Saudi Aramco has reported a 73% plunge in profit for the second quarter of 2020, when the COVID-19 pandemic precipitated a collapse in demand for oil as economies around the world went into lockdown. However, the Saudi state-owned energy giant maintains it will pay out US$75...
Saudi Aramco – the world’s most profitable company in 2019 – has posted a 25% drop in Q1 profits following the outbreak of COVID-19 and the subsequent collapse in oil demand and prices. Saudi Arabia’s state-owned oil giant made US$16.6 billion in the first three months...
Saudi Aramco will not formally market its shares outside of the Gulf after cancelling plans for a European roadshow ahead of its long-awaited initial public offering (IPO). The postponement of the European roadshow, reported by the Financial Times, comes a day after the Saudi oil behemoth...
Saudi Aramco has announced a date for its long-awaited initial public offering (IPO) on Saudi Arabia’s domestic exchange, in what could be the world’s largest ever public float. The oil giant and world’s most profitable business will list up to 3% of the company on the...
US President Donald Trump has revealed his intention to make a deal with ExxonMobil or other American energy companies to capitalise on Syria’s oil reserves. “What I intend to do, perhaps, is make a deal with an ExxonMobil or one of our great companies to go...
Saudi Aramco has pledged to pay potential investors an annual base dividend of US$75 billion as the Saudi oil giant ramps up its preparations for a listing on an international exchange. In a corporate overview posted to its website yesterday, the state-run firm said it would...
Oil prices jumped by more than 2% yesterday in response to rising tensions within the vital Strait of Hormuz shipping route in the Middle East, but Morgan Stanley does not expect this to contribute to a higher long-term oil price. The seizure of a British oil...
Qatar has announced it will quit OPEC in January in order to focus on cementing its position as the world’s top liquified natural gas (LNG) exporter. The Middle Eastern state has been a member of OPEC for 57 years, but is one of the organisation’s smallest...
The price of Brent crude oil has reached highs of $80 per barrel for the second time this year as the East coast of the US braces itself for the arrival of Hurricane Florence. More than a million people, as well as businesses, have already begun...
Global oil price benchmark Brent crude has fallen by 1.7% to US$74.25 per barrel in this morning’s trading, as the market reacts to OPEC’s decision to increase oil output among its members. The international oil cartel met in Vienna last week to discuss the current state of...