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Al-Falih: Attendance of global leaders at FII signifies trust in Kingdom

Tuesday, 23 October 2018

Saudi Energy Minister Khalid Al-Falih said on Tuesday at the Future Investment Initiative that despite the difficult crisis Saudi Arabia is currently passing through, the Kingdom is going through a phase of great and unprecedented transformation and noted that the attendance of international leaders in the field of oil indicates trust in the Kingdom. “This heavy attendance of international leaders in the field of oil and gas today is proof of the great trust in the Kingdom’s ...

Saudi Arabia hopes OPEC and allies will ink new cooperation deal in December

Tuesday, 23 October 2018

Saudi Arabia hopes OPEC and other oil producers will sign a deal in December to extend cooperation to monitor and stabilize the oil market, said the kingdom's energy minister on Tuesday. Khalid al-Falih said at an investment conference in Riyadh that the oil market was in a "good place," adding that the kingdom will limit oil supply next year if there is a need.  Speaking alongside Falih, Patrick Pouyanne, the CEO of French oil and gas producer Total said the company would ...

Total CEO confirms attendance at Saudi Future Investment Initiative Forum

Tuesday, 23 October 2018

Total’s chief executive said on Monday he would attend an investment conference in Saudi Arabia this week, starting on Tuesday. “I am convinced that an ‘empty chairs at the table’ strategy serves no useful purpose, especially when it comes to respect for human rights,” Total’s CEO Patrick Pouyanné said in a statement. FOLLOW AL ARABIYA ENGLISH COVERAGE of #FII2018 Total and Saudi Aramco co-own one of the largest refining facilities in the world, the ...

No intention to repeat 1973 oil embargo, al-Falih says

Monday, 22 October 2018

Saudi Arabia has no intention of using its oil wealth as a political tool in the controversy over the killing of journalist Jamal Khashoggi, and the kingdom plans to boost crude output again soon. "For decades we used our oil policy as a responsible economic tool and isolated it from politics," Saudi Energy Minister Khalid Al-Falih said in an interview with Russia’s TASS news agency published on Monday. "So let’s hope that the world would deal with the political crisis ...

Iraq transfers ownership of 9 state oil firms to new National Oil Company

Thursday, 18 October 2018

Iraqi Oil Minister Jabar al-Luaibi has issued a decree transferring the ownership of nine state-owned oil companies, including state oil marketer SOMO, from the oil ministry to the newly-formed National Oil Company which he also heads, a ministry spokesman said on Thursday. Luaibi took the decision in his capacity as National Oil Company chief, not minister, according to a statement by spokesman Asim Jihad. The decision will be “followed by others within the same ...

Saudi Aramco says Yanbu oil terminal boosts export capacity

Wednesday, 17 October 2018

State oil giant Saudi Aramco said on Wednesday that the Yanbu South Terminal has added 3 million barrels per day of crude oil to the company's west coast export capacity after a rehabilitation and upgrade program. "The terminal, located south of Yanbu along the west coast of Saudi Arabia, consists of a tank farm and offshore facilities to receive, store, and load Arabian Light and Arabian Super Light crude oil," Aramco said on its website.

Saudi Arabia to send oil derivatives to Yemen’s Aden to support power, water plants

Wednesday, 17 October 2018

Saudi Arabia will send oil derivatives to Yemen’s Aden to support power and water plants, the Saudi Ambassador to Yemen Mohammed bin Saeed Al-Jaber said on Wednesday.Jaber also serves as executive director of the Yemen Comprehensive Humanitarian Operations and the supervisor of the Saudi program for the development and reconstruction of Yemen. “Several projects have been executed in Yemen, including the Seiyun Hospital which was fully equipped and which includes five different ...

Al-Falih: Oil would have been back to three digits if production wasn’t hiked

Monday, 15 October 2018

Oil prices would have been back to three digits if Saudi Arabia hadn’t taken steps to balance the oil market said Khalid A. Al-Falih, Minister of Energy, Industry and Mineral Resources of Saudi Arabia. The minister said that Saudi Arabia, the world's biggest oil exporter, is committed to meeting India’s rising oil demand as the Kingdom expects its oil production to rise next month from the current 10.7 million barrels per day, Saudi Energy Minister Khalid al-Falih said on Monday. ...

Libya’s NOC threatens to halt oil refinery over insecurity

Sunday, 14 October 2018

Libya’s National Oil Corporation warned on Sunday it could be forced to suspend production at its Zawiya refinery due to growing security threats to its staff and facilities.“National Oil Corporation’s board of directors has alerted the Petroleum Facilities Guard and competent authorities regarding the recent lack of protection and security at the Zawiya refinery,” NOC said in a statement.“Any continuation or failure to address this situation, to ensure staff and ...

South Korea imports zero oil from Iran in September

Sunday, 14 October 2018

South Korea imported zero crude oil from Iran in September for the first time in six years, ahead of US sanctions taking effect in November, preliminary data from Korea Customs Service showed on Monday.The world’s fifth-largest crude buyer imported 10.8 million tons of crude last month against 12.3 million tons imported a year ago, the data showed.Final data will be published by state-run Korea National Oil Corp (KNOC) later this month. 

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