Saudi Arabia’s Minister of Industry and Mineral Resources has allocated 54 mining reserve sites in the Kingdom covering an area spanning 4,000km², following the issuance of seven decisions for the sector. The move, which has been touted as the largest ever allocation process in the Saudi...
A deal to make the biggest oil supply cuts in history may not be enough to boost prices in the coming months as the COVID-19 (coronavirus) outbreak continues to decimate oil demand. Over the Easter weekend, the OPEC+ cartel and G20 leaders including the US, Canada...
Oil prices fell by 12% as markets reopened this week after Saudi Arabia and Russia made no progress towards ending their price war that has decimated the oil market, along with the COVID-19 (coronavirus) pandemic. Brent crude lost more than US$3 to trade at just over...
Oil is on course for its worst day of trading in 29 years on Monday after Saudi Arabia slashed its official selling prices and made plans to ramp up crude output, in response to Russia’s refusal to back an OPEC-led supply cut extension last week. The...
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 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...
Saudi Arabia has appointed Yasir al-Rumayyan, governor of the country’s Public Investment Fund (PIC), as the new chairman of state-run mining company Ma’aden, replacing former energy minister Khalid al-Falih. The appointment is a further demonstration of the shifting power stakes at the top level of Saudi...
Saudi Arabian utility developer ACWA Power has revealed plans to lift the share of renewable energy projects in its portfolio to 70% over the next decade. At the World Energy Congress in Abu Dhabi, ACWA’s chief executive and President Paddy Padmanthan told Reuters that the company...
Saudi Arabia’s Energy Minister Khalid al-Falih has called for a ‘swift and decisive response to the threat of energy supply’ in the wake of attacks on two oil tankers travelling along a vital shipping route in the Gulf of Oman last week. The attacks on Norwegian...
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...