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Recent stories from sustg
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How Gulf Countries Are Splurging at Home
- May 8,2012
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- SUSTG Team
Asa Fitch, writing in the Wall Street Journal, details the extent to which oil dollars are fueling economic growth “at home” for GCC countries: Booming oil prices are flooding Arab countries with money, but where the lion’s share of that wealth would once have been pumped into the world’s financial markets, much of it is […]
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“Milestone” oil manipulation case unsettles traders
- April 21,2012
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- SUSTG Team
U.S. regulators’ $14 million settlement with high-frequency trading firm Optiver over oil price manipulation in 2007 is a “milestone” victory in their toughening stance on market malfeasance which is being closely watched by traders. In its first major case against an algorithmic trader, the Commodity Futures Trading Commission said late on Thursday that a court […]
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Major Banks Expanding in Saudi Arabia
- April 17,2012
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- SUSTG Team
“We’d be crazy to limit ourselves to a handful of bankers when we can see oil prices are going to sustain the Saudi economy for the foreseeable future,” Rory Gilbert, the head of Middle East and North Africa at London-based Barclays’s wealth management unit, said in an interview this week in Dubai. “In four or […]
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Saudi Arabia & the GCC – post ‘Arab Spring’: Obaid
- April 11,2012
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- SUSTG Team
This week Mr. Nawaf Obaid, former strategic adviser to Prince Turki Al-Faisal, presented a briefing titled, “Saudi Arabia & the GCC in a Post ‘Arab Spring’ Environment” at the Harvard Kennedy School of Government as part of a program examining responses among GCC states to the “Arab Spring” turmoil that started early last year. Obaid […]
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Saudi tops in job creation in GCC
- April 9,2012
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- SUSTG Team
The Gulf region continued to create jobs despite the impact of Arab Spring in 2011 with the regional powerhouse Saudi Arabia topping the list followed by Qatar and Oman, according to a new survey. The oil and gas industry, healthcare and retail sectors enjoyed the largest headcount expansion in 2011, while banking and construction fared the […]
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Chart of the Day: A Short History of 200 Years of Global Energy Use
- April 8,2012
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- SUSTG Team
If you want to tell the story of worldwide energy consumption over the past 200 years, you need three chapters. Chapter 1: The Coal Age. Chapter 2: The Oil Age. Chapter 3: The China Age. In the early days of industrialization, the use of biofuels such as wood declined as the West learned to live […]
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Graphic: The Rise of Saudi Oil Consumption
- April 5,2012
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- Richard Wilson
Saudi Arabia uses as much oil per person as America, largely to run oil-fired power plants to run domestic air conditioners. And the more of its oil siphoned off for such uses, the less cushion there is in the worlds oil supply. Thats a big problem now but is becoming less of one. America and […]
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Critical Commercial and Economic Ties: Interview with Jose Fernandez
- April 3,2012
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- SUSTG Team
The 2nd US-Saudi Business Opportunities Forum in Atlanta in December brought together a high level delegation of over 200 Saudi officials and business people with over 1000 Americans to explore the $1 trillion-plus commercial openings available in the coming decade in the Kingdom. The response to the Forum – and what it means for American investment and […]
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Saudi to maintain oil supply if U.S. draws stocks
- April 3,2012
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- SUSTG Team
Saudi Arabia is likely to maintain high oil production in the event consumer countries release emergency stocks, but it will not seek to lure buyers for more oil by discounting its crude, industry sources said. U.S. Secretary of State Hillary Clinton on Saturday in Riyadh sought an assurance from Saudi King Abdullah that the kingdom […]
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U.S. Might Have More Oil Than Saudi Arabia, But…
- March 30,2012
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- SUSTG Team
People are often confused about the overall extent of U.S. oil reserves. Some claim that the U.S. has hundreds of billions or even trillions of barrels of oil waiting to be produced if bureaucrats will simply stop blocking development. In fact, in a recent debate between Republican candidates contending for Gabrielle Giffords’ recently vacated House seat, one candidate […]
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MUST-READS
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Saudi Aramco increases oil, gas, and hydrogen investments
Aramco said it will raise its crude oil “maximum sustainable capacity” to 13 million barrels a day by 2027, up from 10 million in February.
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Iran boasts of rising oil exports to places ‘the US cannot fathom’
Iranian Petroleum minister Javad Owji says Iran has found dependable customers for its oil despite tough continued US sanctions—and pledged to increase production in a year. This comes as the Islamic Republic maintains that it has increased crude exports, driven by what industry analysts describe as a rise in Chinese purchases of Iranian oil.
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Saudi Arabia says it’s not responsible for high oil prices
“The international community must assume its responsibility to preserve energy supplies,” the Saudi statement added, in order to deter attacks that jeopardize “the kingdom’s production capability and its ability to fulfill its commitments.”
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Saudi Arabia not looking to be ‘central bank’ for global oil, says Dan Yergin
Daniel Yergin, S&P Global vice chairman, joins 'Power Lunch' to discuss the implications of the change in energy distribution from Russia, why Saudi Arabians and the UAE have been hesitant to share energy resources and how much sanctions will affect Russian oil output
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White House believes Russia is seeing big decline in oil sales
Instead, the key phenomenon hurting the Russian oil industry is what experts refer to as “self-sanctioning,” as private traders refuse to buy and sell the product even though Western sanctions were designed to allow them to continue to do so. Oil traders have said they are voluntarily turning down Russian oil in part because of the uncertainty of future Western sanctions, and in part because they do not want to be seen as providing financial support for Russia’s invasion of Ukraine.
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Saudi Aramco full-year profit more than doubles on soaring oil prices
Saudi Arabian oil giant Aramco reported blowout full-year earnings on Sunday, posting a more than doubling in year-on-year net profit to $110 billion. Aramco’s 2021 net income increased by 124% to $110 billion in 2021, compared to $49 billion in 2020, citing higher crude oil prices, stronger refining and chemicals margins, and the consolidation of its chemicals business, SABIC’s, full-year results.
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Oil market heads for ‘biggest supply crisis in decades’ with Russia’s exports set to fall, IEA says
Three million barrels per day of Russian oil output is at risk beginning in April as sanctions hit and buyers shun the nation’s exports, the International Energy Agency said Wednesday. “The prospect of large-scale disruptions to Russian oil production is threatening to create a global oil supply shock,” the Paris-based firm said in its monthly oil report, adding that this could ultimately be the “biggest supply crisis in decades.”
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Saudi Aramco full-year profit more than doubles on soaring oil prices
Aramco’s 2021 net income increased by 124% to $110 billion in 2021, compared to $49 billion in 2020, citing higher crude oil prices, stronger refining and chemicals margins, and the consolidation of its chemicals business, SABIC’s, full-year results.
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Saudi Arabia hikes oil investments as it profits from price surge
Aramco said it would boost its capital expenditure (capex) to $40-50 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.
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Saudi Arabia hikes oil investments as it profits from price surge
Aramco said it would boost its capital expenditure (capex) to $40-50 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.
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