Omani oil minister sees prices staying in $65-$75 range until year-end | Reuters

Omani oil minister sees prices staying in $65-$75 range until year-end | Reuters:

Omani Energy Minister Mohammed bin Hamad al-Rumhy said he expected global oil prices to stay in a range between $65 and $75 a barrel until the end of the year, the state-run Oman News Agency (ONA) reported on Saturday.

He was also quoted as saying Oman remained committed to the OPEC+ agreement until the end of 2019.

Under the accord reached in December 2018, members of the Organization of the Petroleum Exporting Countries (OPEC) along with Russia and other non-OPEC producers — an alliance known as OPEC+ — agreed to reduce oil supply by 1.2 million barrels per day from Jan. 1 for six months.

#SaudiArabia’s Sabic to become Aramco’s chemicals arm | Financial Times

Saudi Arabia’s Sabic to become Aramco’s chemicals arm | Financial Times:

Saudi Arabia’s Sabic will become the chemicals business of the state energy company Saudi Aramco, which this week acquired a majority stake as part of a deal to transfer funds to the country’s sovereign wealth fund.

Yousef Al-Benyan, chief executive of Sabic, said in an interview that the business would be “the future chemical arm of Aramco”.

“It will serve Aramco’s strategy to become a fully integrated energy company and it will also serve Sabic to make it stronger,” said Mr Benyan.