News

Saudi Arabia

Reuters | Equities.com |

Saudi Arabian state oil giant Aramco on Tuesday reported a 44.6% drop in third-quarter net profit as the coronavirus crisis continued to choke demand and weigh on crude prices.

Share prices of global oil companies have been hammered this year as investors fret over the impact of the pandemic on energy demand and the long-term shift away from fossil fuels.

Oil prices have recovered only slightly since tumbling to their lowest in almost two decades in March, prompting Aramco and other majors such as Shell and BP Plc to slash capital expenditure this year and next.


Reuters | Equities.com |

Saudi Aramco and Saudi Basic Industries have decided to re-evaluate their $20 billion crude-oil-to-chemicals project and are now looking at integrating existing facilities instead.

The decision comes as oil companies globally re-assess energy projects to conserve cash, with a collapse in demand caused by the coronavirus pandemic threatening to keep crude prices weak for a long time.

Aramco and petrochemical producer SABIC in 2017 signed a p...


AP News | Equities.com |

Saudi Arabia’s National Commercial Bank said Sunday it will purchase rival lender Samba Financial Group in a deal valued at $14.8 billion, creating what would become the kingdom’s largest bank.

The bank will control some $223 billion in assets and a market capitalization of $46 billion after the merger wins regulatory approvals and is completed, National Commercial Bank said in a filing on Riyadh’s Tadawul stock market announcing the deal. ...


Reuters | Equities.com |

The Saudi Energy Minister warned traders on Thursday against betting heavily in the oil market saying he will try to make the market “jumpy” and promised those who gamble on the oil price would be hurt “like hell”.

The comments by Prince Abdul Aziz Bin Salman Al-Saud, OPEC’s most influential minister, came after a virtual meeting of a key panel of OPEC and allies, led by Russia, known as OPEC+.

Prince Abdul Aziz told the gathering OPEC+ could hold an extraordinary meeting in October if the oil market soured because of weak demand and rising coronavirus cases, according to an OPEC+ source.


AP News | Equities.com |

A Saudi court issued final verdicts on Monday in the case of slain Washington Post columnist and Saudi critic Jamal Khashoggi after his son, who still resides in the kingdom, announced pardons that spared five of the convicted individuals from execution.

While the trial draws to its conclusion in Saudi Arabia, the case continues to cast a shadow over the international standing of Crown Prince Mohammed bin Salman, whos...


Reuters | Equities.com |

State oil giant Saudi Aramco’s profit plunged 73% in the second quarter of the year, as a slump in energy demand and prices due to the coronavirus crisis hit sales at the world’s biggest oil exporter.

But the company stuck with plans to pay $75 billion in dividends this year and CEO Amin Nasser said global oil demand was recovering.

All major oil companies have taken a hit in the second quarter as lockdowns to contain the coronavirus limited travel, which reduced oil consumption and sent prices tumbling to levels not seen in nearly two decades.