Aramco has scheduled a conference call for Monday to break down its financial performance over the past year to investors. Still, the company provided a diagnosis for its financial decline in a filing explaining: “The decrease mainly reflects the impact of lower crude oil prices and lower volumes sold, and weakening refining and chemicals margins.”

Part of what provides Aramco an edge in the oil industry is that the company is located in Saudi Arabia; home to vast oil resources located close to the surface of its deserts. This makes it one of the most affordable places to produce oil.

The post Oil Giant Aramco Announces Slide in Profits appeared first on theprimarymarket.com.

Brent crude oil sailed above $91 per barrel following the announcement; the first time it hit this height in 10 months. According to Goldman Sachs’s previous forecasts, Brent oil would reach $86 per barrel in December and $93 by the end of 2024 barring any unforeseen drastic macroeconomic changes.

The investment bank expects Saudi oil supply to be 500,000 barrels below its previous expectations. Still, Goldman Sachs warned that price increases could be even more drastic than it expected if should output cuts be extended further than the end of 2023.

The post Oil Prices Expected To Surge Following Russian And Saudi Supply Cuts appeared first on theprimarymarket.com.

In addition to missing experts’ estimates compiled by Refinitiv data, Ma’aden’s second-quarter net profit fell 16.3% short of the company’s first-quarter net profit of 419.4 million riyals.

Despite sales actually rising for the quarter, net profit fell due to a 6% fall in prices. This decline came as a result of a rise in raw material costs, which largely came due to higher production costs. The realized price of ammonia declined most dramatically, from $643 per metric tonne in the first quarter to $253 in the second quarter.

Still, the company expects to make a turnaround this quarter. “We are beginning to see an improvement in raw material pricing and, despite the challenging market environment, remain well-placed to meet the growing long-term demand for our products,” Chief Executive Robert Wilt stated.

The post Saudi Arabian Mining Company Sees Profits Plunge By 91% appeared first on theprimarymarket.com.

Investment plans may include the construction of facilities for exporting the fuel as liquified natural gas. While none of the companies involved have yet commented on the reports, any potential investment deal comes as Aramco looks to clinch a higher share in the United States shale oil market which would require beating the rapidly expanding domestic producers.

As part of a separate deal, Sinopec and TotalEnergies are currently engaged in discussions to invest in the Jafurah development in Saudi Arabia. Jafurah is currently the largest shale gas development outside the U.S., with reserves of an estimated 200 trillion cubic feet of raw gas.

Initially intended for satisfying domestic demand, the Jafurah development is now being positioned to help Saudi Arabia grow its reputation as a global gas exporter.

The post Saudi Aramco Considers Investment Proposals From Sinopec and Total appeared first on theprimarymarket.com.

“The transfer will also solidify PIF’s strong financial position and credit rating,” the Crown Prince statement read, suggesting that it will be used to assist the investment fund to reach its financial goals, which remained unstipulated. Following the transfer of stock, the Saudi government remains Aramco’s biggest shareholder, with over 90% ownership of the company.

“This is a private transfer between the state and Sanabil, and the company is not a party to the transfer and did not enter into any agreements or pay or receive any proceeds from the transfer,” Aramco confirmed after the Crown Prince’s statement was delivered.

The post Saudi Prince Transfers Aramco Stake to Saudi Sovereign Wealth Fund appeared first on theprimarymarket.com.

Aramco has scheduled a conference call for Monday to break down its financial performance over the past year to investors. Still, the company provided a diagnosis for its financial decline in a filing explaining: “The decrease mainly reflects the impact of lower crude oil prices and lower volumes sold, and weakening refining and chemicals margins.”

Part of what provides Aramco an edge in the oil industry is that the company is located in Saudi Arabia; home to vast oil resources located close to the surface of its deserts. This makes it one of the most affordable places to produce oil.

The post Oil Giant Aramco Announces Slide in Profits appeared first on theprimarymarket.com.

Brent crude oil sailed above $91 per barrel following the announcement; the first time it hit this height in 10 months. According to Goldman Sachs’s previous forecasts, Brent oil would reach $86 per barrel in December and $93 by the end of 2024 barring any unforeseen drastic macroeconomic changes.

The investment bank expects Saudi oil supply to be 500,000 barrels below its previous expectations. Still, Goldman Sachs warned that price increases could be even more drastic than it expected if should output cuts be extended further than the end of 2023.

The post Oil Prices Expected To Surge Following Russian And Saudi Supply Cuts appeared first on theprimarymarket.com.

In addition to missing experts’ estimates compiled by Refinitiv data, Ma’aden’s second-quarter net profit fell 16.3% short of the company’s first-quarter net profit of 419.4 million riyals.

Despite sales actually rising for the quarter, net profit fell due to a 6% fall in prices. This decline came as a result of a rise in raw material costs, which largely came due to higher production costs. The realized price of ammonia declined most dramatically, from $643 per metric tonne in the first quarter to $253 in the second quarter.

Still, the company expects to make a turnaround this quarter. “We are beginning to see an improvement in raw material pricing and, despite the challenging market environment, remain well-placed to meet the growing long-term demand for our products,” Chief Executive Robert Wilt stated.

The post Saudi Arabian Mining Company Sees Profits Plunge By 91% appeared first on theprimarymarket.com.

Investment plans may include the construction of facilities for exporting the fuel as liquified natural gas. While none of the companies involved have yet commented on the reports, any potential investment deal comes as Aramco looks to clinch a higher share in the United States shale oil market which would require beating the rapidly expanding domestic producers.

As part of a separate deal, Sinopec and TotalEnergies are currently engaged in discussions to invest in the Jafurah development in Saudi Arabia. Jafurah is currently the largest shale gas development outside the U.S., with reserves of an estimated 200 trillion cubic feet of raw gas.

Initially intended for satisfying domestic demand, the Jafurah development is now being positioned to help Saudi Arabia grow its reputation as a global gas exporter.

The post Saudi Aramco Considers Investment Proposals From Sinopec and Total appeared first on theprimarymarket.com.

“The transfer will also solidify PIF’s strong financial position and credit rating,” the Crown Prince statement read, suggesting that it will be used to assist the investment fund to reach its financial goals, which remained unstipulated. Following the transfer of stock, the Saudi government remains Aramco’s biggest shareholder, with over 90% ownership of the company.

“This is a private transfer between the state and Sanabil, and the company is not a party to the transfer and did not enter into any agreements or pay or receive any proceeds from the transfer,” Aramco confirmed after the Crown Prince’s statement was delivered.

The post Saudi Prince Transfers Aramco Stake to Saudi Sovereign Wealth Fund appeared first on theprimarymarket.com.