Saudi Aramco's profits surge by 82% as energy giant capitalises on soaring crude oil prices
DUBAI—Saudi Arabia’s national oil...
DUBAI—Saudi Arabia’s national oil company said Sunday that its net income rose more than 80% to record highs in the first quarter of the year, a surge that shows how some of the world’s biggest state-owned energy producers are benefitting from a price boom accelerated by Russia’s invasion of Ukraine.
Saudi Arabian Oil Co., known as Aramco, said its quarterly profit swelled to $39.5 billion in the quarter, a period during which Saudi Arabia, the de facto leader of the Organization of the Petroleum Exporting Countries, continued to rebuff U.S. requests to pump more oil to help tame surging crude prices, instead sticking by an agreement with Russia to only marginally increase output.
Saudi Arabia set for oil output capacity above 13 million bpd by 2027, says minister
MANAMA (Reuters) - Saudi Arabia is on track to lift oil production capacity by more than 1 million...
MANAMA (Reuters) - Saudi Arabia is on track to lift oil production capacity by more than 1 million barrels per day to over 13 million barrels bpd by the end of 2026 or the start of 2027, the energy minister said on Monday.
Prince Abdulaziz bin Salman told an energy conference in Bahrain that production could be maintained at that level once it was reached should market demand require it.
The prince also said all upstream investments would be domestically focused to achieve that goal.
Shanghai says lockdown to ease as virus spread mostly ends
BEIJING (AP) — Most of Shanghai has stopped the spread of the coronavirus in the community and fewer...
BEIJING (AP) — Most of Shanghai has stopped the spread of the coronavirus in the community and fewer than 1 million people remain under strict lockdown, authorities said Monday, as the city moves toward reopening and economic data showed the gloomy impact of China's “zero-COVID" policy.
Vice Mayor Zong Ming said 15 out of Shanghai’s 16 districts had eliminated virus transmission among those not already in quarantine.
“The epidemic in our city is under effective control. Prevention measures have achieved incremental success," Zong said at a news briefing.
LONDON (Reuters) - Oil prices fell on Monday as widespread lockdowns in China and weak economic data...
LONDON (Reuters) - Oil prices fell on Monday as widespread lockdowns in China and weak economic data in the country fuelled fears of a global recession, though the market found some support as the European Union stepped closer to an import ban on Russian crude.
Brent crude was down 28 cents, or 0.3%, at $111.27 a barrel at 0934 GMT, and U.S. West Texas Intermediate (WTI) crude slipped 9 cents, or 0.1%, to $110.40 a barrel.
The fall of oil prices "is chiefly due to the weak Chinese economic data, as the lockdown measures are having a direct impact on the world’s second-largest market," said Barbara Lambrecht, energy analyst at Commerzbank.
It is estimated that 46 cities in China are under lockdowns, hitting shopping, factory output, and energy usage.
