Saudi King and Crown Prince Condole Kuwait
In a heartfelt gesture of solidarity, Saudi Arabia’s King Salman and Crown Prince Mohammed bin Salman expressed their deepest condolences to the Emir of Kuwait on Monday following the passing of Sheikh More »
Putin and Abbas Discuss Gaza Crisis
Russian President Vladimir Putin is set to meet with Palestinian President Mahmoud Abbas on Tuesday during Abbas’ visit to Russia. Arriving on Monday, Abbas aims to discuss the ongoing Gaza conflict with More »
Saudi Arabia Voices Strong Support for Gaza Peace Initiatives
Saudi Arabia has firmly aligned itself with the recent joint statement made by President Joe Biden of the United States, President Abdel Fattah El-Sisi of Egypt, and Sheikh Tamim bin Hamad Al-Thani, More »
Saudi Crown Prince, US Secretary of Defense discuss troop deployment
:: Saudi Arabia’s Crown Prince Mohammed bin Salman received a phone call on Wednesday from the US Secretary of Defense during which they discussed ongoing arrangements to send US troops of a More »
Saudi Energy Minister confirms restoration of Kingdom’s gas production capacity
:: Saudi Arabia’s Minister of Energy confirmed on Wednesday the restoration of production capacity, affirming the Kingdom’s position as a reliable energy supplier in the global market. The energy minister, Prince Abdulaziz More »
Category Archives: Energy
Oil prices likely to climb by end of 2016: Aramco
Saudi Arabia’s oil giant expects oil prices to climb toward the end of the year, saying the current price of around $30 a barrel is not sustainable. Saudi Aramco’s CEO Amin Nasser, speaking Tuesday at the 9th Global Competitiveness Forum,
Saudi Aramco, Bahri, Lamprell ink deal for maritime complex
Saudi Aramco has signed a memorandum of understanding (MoU) to establish a shipbuilding and repair complex in the Kingdom. According to the oil giant, Saudi Aramco and the National Shipping Company of Saudi Arabia (Bahri) have amended the expired MoU
Aramco IPO could be open to world markets
An initial public offering of Saudi Aramco could be on the local or international markets but would not include Saudi energy reserves, the company’s chairman told Al-Arabiya channel. “The reserves would not be sold, but the company’s ability to produce
U.S. military urges action against ISIS in Libya
Decisive military action is needed to halt the spread of Islamic State of Iraq and Syria (ISIS) in Libya, the top U.S. military officer said on Friday, saying the group wanted to use the north African nation as a platform
King opens petroleum research & study center
Custodian of the Two Holy Mosques King Salman and Chinese President Xi Jinping remotely inaugurated the Yanbu Aramco Sinopec Refining Company (YASREF) located in Yanbu on Wednesday. The King also inaugurated in Riyadh the King Abdullah Petroleum Studies and Research
KSA: Oil price crash fueled by oversupply
Foreign Minister Adel Al-Jubeir and his Chinese counterpart Wang Yi reviewed aspects of bilateral relations and discussed a number of regional and international issues on Wednesday. Earlier, speaking to CNN’s Wolf Blitzer on The Situation Room on, Al-Jubeir said the
Oil market will take time to stabilize, says Al-Naimi
Minister of Petroleum and Mineral Resources Ali Al-Naimi said on Sunday it would take “some time” to restore stability to the global oil market in the midst of a glut, but he remained optimistic about the future. Al-Naimi’s comments come
India’s share of Middle Eastern oil imports declines
Indian refiners boosted imports of African crude oil in 2015 to the highest in at least five years and slightly cut their intake from Latin America as refiners benefited from changing global oil flows caused by surplus supply. In 2015,
China’s record fuel exports show changing economic dynamics
Sort of lost among the attention given to China’s record crude oil imports in December was the fact that the nation’s exports of refined fuels also hit an all-time high. Crude imports surged 21.4 percent in the final month of
Qatar hikes petrol prices by 30 percent
Energy-rich Qatar has decided to raise the cost of petrol by a third or more from Friday, according to the state fuel company, amid a slump in global oil prices. The surprise hike comes into force from midnight (2100 GMT)
Russia’s Gazprom posts lower-than-expected quarterly loss
Russia’s gas giant Gazprom on Friday announced a loss for the third quarter of 2015, citing rising costs and finance expenses, despite an increase in sales. The net loss by Russia’s biggest energy company between July and September of two
Oil prices drop as US crude inventories rise
Oil prices fell on Wednesday after a rise in weekly US crude inventories fed into bearish sentiment about the deepening global supply glut that has brought oil prices close to 12-year lows. Brent crude, the global benchmark, was down 37
KSA-China discuss cooperation in atomic, renewable energy
Delegates from the Kingdom and China, who were in the capital, held wide-ranging talks on Wednesday. The Kingdom sought cooperation in atomic and renewable energy in a strong bid to speed up work on its alternative energy program in order
IMF urges Nigeria to cut reliance on oil
The head of the International Monetary Fund has endorsed Nigeria’s efforts to tackle corruption, while saying the country needed to reduce its reliance on oil, sharp falls in the price of which have crippled its economy. Speaking after talks with
Oil prices to stay low for two years: BP Chief
Struggling oil producers could suffer even more pain in 2016 with further plunges in already record-low prices, BP Chief Executive Bob Dudley warned Saturday. “A low point could be in the first quarter,” Dudley told BBC radio. Oil prices fell
Wind and solar power soar in spite of bargain prices for fossil fuels
Wind and solar power appear set for a record-breaking year in 2016 as a clean-energy construction boom gains momentum in spite of a global glut of cheap fossil fuels. Installations of wind turbines and solar panels soared in 2015 as
Oil prices jump over 2% on colder weather
Oil prices jumped about $1 a barrel on Tuesday, as prospects of colder weather in coming weeks inspired buying a day after prices slid 3 percent, but slowing global demand and abundant supplies from OPEC members kept energy markets bearish.
KSA to adjust petroleum, utility subsidies over next 5 years
Saudi Arabia’s government is to adjust subsidies for water, electricity and petroleum products over the next five years, the Ministry of Finance said in its 2016 budget document, cited by Reuters. Any changes made to such prices would be aimed
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