problems. In addition, the crude processing rate at the 300 000 bpd refinery has also fallen to an average of around 50% in the last four months. Prefchem,...