The pullback, at the behest of the Saudi government and made with little comment, probably reflects a more subdued outlook for demand of Saudi Arabia’s oil.
Category: Saudi Aramco
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Tensions Rise at the COP28 Climate Summit
Dismissive comments by the president of the climate gathering raise questions about the host country’s commitment to addressing rising global temperatures.
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In a Shaky Oil Market, OPEC Has Bitter Decisions to Make
Anticipating a drop in demand for 2024, major producers, led by Saudi Arabia, are trying to reduce supply.
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Saudi Aramco Reports $30 Billion in Profit for Latest Quarter
It was a steep fall from last year’s record profit, but still enough for the company to introduce additional dividend payments and increase capital investment.
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What Is the Saudi Sovereign Wealth Fund?
The secretive $700 billion investment fund has set its sights on tourism, job creation, private equity and, now, golf.
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Falling Oil Prices Cause Saudi Aramco’s Profit to Slip 19 Percent
But at nearly $32 billion, the oil giant’s quarterly earnings still far exceeded those of Western rivals, and it announced an increase in dividend payments.
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In Surprise, OPEC Plus Announces Cut in Oil Production
The New York Times – Business:Oil prices soared 7 percent on Sunday night after the group’s move to cut 1.2 million barrels a day.
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In Surprise, OPEC Plus Announces Cut in Oil Production
The New York Times – Business:The move is an apparent effort to boost prices. Still, its significance may be slight, especially if the global economy slows.
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Markets Climb as Silicon Valley Bank Finally Finds a Buyer
The New York Times – Business:First Citizens agreed on Sunday to acquire the failed lender’s retail operations, a move that will cost taxpayers but is reassuring investors.
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Saudi Aramco Reports Record Profit as Fossil Fuels Remain ‘Essential’
The New York Times – Business:Saudi Arabia’s national oil company earned $161 billion last year, a nearly 50 percent jump over 2021, and said demand for oil would continue.
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Saudi Aramco Reports $42 Billion in Profit as Cash Rolls In
The New York Times – Business:The bumper earnings from the world’s largest oil company were, nonetheless, a slight decline on the previous quarter.