Saudi Arabia has transferred 4% of stock in Saudi Aramco - worth US$80 billion - to the Kingdom’s sovereign wealth fund, as part of its substantial plans to diversify the oil-dominated economy. Crown Prince and de facto ruler Mohammed bin Salman said the Aramco shares will...
Saudi Arabia’s crown prince has announced a target to reach net zero emissions of greenhouse gases by 2060, albeit while stressing the continued importance of hydrocarbons to the global economy. Crown Prince Mohammed bin Salman and his energy minister revealed the plans for Saudi Arabia to...
Saudi Arabia and the United Arab Emirates (UAE) have reached a compromise over future oil production baselines - according to an OPEC+ source – in a deal which should unlock more crude to a tight oil market and temper soaring prices. A dispute between Riyadh and...
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...
Saudi Arabia’s Minister of Industry and Mineral Resources Bandar bin Ibrahim Al-Khorayef has approved the implementation of a new mining investment law, as part of the Kingdom’s plans to unlock the untapped potential of its mining sector. The piece of law was approved by the Council...
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...