- QatarEnergy selects Nakilat to own and operate 25 conventional LNG vessels
- The joint development of the Dorra field between Saudi Arabia and Kuwait is pending the demarcation of the border with Iran
- Minister of Energy reaffirms the UAE’s commitment to adopting clean energy and supporting the Paris Agreement
- The new Hassi Messaoud refinery enjoys the support of the government and President Tebboune
- Increasing electrical interconnection capacities to export electricity beyond borders
- Qatar Energy stops sending liquefied gas tankers through the Red Sea for security reasons
- The inauguration of the Duqm Refinery, the largest joint Gulf project in the refinery sector
- Saudi oil exports are faltering due to Houthi attacks on ships in the Red Sea and Gulf of Aden
- Algeria to host and chair the Gas Exporting Countries Forum summit (February 29 to March 2, 2024)
- Egypt Energy Conference and Exhibition 2024 gives a strong impetus to the global energy dialogue
Saudi Aramco to raise its share in world oil markets
According to Reuter’s sources, Saudi Aramco is gaining market share and pushing for greater efficiency, chief executive Amin Nasser said in an interview.
Nasser told Reuters that the state-owned group was pressing on with preparations for its partial privatization via a stock market listing, which he said, lay at the heart of Riyadh’s “Vision 2030”, a long-term economic plan headed by Deputy Crown Prince Mohammed bin Salman.
Saudi Arabia has led OPEC’s decision in November 2014 to refuse to cut supply to boost prices. Instead it managed to raise output and fight for market share against higher-cost rivals such as U.S. shale producers and also against Iran which has raised its exports since the lifting of international sanctions.
“We are preserving our market share which continues to increase year-on-year,” he said in the interview.
In Aramco’s latest annual review (2015), Saudi Aramco’s oil reserves have remained unchanged at 261.1 billion barrels with crude oil production capacity to touch 12 million b/d andNatural Gas reserves rose to 297.6 trillion standard cubic feet.
The Kingdom crude oil production has increased to 10.2 M/bpd in 2015, a new all-time record, and up from 9.5 M/bpd in 2014.
Also, Aramco’s crude oil exports have increased from 6.8 million bpd in 2014 to 7.1 million bpd in 2015. Most of 2015 exports (65%) delivered to Asian Markets comparing with 62.3% in 2014.
As for oil prices, Nasser expects them to “trend upward by the end of 2016” as global demand picks up and production from high-cost producers, such as shale oil and deep water offshore fields falls.
