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  • Kuwait, Saudi Arabia to shut shared Al-Khafji field just months after restart

    The shutdown comes just months after both countries agreed to resume production at the Neutral Zone. Total production at the Neutral Zone, which comprises the offshore Al-Khafji and onshore Wafra fields, was 260,000 b/d in April, with each country sharing output 50-50. Kuwait's share of the Wafra field was 60,000 b/d at the time and the Al-Khafji share was about 70,000 b/d, signaling the shut down will remove about 140,000 b/d from the market.

  • Domestic consolidation and international partnerships provide support to Saudi Arabia’s petrochemicals industry

    For 2019 as a whole, the company made a profit of SR8.5bn ($2.3bn), a 73% decline from the SR31.9bn ($8.5bn) recorded in 2018, according to SABIC’s 2019 financial statements. Further contraction is expected in 2020, as the global outbreak of Covid-19 shuttered factories around the world and dampened demand.

  • Oil traders see market starting road to recovery

    Crude oil traders expect the market to be closer to balance in the next few months as production cuts are implemented and the global transport system emerges from a coronavirus lockdown. Futures prices and swaps linked to physical prices show the market has now moved through the worst of the crisis caused by the volume war between Saudi Arabia and Russia and the pandemic-driven collapse in consumption.

  • Saudi Aramco says acquisition of SABIC stake on track to close in second quarter

    Saudi Aramco (2222.SE) said on Tuesday its planned acquisition of a 70% equity stake in petrochemical maker SABIC (2010.SE) from the Public Investment Fund (PIF), the kingdom’s wealth fund, is on track to close in the second quarter. The statement by the state oil giant was made in response to a Reuters story published on Sunday saying that Aramco is looking to restructure its deal for a controlling stake in SABIC after the target’s value dropped more than 40% following an oil price slump in the coronavirus pandemic, according to two sources.

  • Saudi Aramco’s profit slides 25% in the first quarter, as collapse in oil prices bites

    In a release published Tuesday, the company said net income slid to 62.5 billion riyals ($16.6 billion) in the first three months of the year, down from 83.3 billion riyals over the same period in 2019. This was “primarily reflecting lower crude oil prices, as well as declining refining and chemicals margins and inventory re-measurement losses,” the company said in a statement.

  • Oil Set for Second Weekly Gain With Market Starting to Rebalance

    Oil headed for its first back-to-back weekly gain since February as output cuts from the biggest producers and a nascent recovery in demand began to rebalance a market awash with crude. Futures in New York rose toward $25 a barrel on Friday and are up about 21% so far this week. Saudi Arabia, the world’s largest oil exporter, raised the cost of almost all grades for June, suggesting it’s more interested in supporting a recovery in prices than competing for market share.

  • Uber Eats exits seven markets, transfers one as part of competitive retooling

    A source familiar with Uber also said the changes will allow the company to focus resources on new business lines — such as grocery and delivery.

  • Saudi Aramco navigates uncharted waters amid global oil rout

    The Saudi state oil firm sliced its official selling prices (OSP) for its crude grades to Asia for the second month running, signalling not only that it is heeding Asian customers’ requests for better terms amid weak demand but that it is fending off efforts by other producers to encroach on Saudi market share in the region.

  • Saudi Aramco Starts Cuts for OPEC+ Target

    Aramco has begun to curtail production from about 12 million barrels a day to achieve the agreed level of 8.5 million barrels a day, the person said, asking not to be named discussing private information. The country joins fellow OPEC members Kuwait, Algeria and Nigeria in kicking off cuts early.

  • Bahrain to build region’s first logistics “Smart Hub”

    Pharmaceuticals and medical devices supplier, Bahrain MVC Global, and logistics provider, Cox Logistics Group has come together to develop the first ‘Smart Hub’ in the Middle East to integrate a track and trace system on a blockchain platform.