Saudi Arabia

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Oil market can achieve up to 3m barrels per day from April

Rystad Energy estimated that the extra oil coming into the global market from April will be as much as 3 million barrels per day (bpd), while OPEC+ countries are able to add next month 2 million bpd, according to their storage, spare capacity and ramp up capabilities.

Saudi Arabia now offers its own cheap oil barrels

Saudi Arabia increases efforts to send Russia’s Urals oil grade out of its markets as it offers its own cheap barrels, as the two countries’ deal to support global oil prices fell apart.

Saudi Aramco expresses optimism for oil demand

In light of the coronavirus situation, the oil major company, Saudi Aramco reported to Reuters that the virus impacts upon oil demand will be short-lived, while the consumption is expected to increase in the second half of the year.

Red Sea Gateway Terminal receives advanced equipment

The Red Sea Gateway Terminal (RSGT) recently accepted the first shipment of advanced terminal equipment, including terminal trucks and trailers. Specifically, the new equipment will give a boost to the port and quay operations located at the Northern Part of Jeddah Islamic Port (JIP).

Saudi Aramco purchases $1.2 billion for Hyundai Oilbank

Korean Hyundai Heavy Industries (HHI) Group officially informed that successfully completed the sale of a 17% stake in oil refiner Hyundai Oilbank to Saudi Aramco. Specifically, Saudi Aramco purchased about $1.2 billion to buy the oil refiner, as the deal was first unveiled several months ago before the final decision.

Houthis release South Korean ships

Houthi rebel forces released two Korean vessels and one Saudi tug that they had captured near Hodeidah earlier this week, after South Korea deployed a destroyer and called for American assistance. Earlier this week, a spokesman for the Saudi-led coalition backing the Yemeni government reported that Houthi rebels boarded a tug off the coast of Hodeidah and sources said that the tug has been brought to the Houthi-controlled seaport of Salif, just north of Hodeidah.