Saudi Arabia and Russia, the key OPEC+ partners, will be keeping their oil supply cuts in November despite the recent crude oil price rally.
It might appear counter-intuitive to characterise Saudi Aramco’s first quarter net income of SAR119.54 billion (US$31.88 billion) as bad but, in the context of what the company is, it is. It is not so much the 19 percent drop in net income that will be troubling to savvy oil market watchers. Some of that can be explained by the drop in oil prices over the quarter.
RIYADH: Saudi energy minister Prince Abdulaziz bin Salman said on Sunday the impact of European sanctions on Russian crude oil and price cap measures “did not bring clear results yet” and its implementation was still unclear.
Saudi Arabian officials on Saturday stressed the need for more upstream investment to resolve oil market pressures, saying that the kingdom would add some oil production capacity but has limits.
The world’s largest crude oil exporter, Saudi Arabia, continues to keep close ties with Russia while the top oil consumer, the United States, pleads with major producers
Oil prices hit US$120 a barrel on Monday after Saudi Arabia raised crude prices for July and amid doubts that an increased OPEC+ monthly output target will help ease tight supply.
Oil prices hit $120 a barrel on Monday after Saudi Arabia raised crude prices for July and amid doubts that an increased OPEC+ monthly output target will help ease tight supply.