Saudi Arabia

Saudi Arabia announced 'on Tuesday' that its air defenses intercepted and destroyed a number of drones that were launched from Iraqi territory in an attempt to 'target?oil?installations in the kingdom’s Eastern Province. This was the second attack of this kind in less than a week, and it raises the stakes as Riyadh tries to pressure Iraq to stop its territory being used as a launching pad against Saudi oil installations. Turki al-Maliki, a spokesperson for the Saudi Defense Ministry, said on X that drones had been 'launched by militias backed by Iran from Iraqi soil. Al-Maliki stated that Saudi Arabia...

Investors weighed the escalating tensions in the region and an array of corporate earnings announcements as they viewed major stock markets in Gulf in early trade on Thursday. The?U.S. The?U.S. The Iranian Revolutionary Guards reported that an oil tanker was set ablaze after an explosion occurred while trying to navigate what they described as a "mined" route near the coast of Oman in the southern Strait of Hormuz. Two other tankers returned. Saudi Arabia's benchmark index fell 0.1% due to a 0.9% drop in the Saudi National Bank, the largest lender of the country. However, ?oil major Saudi Aramco gained...

Two sources with knowledge of the matter confirmed on Wednesday that China's Zhenhua Oil had booked to load 2 million barrels in Saudi crude for August. This is a sign that a new?joint venture? refinery between China and Saudi Arabia will soon begin operations. The crude will be supplied to the newly built 300,000-barrel-per-day Huajin Aramco Petrochemical Co (HAPCO) refinery in northeastern China's Liaoning province, the sources said. HAPCO was formed by Saudi Aramco, Norinco Group (a Chinese state-owned conglomerate) and Panjin Xincheng Industrial Group. HAPCO has delayed its start-up to September or even October due to disruptions in Middle...

* Oil demand growth in 2026 is cut by 190,000 barrels per day (bpd) due to the impact of the Iran war * OPEC+ production?rises 3 million bpd by June as Hormuz flow starts to?recover * Reduced geopolitical tensions could give the economy some 'upside' in the second half of the year Olesya Astakhova & Alex Lawler LONDON - OPEC lowered Monday its forecast for the world's oil demand growth to 780,000 barrels a day. This is its third consecutive downward revision. The producer group has continued to predict a lower impact on consumption than other forecasters, such as the...

St Petersburg, Russia's second largest city and the surrounding Leningrad area were hit by a major Ukrainian drone attack over night. A Baltic Sea port which handles oil exports was also reported to have been affected. Alexander Beglov, the governor of St Petersburg, said that the city's?6-million population had been subjected to a "large scale" drone attack. He did not give any details about specific targets but the local media outlet Bumaga reported that there was a fire in the oil terminal of St Petersburg. Alexander Drozdenko, Governor of the Leningrad region, said that drones struck the port of Vysotsk...

Oil prices increased on Monday following days of titt-for-tat attacks?by the United States and Iran?in the Middle East, which highlighted the fragility of the interim peace agreement and once again slowed down energy shipping through the Strait of Hormuz. Brent crude futures rose 52 cents or 0.672% to $72.51 per barrel at 2313 GMT, while U.S. West Texas Intermediate was up 71 cents or 1.03%, trading at $69.94. Brent crude dropped 10.6% last weekend, its third consecutive weekly decline. Crude shipments through the Strait increased last week to the highest level since February, when the U.S. - Israel conflict with...

SK Hynix, a South Korean company, said it planned to?raise up to $29.4billion through a U.S. -stock market listing. This would be one of the largest?listings globally. If completed at the top end, the deal would be the second-biggest share sale after a record $85.7 billion initial public offering by SpaceX earlier this month, surpassing Saudi Aramco's $25.6 billion IPO in 2019and Alibaba'ssimilar-sized offering in 2014. The planned listing reflects a strong global appetite for AI linked equities even as volatility rises across U.S. technology and semiconductor markets. This comes after Elon Musk's SpaceX and other record-breaking equity offerings in...

According to data released by the Joint Organizations Data Initiative (JODI), Crude Oil exports from Saudi Arabia fell for the second consecutive month in April to a new record low. The Iran War?disrupted?shipments?from the Gulf Region. Exports dropped to 3.990 million barrels a day from 4.974 in March. JODI data on Saudi Arabian crude oil exports, and production, dates back to 2002. In April, crude oil production in the country was at its lowest ever level, 6.316 million barrels per day, down from 6.967 in March. Riyadh, along with other members of the Organization of the Petroleum Exporting Countries(OPEC), provides...

Aramco chairman Yasir al-Rumayyan stated on Thursday that the Iran War had disrupted energy supplies through the 'Strait of Hormuz. Rumayyan is the governor of the Saudi sovereign wealth fund PIF. Rumayyan spoke at the FII PRIORITY Europe'summit', held in Rome by the 'Saudi non profit institute Future Investing Initiative, which has the backing of PIF. FII organizes Riyadh’s annual flagship summit. Known to some as “Davos in the Desert”, this event brings together world leaders and bankers, along with business executives. Rumayyan stated that PIF has invested EUR98 billion ($112,86 billion) in Europe and Britain from 2017 to 2025...

Sources say that Aramco invited banks to bid for Project Yellowstone last month. One source estimated that the sulphur stake sale could generate up to $7 billion. Sources said that Aramco also considers the sale of oil terminals and real estate, as well as power plants. By Hadeel Al Sayegh, Federico Maccioni and ?Yousef Saba DUBAI, 17 June - Saudi Aramco, the world's largest crude exporter, is "considering" the sale of its sulphur business, according to three sources familiar with the matter. This strategy extends a strategy that taps into its infrastructure assets in order to raise tens and tens...

Sources say that Aramco invited banks to bid for Project Yellowstone last month. Sources estimate that the sulphur stake sale could generate up to $7 billion. Sources claim that Aramco also considers the sale of oil terminals and real estate, as well as power plants. By Hadeel Al Sayegh, Federico Maccioni and ?Yousef Saba DUBAI, 17 June - Saudi Aramco is considering selling a stake in the sulphur business, according to three sources familiar with the matter. This would be part of its strategy of tapping into its infrastructure assets for tens and tens billions of dollars. Aramco is the...

SpaceX jumped more than 20% on its Nasdaq debut, bringing its valuation up to $2 trillion. Investors piled in to the world's biggest IPO on Friday and?betted on Elon Musk’s sprawling empire spanning from rockets to ai. Stocks opened trading at $150 compared to the IPO price per share of $135. It was last trading at $164 and is the sixth-largest U.S. firm by market value. Bankers warned that the IPO market could be affected if SpaceX's shares close below the Thursday pricing level. Market participants are watching the company's debut as a rehearsal for the next generation of mega-listings....

Since the beginning of the Iran War, there has been a debate about whether crude oil futures accurately reflect?the stress in the physical markets for oil and refined products or if the are blindly 'optimistic' that peace is on the horizon. The Iran War between the United States of America and Iran continues on its volatile and unpredictable course, with renewed hope that there is a chance for a new pause in the?reverse strikes. This flicker of optimism led Brent futures to fall in the early Asian trading on Monday. The price fell by nearly 5%, reaching around $92.06. The...

Two questions are raised by the decision of OPEC+, to increase crude production quotas a fifth consecutive month? from August. Who will purchase the product if they are able to ship it? At a Sunday meeting, the'seven core members' of OPEC+ (which groups together OPEC, as well as other producers like Russia) agreed to increase quotas - by 188,000 barrels a day starting August. This will bring the 'total increase since April to nearly 800,000 bpd. The first question can be answered positively if the Strait of Hormuz remains open and the volume of water flowing through the narrow waterway...

Kuwait's crude production jumped to 1.65m barrels a day in June, from just 580,000 bpd a month earlier, a source with knowledge of the situation said on Thursday. The OPEC member is boosting exports via the Gulf after the?U.S.-Iran peace agreement. Kuwait's surge in crude oil production is a sign that Gulf oil flows through the Strait of Hormuz have recovered rapidly after the disruption caused by the Iran War. Stranded cargoes are slowly clearing the Strait of Hormuz, and exporters are restoring their production. Kuwait produced about 2.5 million barrels of oil per day before Iran effectively closed the...

Three sources told Reuters that OPEC+ countries are likely to agree on a 'further increase in their 'output targets for August, when they meet?Sunday. This will add supply at a moment of falling prices, as the Strait of Hormuz slowly reopens. Sources said that the target for August will be the same as it was for June and for July. OPEC didn't immediately respond to a comment request. All sources, who spoke under condition of anonymity, said that 'no decision has been finalized. Seven members of OPEC+ (which groups OPEC, Russia and other producers) have increased their 'output quotas between...

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Bharat Petroleum Corporation, India's state refiner. Sanjay Khanna, the chairman of Bharat Petroleum?Corp. said on Tuesday that it is recalibrating their crude import strategy nearly daily and ramping up its spot purchases following the U.S./Israeli conflict against Iran which disrupted Middle East supplies. India, which is the third-largest oil importer and consumer in the world, has been affected by the rising prices of crude and the disruption of supply following the closing of the Strait of Hormuz. South Asian nation raised retail petrol and diesel prices twice in one week. BPCL planned to procure about 55% its crude requirements?for 2026/27...

The price of refined fuels has fallen sharply, in line with the declines seen in crude oil after the tentative ceasefire agreement between the United States & Iran. However, the prices remain at levels that indicate a shortage. The prices of gasoil and jet fuel in Singapore, the Asian trading center, all dropped by?double digits on Wednesday amid relief from the market that the 'deal' may lead to the reopening of Strait of Hormuz. The 'ceasefire' and commitment to peace talks announced by the United States in separate announcements looks already to be on its way out. Tehran said it...

The United States, Iran and Pakistan agreed to a ceasefire for two weeks, which was mediated by Pakistan. This could potentially end a six-week war that has claimed thousands of lives, spread throughout the Middle East, and disrupted the world's supply of energy. Trump announced the deal late Tuesday night, only?two hours after a deadline that he set for Iran:?opening the Strait of Hormuz blockade or face destruction of their "whole civilization". Shehbaz sharif, the Pakistani prime minister, said he invited Iranian and U.S. delegates to meet at Islamabad this Friday. Trump said that the deal was contingent on Iran...

His office announced that British Prime Minister Keir starmer would 'travel to the Gulf tomorrow to 'hold talks with regional leaders to...?ensure that the Strait of Hormuz is permanently opened after a U.S. Iran ceasefire. Starmer, in a press release, said: "I welcome the overnight ceasefire agreement which will bring relief to the area?and world." "Together, with our partners, we must do everything possible to support and sustain the 'ceasefire. We need to turn it into an agreement that will last and reopen the Strait of Hormuz." Starmer, who has been heavily criticized by U.S. president Donald Trump for not'supporting...

OPEC+'s decision to increase crude oil production by 206,000 barrels a day (bpd), starting in April, is likely?the most unimportant decision that the group has taken during its nearly decade-long existence. Addition of 0.2% to global oil demand in a month is nothing more than a symbol in light of the escalating conflict in the Middle East that is already causing serious disruptions in supply. There was not much the 'eight members' of OPEC+ who are voluntarily cutting production could have done if they had met on Sunday in order to reassure the market that the supply would be secure....

China's role in setting the floor and ceiling prices for crude oil is one of the less discussed dynamics of the global market. The world's biggest crude?importer is known to buy excess oil and build up inventories when the refiners or government consider prices to be low. They also pull back imports when they feel that prices are rising too quickly. Analysts and journalists covering the crude oil market are not aware of the changes in imports because they occur with a delay of several months. There are early signs, however, that China will shift its imports in favor of...

S-Oil, a South Korean oil company, announced on Monday that it had recorded a 91% increase in its fourth-quarter operating profits. It expects the first-quarter refinery margins to be robust due to the steady demand and disruptions of supply as well as a planned U.S. refining plant closure. According to market expectations, the refinery, which is owned 63% by Saudi Aramco reported an operating profit for the quarter of 424 billion won ($293 millions). The operating profit of its refining division increased by 55%, to 225.3 billion won. It said that the refining margin of gasoline from Dubai crude had...