Aramco started to reduce production from about 12 million barrels a day to achieve the new level of 8.5 million barrels a day, Bloomberg has reported
Oil
Energy
Saudi Aramco’s eight decades of history
State-owned oil giant Saudi Aramco has raised a record $25.6bn by selling a 1.5% share in the business.
Aramco refinery fire
Saudi Arabia to tap oil reserves after drone strikes
The drone attacks knocked 5.7 million barrels per day off production
Oil
US briefly overtakes Saudi Arabia as world’s biggest oil exporter
Saudis reclaim the top exporter’s spot in July and August as hurricanes disrupted US production – IEA
#Syria
Massive slump in Iranian oil exports, despite ‘disappearing tanker’ phenomenon
US sanctions on Iran has seen exports slump by nearly 90%
#Syria
Strait of Hormuz: The mystery of the disappearing tankers
Empty tankers are going off grid in order to collect Iranian oil, then appear full days later
Crude
Oil keeps rising as more US sanctions worsen tension in Gulf
Hopes that China and the US will restart trade negotiations have also aided prices, with Trump set to meet with Chinese President Xi Jinping at the G-20 summit in Japan this week
Oil
Oil optimism slumps to 12-week low as price dips to bear market
Optimism on Brent crude, the global benchmark, declined by the most this year
Brent
Oil rises as supply risks ripple through Middle East, Great Plains
Brent for July settlement closed at $70.11 on the ICE Futures Europe exchange
energy storage
Sri Lanka starts work on Oman-backed $3.85bn refinery near strategic port
Prime Minister Ranil Wickremesinghe said Hambantota, a district in Sri Lanka’s south which lies on one of the world’s busiest shipping lanes, would become a global investment hub with the addition of the oil refinery and storage complex
Oil
UAE expects oil market to balance in first quarter
OPEC cartel countries and other major oil producers in January began implementing a deal to cut output by 1.2 million barrels per day to shore up sagging prices
non-OPEC
Russia, Saudi agree to renew oil output cuts
On Thursday, the price of New York crude ducked below $50 per barrel for the first time in almost 14 months
Energy
Lebanon grants offshore oil rights as race to find new fields heats up
Regional race to find and develop oil and natural gas wealth in the eastern Mediterranean after years of delay is picking up
Energy
Indian firm wins $265m deal to build Kuwait oil pipeline
Larsen & Toubro’s hydrocarbon division bags contract from Kuwait Oil Company
International Energy Agency
IEA sees risk of volatile oil prices on weak upstream investment
Bahrain’s oil minister said oil prices at current levels are ‘better’ but still not spurring investment
Oil
OPEC is said to discuss extending cuts by more than 3 months
OPEC pledged to reduce output by about 1.8 million barrels a day to eliminate a global surplus
non-OPEC
Saudi Arabia open to another OPEC cuts extension, says Falid
OPEC and other producers including Russia pledged to reduce output by about 1.8 million barrels to trim global oil inventories