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OIL PRICE SPIKE AFTER SAUDI ATTACK LIKELY SHORT-LIVED

OIL PRICE SPIKE AFTER SAUDI ATTACK LIKELY SHORT-LIVED

September 16, 2019 No Comments

In an update to clients after the biggest attack on oil infrastructure since the Gulf War, Bjørnar Tonhaugen, head of oil market research at Rystad Energy, made the following remarks: “The bullish reaction in oil prices will likely be limited by Saudi Arabia’s vast quantities of crude in storage, estimated to equal roughly 26 days […]

IEA statement on situation in Saudi Arabia

IEA statement on situation in Saudi Arabia

September 16, 2019 No Comments

The IEA is monitoring the situation in Saudi Arabia closely. We are in contact with the Saudi authorities as well as major producer and consumer nations. For now, markets are well supplied with ample commercial stocks.

Drone attack on Saudi Arabia is a ‘turning point’ for world fuel supplies

Drone attack on Saudi Arabia is a ‘turning point’ for world fuel supplies

September 16, 2019 No Comments

The drone attacks on a refinery and an oil field in Saudi Arabia disrupted the supply of some 5.7million barrels per day, or 5 per cent of global supply, with experts warning that petrol prices could rise by up to 24 cents per gallon in the US and four pence per litre in the UK […]

Houthi drone attacks on Saudi oil facilities

Houthi drone attacks on Saudi oil facilities

September 15, 2019 No Comments

Officials at Saudi Press Agency said on Saturday the blazes at the facilities in Abqaiq, which has a estimated crude oil processing capacity of 7 million barrels per day (bpd) and Khurais were under control. “At 4.00am (01:00 GMT) the industrial security teams of Aramco started dealing with fires at two of its facilities in […]

U.S. To “Drown The World” In Oil

U.S. To “Drown The World” In Oil

August 23, 2019 No Comments

The U.S. could “drown the world in oil” over the next decade, which, according to Global Witness, would “spell disaster” for the world’s attempts to address climate change.  The U.S. is set to account for 61 percent of all new oil and gas production over the next decade. A recent report from this organization says that to […]

Saudi Aramco reports first half 2019 net income of $46.9 billion

Saudi Aramco reports first half 2019 net income of $46.9 billion

August 14, 2019 No Comments

Saudi Aramco today announced for the first time its half-year financial results. The Company’s net income was $46.9 billion for the first half 2019, compared to $53.0 billion for the same period last year. Earnings before interest and tax* was $92.5 billion, compared with $101.3 billion a year earlier. Free cash flow* was $38.0 billion, […]

NESR Announces Multiple Contract Awards in Saudi Arabia

NESR Announces Multiple Contract Awards in Saudi Arabia

August 1, 2019 No Comments

National Energy Services Reunited Corp. (“NESR” or the “Company”) , a national, industry-leading provider of integrated energy services in the Middle East and North Africa (“MENA”) and Asia Pacific regions, reported awards valued up to 2.5 Billion Saudi Riyal ($660 Million) for Coiled Tubing & N2, Stimulation Services and Cementing Services for a period of […]

McDermott Awarded Offshore EPCI Contract by Saudi Aramco

McDermott Awarded Offshore EPCI Contract by Saudi Aramco

August 1, 2019 No Comments

McDermott International, Inc. (NYSE: MDR) announced it has been awarded a large* contract by Saudi Aramco to provide engineering, procurement, construction and installation (EPCI) of a production deck module (PDM) in the Hasbah gas field with hook-up and modification works in Saudi Arabia’s Karan fields located offshore in the Arabian Gulf. The scope of work […]

King Salman Energy Park (SPARK) signs agreement to establish Oilfields Supply Center

King Salman Energy Park (SPARK) signs agreement to establish Oilfields Supply Center

July 11, 2019 No Comments

King Salman Energy Park (SPARK) and Dubai-based Oilfields Supply Center Ltd. (OSC) today signed an agreement to establish OSC as an anchor tenant at SPARK, an energy city megaproject which will cement Saudi Arabia’s position as a global energy, industrial and technology hub. In collaboration with Saudi Aramco, OSC will develop a business incubator, called […]

Saudi Aramco and Baker Hughes sign MOU

Saudi Aramco and Baker Hughes sign MOU

July 3, 2019 No Comments

Saudi Aramco and Baker Hughes, a GE company (BHGE) signed a memorandum of understanding to create a new joint venture facility in Saudi Arabia to manufacture non-metallic materials which will be used in a variety of areas of the energy industry. This agreement supports Saudi Aramco’s strategy to play a leading role in accelerating the […]

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