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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.”

  • 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.

  • 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.

  • 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.

  • An economist explains why Saudi Arabia and China are looking to ditch the dollar in a new oil deal — and where Beijing could target next as it spreads yuan adoption

    But two things that must happen for China's yuan to establish itself as a reserve currency. First, global faith in the dollar would have to wane. This could happen if the Federal Reserve fails to get inflation under control, or if it veers from its usual predictability, Tomic said. Second, China would have to prove the long-term stability of the yuan to win the trust of other nations. But China devalues its currency occasionally to boost exports, and countries won't want to hold a currency like that, he noted. So Beijing would have to commit to more responsible policy.

  • Saudi Arabia’s Oil-For-Yuan Proposal Won’t Threaten the Dollar

    If you don’t want foreign governments meddling with your overseas assets, the eurodollar is about as close as you can get, short of selling your crude in Bitcoin. Even in China itself, investors seem to prefer greenbacks: The value of overseas debt denominated in dollars held by Chinese-based banks jumped $474 billion in the five years through last September, compared to a $127 billion increase in yuan-denominated securities.

  • The global economy has never needed less oil

    Efficiency improvements and the shift in most countries away from burning oil in electric power plants mean that global GDP can grow without causing matching growth in oil demand. In other words, the global economy is using oil more efficiently than ever, which makes temporary price spikes more tolerable.

  • Saudi Arabia Considers Accepting Yuan Instead of Dollars for Chinese Oil Sales

    Saudi Arabia is in active talks with Beijing to price some of its oil sales to China in yuan, people familiar with the matter said, a move that would dent the U.S. dollar’s dominance of the global petroleum market and mark another shift by the world’s top crude exporter toward Asia. The talks with China over yuan-priced oil contracts have been off and on for six years but have accelerated this year as the Saudis have grown increasingly unhappy with decades-old U.S. security commitments to defend the kingdom, the people said.

  • OPEC flags risk to oil demand outlook from Ukraine war, inflation

    In a monthly report, the Organization of the Petroleum Exporting Countries (OPEC) stuck to its view that world oil demand would rise by 4.15 million barrels per day (bpd) in 2022 and increased its forecast of global demand for its crude. But OPEC, which just a month ago had raised the possibility of a more rapid demand increase in 2022, said the war in Ukraine and continued concerns about COVID-19 would have a negative short-term impact on global growth.

  • Oil plummets as Russia seeks resumption of Iran nuclear deal

    The sharp decline in prices follows a statement from Russian foreign minister Sergi Lavrov on Tuesday that Moscow is in favour of the 2015 Iran nuclear deal resuming as soon as possible and is waiting for Washington to lift sanctions on Tehran.