International

Aramco completes acquisition of 70% stake in SABIC

Aramco announced the successful completion of its share acquisition of a 70 per cent stake in Saudi Basic Industries Corporation (SABIC) from the Public Investment Fund (PIF), the sovereign wealth fund of Saudi Arabia, for US$69.1 billion.

Oil prices fall as coronavirus case surge heightens demand fears

Oil prices slipped on Thursday on concerns that a spike in new coronavirus cases in China and the United States could dampen a recovery in fuel demand, even as lockdowns ease.

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.