US led global oil production for sixth straight year in 2023
The Energy Information Administration released a report finding that the U.S. led the world in oil production for the sixth consecutive year, topping Russia and Saudi Arabia.
Saudi Arabia to extend oil production cuts through September, signaling potential rise in US gas prices
Saudi Arabia is extending oil production cuts through the end of September in an effort to raise lagging prices, though analysts fear the move will raise gas prices in the U.S.
Cuts in Russian, Saudi Arabian oil production not having major impact on prices
Russia and Saudi Arabia announced an extension to cuts in oil production on Wednesday, but prices for crude oil dropped 1% despite the move, analysts say.
Oil giant Saudi Aramco announces record profit of $161B in 2022
Saudi Arabian Oil Co., also known as Aramco, announced it earned a record-high profit of $161.1 billion during 2022 following higher crude oil prices that soared mostly during Q3.
State Department begins to decide on 'consequences' for Saudi Arabia
The State Department is considering ways to alter the U.S. relationship with Saudi Arabia after that nation and Russia agreed to cut back oil production.
Energy industry says Biden made US vulnerable to OPEC+ production cut: 'Prices are going to go up'
OPEC+ announced it will cut oil production by 2 million barrels per day, constricting global oil supplies and likely leading to increased gas prices in the U.S.
Energy CEO hits at 'energy ignorance' driving current policy: 'Little hope of ending the crisis anytime soon'
Aramco CEO Amin Nasser said at this year's Schlumberger Digital Forum that the governmental response to the ongoing energy crisis fails to address key issues.
Saudi Aramco profit jumps as oil prices soar
The Saudi state oil company reported soaring profits for the second quarter on the back of higher oil prices and refining margins.
As Biden asks Saudis for oil help, US energy reps say they're tired of 'vilification'
American energy industry representatives are upset that President Biden is asking for more oil abroad, rather than changing his policies at home.
Top Ukrainian official asks Saudi Arabia to fix fuel crisis
Ukrainian Foreign Minister Dmytro Kuleba asked Saudi Arabia to 'resolve' the energy crisis plaguing his war-torn nation amid Russia's war.
Saudi oil giant Aramco's first-quarter profits surge 80%
Oil giant Saudi Aramco said Sunday its profits soared more than 80% in the first three months of the year, as the state-backed company cashes in on the volatility in global energy markets and surging oil prices following Russia’s invasion of Ukraine.
Russia looks to utilize Nord Stream 2 domestically to boost markets as Europe shuns oil
Russia is looking to ease strains to its market caused by massive international sanctions and gas boycotts by opening the Nord Stream 2 pipeline domestically.
Saudi Arabia says it won't take blame for oil shortages after facilities hit by Houthi rebels
The Saudi Arabian government issued a statement Monday saying it will not "bear any responsibility" for global oil shortages after several of their facilities were targeted by Yemen's Iran-backed Houthi rebels over the weekend.
Aramco profit hits $110 billion as Saudis seek to expand investments
State oil giant Saudi Aramco said Sunday that its 2021 net profit more than doubled to $110 billion, a boon to the Middle East’s largest economy as it seeks to use its hefty profits for investment opportunities domestically and abroad.
Saudi Arabia considers accepting yuan instead of dollars for Chinese oil sales
Saudi Arabia is in active talks with Beijing to price some of its oil sales to China in yuan, people familiar with the matter said, a move that would dent the U.S. dollar’s dominance of the global petroleum market and mark another shift by the world’s top crude exporter toward Asia.
Saudi Arabia transfers Aramco shares worth $80 billion to wealth fund
Saudi Arabia transferred shares worth about $80 billion in oil giant Aramco to its wealth fund as part of efforts to diversify the kingdom's hydrocarbon-dependent economy.
Saudi Arabia plans new national airline as it diversifies from oil
Saudi Arabia's Crown Prince Mohammed bin Salman announced plans on Tuesday to launch a second national airline as part of a broader strategy to turn the kingdom into a global logistics hub as it seeks to diversify from oil.
Oil giant Saudi Aramco sees 2020 profits drop to $49 billion
Saudi Arabia's state-backed oil giant Aramco announced Sunday that its profits nearly halved in 2020 to $49 billion, a big drop that came as the coronavirus pandemic roiled global energy markets.
How rich is Saudi Arabia?
Saudi Arabia’s Crown Prince and de facto ruler Mohammed bin Salman has put Public Investment Fund (PIF), Saudi Arabia’s main sovereign wealth fund, at the centre of reforms aimed at diversifying the economy of the world’s top oil exporter away from fossil fuel.
Saudi Aramco's profit plunges, sees signs of oil market recovery
All major oil companies have taken a hit in the second quarter as lockdowns to contain the coronavirus limited travel.