Saudi Arabian Mining Co. wants to more than double gold output within five years. Maaden, as the state-backed company is known, plans to boost gold output from about 415,000 ounces this year to one million by 2025, Chief Executive Officer Darren Davis said in an interview. This would catapult the oil-rich kingdom from a marginal […]
Saudi Arabia has threatened to use the “nuclear option” of undermining the petro-dollar if the U.S. moves forward with the NOPEC bill. The U.S. Congress has been mulling legislation, known as the NOPEC bill, which would allow the US Justice Department to take antitrust action against OPEC for manipulating the oil market. Specifically, the bill would […]
Washington has secretly given the go-ahead to several companies to sell nuclear power technology to Saudi Arabia, Reuters reports, citing a document it had obtained. The document featured an approval of six authorizations for nuclear power tech by Energy Secretary Rick Perry. The request for secrecy came from the companies that won the authorizations, according to […]
The long-awaited Saudi Aramco’s acquisition of Saudi Basic Industries Corporation (SABIC) is finally almost done. With a statement to the press, Aramco CEO Amin Nasser reported that Aramco has acquired a 70 per cent stake in SABIC, with an estimated value of $69.1 billion. Aramco’s CEO Nasser reiterated that the “deal is a major step […]
India may increase oil imports from Brazil and Mexico to offset the loss of Venezuelan oil in the wake of US sanctions on that country, says a IANS report. Venezuela is the fourth largest oil supplier to India after Saudi Arabia, Iraq and Iran. It accounted for about 11 per cent of India’s oil supplies […]
Saudi Arabia has been signaling for weeks that it is and will be doing whatever it takes to rebalance the oil market by slashing exports and pumping well below its quota under the OPEC+ deal—despite US shale’s persistence. Yet, while neither the Saudis nor OPEC would officially admit that they are aiming for higher oil […]
The United States will drive global oil supply growth over the next five years thanks to the remarkable strength of its shale industry, triggering a rapid transformation of world oil markets according to the International Energy Agency’s (IEA) annual oil market forecast. By the end of the forecast, oil exports from the United States will […]
Despite higher requests from customers, Saudi Arabia will be keeping its April crude oil exports at below 7 million bpd, a Saudi official told Reuters, signaling that OPEC’s biggest producer is set to do ‘whatever it takes’ to rebalance the market and support oil prices. Saudi Aramco will be keeping its crude oil exports this month […]
Global liquid fuels production is expected to exceed global consumption through 2020, the U.S. Energy Information Administration (EIA) said in its Short-Term Energy Outlook. EIA forecast that higher U.S. crude oil production growth and slightly lower global oil consumption will offset the short-term supply reductions. As a result, global petroleum liquids stocks will increase and […]
Saudi Arabia will invest US$100 billion in India’s infrastructure and energy industry as it seeks to strengthen its position in the country that is registering the fastest growth in oil demand. “We want Saudi Aramco to be a household name in India,” Energy Minister Khalid al-Falih said, adding that India was the number-one priority for the […]