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Saudi Arabia says Iranian weapons were used to attack oil facilities

Saudi Arabia says Iranian weapons were used to attack oil facilities

Saudi Arabia said preliminary findings show Iranian weapons were used in the attack on one of its key oil installations. Saudi Arabia’s deputy permanent representative to the UN, Dr. Khaled Manzlawiy. The drone attack that took place in the early hours on last Saturday. It stopped short of directly blaming the Islamic Republic for the...

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Saudi supply disruption puts the 630-MMbbl U.S. oil reserve in play

Saudi supply disruption puts the 630-MMbbl U.S. oil reserve in play

The Trump dministration is standing by to deploy the nation’s emergency oil reserves. The volunteer medical team of the King Salman Humanitarian Aid and Relief Center (KSRelief) held pediatric. Saudi Arabia’s energy minister said drones that attacked Saudi Aramco installations had caused an interruption. The Kingdom’s Ministry of Culture took part in the sixth “Big...

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Aramco lining up banks as IPO is coming “very soon”, per the CEO

Aramco lining up banks as IPO is coming “very soon”, per the CEO

State oil giant Saudi Aramco said it’s lining up banks for its long-awaited initial public offering as the sale is now imminent. The launch of NIC will play an important role in advancing nonmetallic solutions across industries. Banks will be chosen “soon,” Chief Executive Officer Amin Nasser said at an industry conference in Abu Dhabi....

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OPEC output rises for first time since start of 2019 cuts

OPEC output rises for first time since start of 2019 cuts

The first increase since the group and its allies started a new round of output cutbacks. Saudi Arabia was successful in getting the Organization of the Petroleum Exporting Countries (OPEC). The OPEC+ alliance is poised to extend production cuts into 2020. It start of the year to shore up a weak global market. Oil prices...

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OPEC sees ‘somewhat bearish’ oil outlook even as market tightens

OPEC sees ‘somewhat bearish’ oil outlook even as market tightens

Global oil markets face a “somewhat bearish” outlook for the rest of the year amid slowing economic growth. Fed cuts interest rates, signals it may not need to do more. ConocoPhillips missed Wall Street estimates for quarterly profit on last Tuesday. The long-running trade war, even though supplies will be tighter than previously thought. Copper...

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Saudi Aramco offers no surprises in first earnings results call

Saudi Aramco offers no surprises in first earnings results call

Saudi Aramco’s senior executives can breathe a collective sigh of relief. Saudi Aramco announced for the first time its half-year financial results. 50 percent of contracts are being awarded to Saudi Arabian companies. Saudi Aramco signaled its commitment to cutting edge technology. Saudi Aramco and Baker Hughes signed a memorandum of understanding. Saudi Aramco is...

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Aramco remains world’s most profitable company even as oil falls

Aramco remains world’s most profitable company even as oil falls

Saudi Aramco showed Monday it’s still the world’s most profitable company. Saudi Aramco announced for the first time its half-year financial results. Profit slid 12% to $46.9 billion in the first six months of 2019. 50 percent of contracts are being awarded to Saudi Arabian companies. Saudi Aramco signaled its commitment to cutting edge technology...

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McDermott wins record EPCI mega-project for Marjan Package 1

McDermott wins record EPCI mega-project for Marjan Package 1

McDermott International has announced that it has been awarded a contract in excess of $3 billion. Irkutsk Oil Co. (IOC) has awarded McDermott International, Inc. Woodside Energy Ltd has awarded McDermott International Inc. a contract to perform front-end engineering. Puma Energy (Australia) Fuels Pty Ltd has awarded McDermott International. Western Gas awarded McDermott and BHGE...

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Aramco awards $18 billion in deals to boost capacity, despite OPEC pledge to restrict output

Aramco awards $18 billion in deals to boost capacity, despite OPEC pledge to restrict output

Saudi Aramco, the world’s largest crude exporter, awarded $18 billion in contracts. Saudi Aramco signaled its commitment to cutting edge technology. Saudi Aramco and Baker Hughes, a GE company signed a memorandum of understanding. Saudi Aramco is advancing its global chemicals growth strategy. Saudi Aramco and its affiliates signed 12 agreements with major South Korean...

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OPEC warns that trade tensions are hurting global oil demand

OPEC warns that trade tensions are hurting global oil demand

OPEC said that international trade tensions are hurting demand for oil. Members of the Organization of the Petroleum Exporting Countries are close to reaching an agreement on extending production cuts. On coming week the International Energy Agency will publish its first forecast of oil market balances in 2020. Iran has no plans to leave the...