Saudi Arabia’s oil giant Aramco has attracted total bids of $44.3 billion for its initial public offering. This is 1.7 times the money the Kingdom hoped to raise with the world’s largest listing ever. According to one of the IPO’s lead managers, Samba Capital, quoted by Bloomberg, the IPO has attracted a total of 166 billion Saudi […]
OPEC and its Russia-led non-OPEC partners in the production cut deal is likely to roll over the current cuts into June 2020 in early December. Russia is likely to support the cartel’s efforts to raise the price of oil, Reuters reported last week, citing OPEC sources and delegates. Currently, the partners in the deal have two […]
India and Saudi Arabia are moving from a purely buyer-seller relationship towards a closer strategic partnership that will include the resource-rich Kingdom’s investments in downstream oil and gas projects in the country, Prime Minister Narendra Modi has said. Saudi Arabia is its second-biggest supplier after Iraq. It sold 40.33 million tonnes of crude oil to […]
Battling a slowing economy, India implored oil cartel OPEC to not undertake deeper crude oil production cuts last week, as it renewed its pitch for reasonable pricing of oil and stability in supplies. In a meeting with OPEC Secretary-General Mohammad Sanusi Barkindo, Oil Minister Dharmendra Pradhan also pitched for better commercial terms for crude oil […]
The U.S. Energy Information Administration (EIA) forecasts lower crude oil prices in the fourth quarter of 2019 and in 2020 despite tighter global balances. The tighter balances are largely the result of unprecedented short-lived loss of global supply following the September 14 attacks on crude oil production and processing infrastructure in Saudi Arabia, EIA said […]
The mega deal in which Saudi Aramco is buying 70 per cent in Saudi chemicals giant SABIC cleared another hurdle last week after India’s competition authority approved the transaction that needs clearance in India because both Saudi companies are operating in the country. The Competition Commission of India (CCI) said on Friday that it approves the acquisition of 70 […]
Indian rice export prices slipped this week as demand from Africa remained sluggish. Prices of 5% broken parboiled variety in top exporter India were quoted at around $371-$375 per tonne this week, down from $373-$379 a week ago, Reuters reported. India’s rice exports plunged 26.5% in April-July from a year ago to 3.14 million tonnes, […]
Indian steel manufacturers plan to strengthen their relationship with the Middle East market, especially Saudi Arabia, according to remarks made during the second day of the First International Saudi Iron and Steel Conference last week, reports S&P Global Platts. V.R. Sharma, managing director of India’s Jindal Steel and Power, said, “The industry will definitely grow […]
Saudi Arabia has approached Baghdad with a request to buy crude oil from OPEC’s number-two to compensate for its production outage caused by the Saturday attacks, sources who declined to be named told S&P Global Platts. According to one of the sources, Aramco had asked Iraq’s State Oil Marketing Organization, or SOMO, for some 10 million barrels […]
The strikes on key Saudi oil facilities will hit India’s oil import bill and the Indian Rupee will be the immediate casualty, Singapore’s DBS Banking Group said. The coordinated strikes on Saturday, targeting Abqaiq, the site of the largest oil processing plant run by the Saudi state oil company, Aramco, and the Khurais oilfield led […]
