Saudi Aramco has reported a 44.4% drop in net profit for the 2020 financial year, as the COVID-19 pandemic took a chunk out of global fuel demand and prices fell accordingly. The state-run Saudi Arabian oil giant made US$49 billion in net income last year -...
Oil prices have risen to the highest levels in nearly 14 months after OPEC and Russia decided against further reducing production cuts planned for April. Brent crude increased by more than 5% to US$67.86 a barrel following the announcement after OPEC and its key oil producing...
The oil price has breached the US$60 mark for the first time since before the COVID-19 crisis hit, with hedge funds becoming more bullish on the future price due to limited opportunities to ramp up production. The price of global benchmark Brent crude futures rose to...
BP has informed its staff that 10,000 jobs will be cut following the crash in oil prices earlier this year and as the company prepares for the energy transition towards lower carbon emissions. The oil giant will let go of 14% of its workforce, mostly those...
Iran’s oil minister Bijan Zanganeh has today confirmed that OPEC ministers have agreed an extra 1.5 million barrel per day (bpd) cut in oil production, according to a Reuters report. Ministers of the 14-member oil cartel met in Vienna to discuss the prospect of further supply...
Oil prices fell by 4% on Monday following news of coronavirus outbreaks in several countries outside of China, while investors flocking to gold pushed prices for the safe haven metal up to eight-year highs. Global trading markets were ravaged yesterday after reports of fresh infections and...
Oil prices have skyrocketed in Friday morning trading across international markets after the US confirmed it had conducted an airstrike in Baghdad that resulted in the death of Iran’s top military General Qasem Soleimani. International benchmark Brent crude was up more than 3.6% at US$68.65 per...
BP is on the brink of a new era after long-standing chief executive Bob Dudley announced he would be stepping down from the role, to be replaced by the oil major’s current head of exploration and production Bernard Looney. Since taking the top job in the...
Saudi Arabia has claimed it will bring its crude output back to full capacity early next week, following the attacks on its Abqaiq and Khurais facilities earlier this month. A source briefed on the latest developments told Reuters that Saudi oil output has already been restored...
Saudi Aramco has claimed it is ready to move forward with a record US$2 trillion market flotation, after the state-owned Saudi oil giant published its profits for the first half of the year in its miaden investor call. Lower oil prices pushed the company’s profits for...