While oil has rebounded rapidly since April as OPEC+ production cuts kicked in and US output fell, the rally fizzled last week
Futures in New York fell below $35 a barrel after losing 8.3 per cent last week
Murban for March sold at a $1.88 premium over the regional benchmark before plunging to discounts. For July, it will sell at a $1 premium
Brent crude, the international benchmark, fell 2.5 per cent to $41.23 a barrel at 4.29pm in London, erasing earlier gains
The total installed capacity is 11,700MW of electricity
Production cuts are meant to be eased to about 7.7 million barrels a day in July
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
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
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
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
The company is in talks with local banks about the potential deal that would be denominated in Saudi riyals
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
Benchmark Brent crude has plunged 48 per cent this year
The kingdom needs an oil price of $84 to balance this year’s budget
It puts Aramco supply above its maximum sustainable capacity, indicating that the kingdom is even tapping its strategic inventories
The oil giant raised $29.4bn in the world’s biggest-ever initial public offering, selling shares at 32 riyals each
Goldman Sachs Group, one of the underwriters of the deal, exercised the over-allotment option and increased the offering
On the second day of trading on Riyadh’s stock exchange, Saudi Aramco briefly soared past the target