Algeria, Iran, Iraq and Libya were counted among the biggest gas flarers globally
Gas flaring – the combustion of unwanted natural gas produced during oil recovery – is losing many oil-producing countries up to $82bn*, according to GlobalData. The data and analytics company notes that, even though technological solutions exist to avoid gas flaring, many countries persist with the activity, including developed countries such as the US and […]
Oil prices rose again today, with Brent exceeding $80 per barrel, as tight global supply faces growing demand, with some gas to oil switching expected in Asia
Brent prices climbing above $80 per barrel for the first time since the pandemic started is a significant market event and highlights how the balance has changed dramatically, from global demand destruction and negative prices to supply tightness as demand returns. It is only now that the market is feeling the supply damage the Covid-19 […]
NOCs and other government-owned players could have an easier time navigating the energy transition, S&P Global Ratings says
S&P Global Ratings thinks the Middle East’s national oil companies (NOCs) and state-owned players in the energy sector are better placed than most global peers to weather the increasing and accelerating impact of the energy transition, according to a new report. “Notably, we believe regional shareholder structures, benefiting from government ownership and the expectation of […]
Oil prices continue to rise, with Brent approaching $80 per barrel, as global supply tightness keeps fueling the bullish rally
The rise of oil prices is continuing beyond what even most bullish traders would dream just months ago, and Brent hurtling towards the threshold of $80 per barrel is reflective of the extraordinarily tight crude market. However, upward space for price maneuvering could just as easily be extinguished, either as investors opt for profit taking […]
Abqaiq becomes Aramco’s third facility to be included in the World Economic Forum’s group of 4IR pioneers
The World Economic Forum has recognized a third Aramco facility, Abqaiq, for its pioneering adoption and integration of cutting-edge technologies of the Fourth Industrial Revolution (4IR). The Abqaiq oil processing facility, the largest oil processing plant in the world, joins Aramco’s Uthmaniyah Gas Plant and Khurais oil complex in the Forum’s prestigious Global Lighthouse Network. […]
The nation is aiming to meet its climbing domestic demand and reduce its share of imports
China is looking to pump up oil and gas production in the years ahead to meet climbing domestic demand and reduce the record-high share of imports in its oil consumption. A Rystad Energy report projects a surge in spending till 2025, which will be accompanied by a drilling spree totaling 118,000 wells that will create […]
Having net zero targets are increasingly common and hugely important, but COP26 must go far beyond setting new emissions targets
Hydrogen is likely to play a crucial role in the pursuit of energy transition over the coming years. However, the UN Climate Change Conference of the Parties (COP26) in Glasgow in November will be the acid test that determines whether involved players are now prepared to put their words into action. Having net zero targets are […]
Oil prices remain strong on the back of another sizeable draw of US crude stocks, while outages of some supply capacity are expected to last through the end of the year
Although not rising today, oil prices continue to thrive on the momentum of supply constraints in the US Gulf of Mexico, which was reflected in the large crude inventory draws report of last week. While oil production is slowly returning, there are still prolonged outages that may last into early next year, supporting a bullish […]
Oil prices rise on projections for a larger-than-thought draw of US stocks, amid an overall global supply tightness
The bullish September spin looks poised to continue to nurture higher oil prices above $75 in the very near term, supported by the forecasted super-size gasoline draw by API, as well as general supply tightness that is likely to persist in the short term. Oil prices are gaining today as the API inventory forecasts show […]
The initiative was taken in the frame of the Saudi Aramco’s Nama’at Industrial Investment Program
Saipem and Saudi Aramco have signed a Memorandum of Understanding (MoU) aimed at exploring the possibility to establish a new entity in Saudi Arabia for the execution of engineering and construction activities in the industrial sector. The initiative was taken in the frame of the Saudi Aramco’s Nama’at Industrial Investment Program, focused on capacity building […]
