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Tag Archives: saudi oil output

AP Interview: CEO hopes to settle Saudi firm’s $6B of debts

DUBAI, United Arab Emirates — A Saudi company that’s owed $6 billion in debt since a 2009 crisis hopes to soon reach a tentative agreement with its creditors and present it to officials in the kingdom by July, its acting CEO said Thursday. The size of the fallout after the default by Ahmad Hamad Algosaibi and Brothers Co., coupled with ...

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Saudi Aramco expects oil prices to rise by end of 2016

RIYADH, Saudi Arabia — Saudi Arabia’s state-owned oil giant expects oil prices will climb toward the end the year, saying the current price of around $30 a barrel is not sustainable. Saudi Aramco’s CEO Amin Nasser, speaking Tuesday at an investment conference in the kingdom, says there are indications that demand for oil picked up last year and that the ...

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Aramco to build world’s largest gas complex

Saudi Aramco's core area which includes the headquarters and office buildings in Dhahran city. (Image: Eagleamn via Wikipedia)

JEDDAH — Saudi Aramco intends to build the largest industrial complex for gas in the world a cost of $2.1 billion in Jazan. The new project will supply 20,000 metric tons of oxygen and 55,000 metric tons of nitrogen to its Jazan refinery for 20 years. The production capacity of the new Aramco oil refinery, to open in 2017, would ...

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Russia surpasses Saudi Arabia for third time in China crude supply

A gasoline tank truck is seen at a fuel station on the territory of the Krasnoyarsknefteproduct oil product company in Krasnoyarsk, Siberia, October 10, 2014. REUTERS/Ilya Naymushin

BEIJING – Russia overtook Saudi Arabia for the third time this year in November as China’s largest crude oil supplier, customs data showed on Monday, as Russia captures fresh demand from China’s new crude buyers. China brought in about 949,925 barrels per day (bpd) of Russian crude oil in November, compared with 886,950 bpd from Saudi Arabia, data from the ...

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Oil up 1 percent after Saudis say ready to cooperate on prices

NEW YORK – Crude prices rose as much as 1 percent on Monday after Saudi Arabia’s pledge to work on price stability offset some worries about the global oil market glut. A rally in gasoline and ultralow sulfur diesel (ULSD) futures also bolstered the petroleum complex. Traders bought those refined products amid strong demand for gasoline at pumps and the ...

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Mood sours among Saudi businessmen as oil slides

RIYADH/KHOBAR, Saudi Arabia – Saudi Arabian entrepreneur Essam al-Zamel has overcome many obstacles to found a string of technology companies in the past decade, but he thinks sliding oil prices will be hard to handle. “A black economic cloud is covering the skies of Saudi Arabia,” Zamel tweeted last week, warning that prices might not recover for five or 10 ...

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