Saudi Arabia Remains Committed to Cuts
Despite positive signs in the oil market, Saudi Arabia remains committed to further drawing down global oil stocks.
Despite positive signs in the oil market, Saudi Arabia remains committed to further drawing down global oil stocks.
The plans for the initial public offering (IPO) of Saudi Aramco are not linked to market developments.
Russian and Saudi ministers will meet early next month to discuss global oil markets and the future of the production-cut agreement.
Russia maintained its position as the top crude oil exporter to China for the seventh month in a row
Tecnicas Reunidas, Saipem, and Samsung E&C are the primary contenders for a contract from Saudi Aramco for the construction of natural gas facilities in Haradh and Hawiyah.
Two state-owned Chinese oil companies have expressed interest in directly purchasing a share of Saudi Aramco.
Saudi Arabia pushed back against reports that it was considering a private offering of Saudi Aramco instead of the previously announced initial public offering (IPO).
To meet its self-imposed export cuts in November, Saudi Arabia is cutting crude oil shipments to customers in Asia.
The construction of an new oil pipeline connecting Saudi Arabia and Bahrain will be completed in 2018.
Saudi Arabia will cut crude shipments by 560,000 barrels per day (b/d) in November.