Oil Prices Expected To Surge Following Russian And Saudi Supply Cuts
Goldman Sachs has warned its clients that oil prices could skyrocket to $107 per barrel next year should Russia and Saudi Arabia continue to implement aggressive output cuts. This comes after the two nations announced that they would extend their production cuts until the...
Saudi Arabian Mining Company Sees Profits Plunge By 91%
Saudi Arabian Mining Company, known as Ma'aden, saw its second-quarter profits fall by 91% as sale prices dropped and expenses for the company rose. Net profit for the quarter was 350.9 million riyals ($93.53 million), down 91% from the 4 billion riyals posted the...
Saudi Aramco Considers Investment Proposals From Sinopec and Total
Saudi Arabia's Aramco is currently evaluating investment proposals from refining major Sinopec Corp and French oil giant TotalEnergies, a source familiar with the matter revealed on Tuesday. The investment, worth a reported $10 billion, would be used for a shale gas development.
Investment plans may...
Saudi Prince Transfers Aramco Stake to Saudi Sovereign Wealth Fund
Saudi Arabia's Crown Prince Mohammed bin Salman announced on Sunday that a 4% stake in the nation's oil giant Saudi Aramco has been given to the Saudi Arabian Investment Co.; the kingdom's sovereign wealth fund. This move comes as the country seeks to diversify...