Tag: Saudi Arabia

Russia and Saudi commit to long-term cooperation pledge

Russia and Saudi commit to long-term cooperation pledge

Russian energy minister Alexander Novak and his Saudi counterpart Khalid al-Falih have committed to a long term working cooperation agreement to encourage greater collaboration between OPEC and non-OPEC members. During a meeting in Moscow the two energy ministers discussed extending bilateral ties and the wider global energy market. The Russian […]

OPEC and partners extend easing oil production cuts

OPEC and partners extend easing oil production cuts

OPEC and its partners reduced their total production in July by 9% more than initially agreed in a production cut deal. A committee made up of representatives from Saudi Arabia, Russia, as well as Kuwait, the UAE, Algeria, Venezuela and Oman found that total production was 9% above the agreed […]

Saudi Aramco IPO will go ahead

Saudi Aramco IPO will go ahead

Saudi Arabia has stated that an initial public offering (IPO) of its state-owned Saudi Aramco remains on course following reports that plans to list the firm on domestic and international listings had been disbanded. The country said the IPO would commence “at a time of its own choosing, when conditions […]

Turkish currency crisis hits UK markets

Turkish currency crisis hits UK markets

The FTSE 100 was trading down 32 points at 7,635 today, weighed down by trade tensions and a downturn for UK tour operators. The FTSE 250 fell 120 points to 20,548. Turkey’s escalating instability has had ramifications across a number of markets today as the Turkish Government attempted to prop up […]

Doubts over Aramco IPO

Doubts over Aramco IPO

Saudi Arabia’s plans to list its state-owned oil giant, Saudi Aramco, in a bid to end its reliance on oil could come to a grinding halt as preparations have stalled, which has resulted in officials and those close to the process doubting it will happen at all. The initial public […]

US: global capacity can make up for Iranian cuts

US: global capacity can make up for Iranian cuts

The US wants to cut Iran’s oil revenues to zero in an attempt to enforce the sanctions it is to place on the Middle Eastern nation and has stated that global oil capacity is high enough to cover the reduced supply from Tehran. Brian Hook, the State Department’s director of […]

Oil prices drop on OPEC deal

Oil prices drop on OPEC deal

Oil prices fell on Monday following last week’s OPEC meeting in Vienna where it was decided to increase the bloc’s production by an expected 1 million barrels per day. Initially prices were up following the deal to increase output as to rise was not seen to be as high as […]

Saudi Arabia streamlines Aramco

Saudi Arabia streamlines Aramco

Saudi Aramco’s non-oil businesses are being restructured into subsidiaries as the company aims to become more efficient in order to achieve a higher valuation ahead of its upcoming initial public offering (IPO). Six months ago, a new subsidiary was formed within Saudi Aramco to overlook its multi-billion US dollar pension […]