International

Oil Giant Saudi Aramco Completes $70 Billion Takeover of Sabic

Saudi Aramco has given itself more time to pay for an almost-$70 billion acquisition of Saudi Basic Industries Corp. as this year’s slump in oil prices stretches its finances.

UAE sees oil prices returning to ‘normal’ on OPEC+ deal

Oil-production limits adopted by a group of major crude suppliers will soon bring prices back to “normal,” according to the energy minister of the United Arab Emirates.

Most Asian refiners get Middle East allocation cuts for July

Most buyers of Saudi Arabian and Iraqi crude in Asia will receive lower July volumes following the extension of the OPEC+ production cut agreement earlier this month, industry sources say.

Iraq Asked BP to Cut Flow From Rumaila Oil Field by 10%

Iraq has asked BP Plc to cut crude production at the nation’s biggest field of Rumaila by 10% as part of a push to comply with OPEC+ quotas, according to a person familiar with the matter, who asked not to be identified as the matter is private.

OPEC Gets Chance to Gain Upper Hand in Long Battle With Shale

Once the global oil market emerges from the coronavirus crisis, it may be greeted by a surprising change: greater dependence on crude from OPEC.

Oil drops as new coronavirus outbreaks raise fuel demand concerns

Brent crude futures fell 89 cents, or 2.3%, to $37.84 a barrel by 0302 GMT, while U.S. West Texas Intermediate crude futures were down $1.18, or 3.3%, to $35.08 a barrel. The oil benchmarks fell about 8% last week, their first weekly declines since April.

ADNOC to host virtual roundtable looking at post COVID-19

The world’s leading oil, gas, and petrochemical CEOs will join a virtual roundtable hosted by the Abu Dhabi National Oil Company (ADNOC) on June 16, to discuss the critical issues facing the industry and share best practices on effective response to COVID-19, as oil markets continue to rebalance amid encouraging signs of economic renewal.

SABIC EGM paves way for integration into Aramco

SABIC has paved the way for its integration into Saudi Aramco after a majority of the petrochemical giant’s shareholders voted to amend a total of its corporate 34 bylaws.