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Saudi Aramco Begins Exploring $1 Billion IPO

Saudi Aramco Base Oil Co., the refining unit of the state-owned Saudi oil company, has begun planning for its initial public offering (IPO) on the Saudi stock exchange. The company has announced that it has hired banks including Citigroup and HSBC Holdings Plc to...

European States to Convene on Gas Price Curb

European Union member states are set to convene on Thursday to discuss strategies to curb gas prices. Rising gas prices have not only caused industry shutdowns but also left households struggling to pay their bills. Diplomats are struggling to reach a consensus on how...

Oil Plummets as OPEC Reportedly Considering an Output Increase

Oil continued to decline on Monday amid reports that Saudi Arabia and other OPEC members are considering an increase in output as China's tightening anti-Covid restrictions threaten supply. Global benchmark Brent declined by approximately 6% to $83; its lowest price since January. As the European...

Oil Rallies Amid Renewed Optimism Over Chinese Economy

West Texas Intermediate futures gained 3% on Friday morning in the wake of growing optimism over China's economy as the government considers the easing of Covid restrictions. Following the spread of rumors on social media about the potential curbing of Covid measures in China,...

Oil Gains Curbed as Economic Concerns Dampen Investor Confidence

Oil's weekly gain was trimmed slightly on Friday as investor outlooks on China and the global economy deteriorate. West Texas Intermediate declined to around $88 per barrel as a result of this decline in confidence. With China's economic outlook looking gloomy as investors bet that...

Oil Falls Amid Growing Interest Rate Concerns

Oil markets declined ahead of central bank meetings later this week during which the further tightening of monetary policy is expected to be discussed. West Texas Intermediate declined by about 1% to trade at $84 per bottle while the dollar continues to strengthen. Earlier...