Saudi Arabia Hikes Oil Investments as it Profits from Price Surge
Saudi Arabia’s state oil company Aramco, under pressure from the West to boost output...
Saudi Arabia’s state oil company Aramco, under pressure from the West to boost output amid soaring prices, pledged on March 20 to hike investments by around 50% this year as it reported a doubling in 2021 profits.
Oil prices leaped 50% last year as demand recovered from the COVID-19 pandemic and then surged above $100/bbl to 14-year highs in February after Russia invaded Ukraine, leading Western nations to urge major producers to increase output.
Aramco said it would boost its CAPEX to $40 billion-$50 billion this year, with further growth expected until around the middle of the decade. Capex was $31.9 billion last year, up 18% from 2020—indicating an increase of about 50% for this year at the middle of the guidance range.
EU to Mull Russian Oil Embargo with Biden Set to Join Talks
EU governments will consider whether to impose an oil embargo on Russia over its invasion...
EU governments will consider whether to impose an oil embargo on Russia over its invasion of Ukraine as they gather this week with U.S. President Joe Biden for a series of summits designed to harden the West’s response to Moscow.
Seeking to force a military withdrawal from Ukraine by Russian President Vladimir Putin, the EU—along with Western allies—has already imposed a panoply of punishing sanctions including the freezing of the assets of the Russian central bank.
“We are working on the fifth round of sanctions and many new names are being proposed,” a senior EU diplomat said on condition of anonymity because the discussions are not public.
New working models. The role of the workplace has dramatically shifted over the past two years, during which 42% of the US labor force (making up almost two-thirds of US economic activity) began working from home. Now, as offices look to reopen after multiple stops and starts, organizations are thinking about how work is—and can be—done. The stigma around remote-working models is mostly gone; certain studies also show that remote-working options don’t negatively impact productivity and may even give more workers better opportunities to thrive.
From LinkedIn: Foreign oil travels an estimated 8,900 miles to reach California portsRead More
From Twitter: What is the Strategic Petroleum Reserve?
The Strategic Petroleum Reserve was created...
The Strategic Petroleum Reserve was created to protect the U.S. from severe disruptions to the global oil supply. But many environmental advocates argue that relying on it to manage shortages is only a stopgap measure https://t.co/bBxfdgSwRp
