Suhail Al-Mazrouei, the United Arab Emirates (UAE) Minister of Energy and Industry and current OPEC president, said Saturday his country “will spare no effort to reach the state of market stability aspired by both producers and consumers,” UAE state news agency WAM reported.
Allies Russia and Saudi Arabia, the two largest oil producers in the world, are strengthening their cooperation and relationship with a number of bilateral partnership proposals, including a liquefied natural gas (LNG) project in Russia.
Saudia Arabia, one of the largest crude oil producers in the world, plans to double its natural gas production in the next 10 years, contributing to carbon emissions reduction, energy minister said Wednesday.
Saudi Arabia will restrain its oil exports in March despite lower domestic need for crude, as OPEC’s leader is pushing to totally eliminate the global oil glut and overcome worries about a new cycle of oil price weakness.
Russian banks and a Russian-Chinese investment fund are interested to invest in what could be the largest initial public offering in recent times, the Saudi Aramco’s floating of shares, a Russian senior executive said Wednesday.
Fast rising crude oil production in non-OPEC countries, led by the U.S., is likely to grow by more than demand in 2018, the International Energy Agency (IEA) forecast Tuesday in its monthly outlook report.
The long-awaited, planned IPO of a potentially 5% stake in the world’s top oil producer Saudi Aramco is once again raising speculation within the industry, as company executives and financial advisers are reportedly frustrated with the lack of progress and transparency.
Saudi Arabia is planning to keep exports crude oil exports at around 7 million barrels per day (MMBPD) during the first quarter of the year, despite refinery shutdowns, Reuters reported on Wednesday citing unnamed sources.