Oil is still up almost 70 per cent this month as supply curbs trim a global glut and pockets of demand emerged after the easing of lockdown restrictions
Producers have lowered global oil supply by around 14-15 million barrels a day
Oil has surged about 75 per cent this month as pockets of demand return
Aramco’s recovery has been achieved on much smaller share volumes than its international counterparts
ENEC is currently in the final stages of construction of units 2, 3 and 4 of the plant, while the overall construction of four units is more than 94 per cent complete
There’s still a risk, however, that oil’s recovery could be derailed if the pandemic worsens
OPEC+ will look at all options when it meets again in June, Mohammad Barkindo said
Crude demand of about 100 million barrels a day prior to the pandemic plummeted by about 30 per cent last month
Its underlying EBITDA grew 4.7 per cent year-on-year to $171m in the first quarter of 2020
Saudi Arabia aims to pump just under 7.5 million barrels a day in June, compared with an official target of about 8.5 million a day
Aramco is weighing pushing out payments for the 70 per cent holding in SABIC and reducing the size of the initial installment to PIF
Prices for benchmark Brent crude have slumped 52 per cent this year, falling far below levels that most governments in the region need to balance their budgets
US crude stockpiles rose for a 15th week, although at a slower pace, while supplies at the Cushing storage hub expanded
The company’s first-quarter sales dropped 18 per cent to SAR30.83bn
The PIF is looking into “any opportunity” arising from the economic wreckage of the crisis
While all sources of energy — oil, coal, natural gas, and even nuclear — will see a decline, renewable energy is likely to be the bright spot
Super 98 petrol will cost Dhs1.91 per litre, while Special 95 is priced at Dhs1.80 per litre
The 2GW Al Dhafra Solar PV project is slated for completion in the second quarter of 2022
Worldwide, sea temperatures were 1.49 degrees Fahrenheit above average in March which is the second highest level recorded since 1880 for the month of March, according to US data
The government is looking at additional spending cuts and may issue as much as an additional SAR100bn of debt on top of SAR120bn riyals already announced
The company is in talks with local banks about the potential deal that would be denominated in Saudi riyals
Futures in New York traded at around $1 a barrel after sinking to as low as minus $40.32 during Monday’s collapse
The glut in liquefied natural gas (LNG) has been exacerbated due to the pandemic and global oil price shocks
Futures in New York fell 16 per cent to around $15 a barrel after losing almost a fifth of their value last week
The figure marks the highest volume in a year
Global demand will drop by more than 9 million barrels a day in 2020, according to the IEA
The accord caps a tumultuous month when Brent crude plunged to its lowest in nearly two decades, falling toward $20 a barrel
Benchmark Brent has plunged by more than half since the start of the year
The coronavirus pandemic will press industries and investors to make sure corporate social responsibility is truly connected to delivering value
Following the acquisition, Tabreed’s presence in Dubai has increased to 278,801 RT while its total capacity has grown to 1,338,602 RT