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  • Capitol Hill Enters the Fight Over LIV Golf’s Saudi Arabia Ties

    LIV Golf says the Foreign Agents Registration Act doesn’t apply because it’s a commercial enterprise, and it isn’t advocating for anything political. “LIV is about the sport of golf. FARA doesn’t apply,” a LIV spokesperson said in a statement. “Our work is about sports, and we will continue to focus on our business, which is to grow the game of golf.”

  • Capacity constraints: Is Saudi oil output nearing its ceiling?

    Any attempt to ramp up output from mature fields through additional enhanced oil recovery methods will require a great deal of planning and execution that cannot be taken on an arbitrary or a short-term basis. Another industry expert told Upstream that oil giants like Aramco cannot always produce to their limits for months at a time, as that can lead to faster declines in the reservoirs and threaten the long-term potential of the oilfields.

  • Stenson joins Saudi tour, removed as Ryder Cup captain

    Ryder Cup Europe removed Stenson as captain for the 2023 matches — still 14 months away from being played in Italy — when the Swede decided to choose the guaranteed money of the Saudi-funded rival league over the Ryder Cup. The European tour and PGA Tour have suspended players who signed up for LIV Golf, which is handing out massive signing bonuses to go along with its $25 million prize fund in eight tournaments that feature 54 holes and no cut.

  • Saudi Arabia’s venture capital funding surges threefold to $584m in first half of 2022

    The 244 per cent jump in total VC funding in the Arab world's biggest economy through the end of June 2022 resulted in investments that were 8 per cent higher compared to 2021's total, backed by a record 88 investors who funded Saudi start-ups, according to start-up data platform Magnitt's Venture Capital Report in collaboration with Saudi Venture Capital (SVC).

  • Venture capital investments in Saudi startups triple to $584 million

    Saudi Arabia experienced a major increase in venture capital investment during the first half of 2022. Investment in Saudi startups rose 244% to a record high of $584 million compared to the first half of 2021. A total of 88 investors have made deals with Saudi startups this year, Saudi Venture Capital said in a press release. "Saudi Arabia has always been an attractive market for entrepreneurs and investors from the kingdom and abroad due to the huge size of this market,” said CEO Nabeel Koshak.

  • Saudi minister: we see lack of refining capacity in market, not lack of oil

    "As of today, we don't see a lack of oil in the market. There is a lack of refining capacity, which is also an issue, so we need to invest more in refining capacity," Foreign Minister Prince Faisal bin Farhan Al Saud told reporters in Tokyo.

  • Global oil production is already near full capacity

    Making a dent in gasoline prices will also be tough, given that US oil refining capacity is at an eight-year low. And the plants that are online are failing to eke out a profits over the high price of oil. In a July 12 forecast, OPEC said it expects global oil supply to lag behind demand well into 2023. So don’t hold your breath for a break at the pump.

  • US Believes OPEC Has More Capacity to Raise Crude Production

    The administration believes the Organization of Petroleum Exporting Countries has room to raise production should an upcoming visit by President Joe Biden to the Middle East yield any agreements. “We do believe there is a capacity for further steps that could be taken,” National Security Advisor Jake Sullivan said in a press conference on Monday. It’s ultimately up to OPEC countries to determine what those additional steps entail, he said.

  • Biden’s Quest for Saudi Oil Faces Reality-Check of Slim Capacity

    “This energy crisis needs long-cycle investment in infrastructure like refineries, and addressing energy and military security issues,” said Jeff Currie, head of commodities research at Goldman Sachs Group Inc. “The questions over OPEC production capacity are a sideshow.”

  • Biden’s Quest for Saudi Oil Faces Reality-Check of Slim Capacity

    If the Gulf nations were to fully tap their spare capacity, it could backfire. Traders tend to grow anxious when the global market has nothing held in reserve to cover potential disruptions. The recent collapse of production in OPEC member Libya due to renewed unrest has served as a reminder of the perennial risks to global production.