Saudi Aramco increased most of its prices for crude that will be shipped to its main market of Asia in March
Oil prices have had a rocky start to 2023, with a rally in mid-January fading away by the end of the month
The kingdom’s real GDP grew by 5.4 per cent during the fourth quarter of 2022
West Texas Intermediate was little changed above $80 a barrel after declining by almost 2 per cent on Tuesday
A surge in Covid-19 cases in China has clouded the near-term demand outlook
The companies boosted shareholder payouts in response even as many investors backed away from stronger climate advocacy
West Texas Intermediate futures traded near $76 a barrel and are up around 7 per cent this week
Revenues are now set to reach SAR1.13tn, slightly more than projected earlier
West Texas Intermediate held above $74 a barrel after futures sank almost 9 per cent in the prior three sessions to erase the year’s gains
Luberef becomes the latest billion-dollar plus IPO in the Gulf
The OPEC member exports about 2 million barrels a day of crude, most of it to Asian countries such as China, South Korea, Japan and India
West Texas Intermediate traded above $81 a barrel after a run of four daily gains
Oil prices have weakened this month on concerns about demand
Oil is trading near the lowest level since September
Oil has lost about a third of its value since early June on concerns over a global economic slowdown and aggressive monetary tightening by central banks
Crude is on course to gain in October following a run of four monthly declines
Analysts say there’s only about 2 million barrels a day of capacity that could be brought online quickly should there be a supply shutdowns
West Texas Intermediate was steady below $77 a barrel after sinking more than 8 per cent over the previous two sessions
A supply crunch has sent oil and natural gas prices soaring since the pandemic
West Texas Intermediate traded near $84 a barrel after closing almost 2 per cent lower on Tuesday following a volatile session
Oil and gas investments slumped from $700bn in 2014 to $300bn in 2021, according to Aramco’s chief executive officer, Amin Nasser
Crude futures have tumbled almost 25 per cent over the past three months
GDP overall grew a revised 12.2 per cent from a year earlier, the fastest since 2011
Oil has made a weak start to September, extending a run of three monthly losses
Commodities including oil have also faced a headwind this month from gains in the dollar
The Organization of Petroleum Exporting Countries and its allies convene on September 5
Crude is heading for a weekly gain as signs of a tightening supply outlook offset concerns over an economic slowdown
A stronger dollar has also added to headwinds for commodities
Investors are also facing the prospect of rising supply as demand moderates
The OPEC+ alliance will meet via video conference on August 3 to decide on future production policy