Germany clinches Qatar energy deal to reduce Russian dependence | Reuters
Germany and Qatar have reached a long-term energy partnership, a German official said on Sunday, as Europe's biggest economy seeks to become less dependent on Russian energy sources.
Russia is the largest supplier of gas to Germany and German Economy Minister Robert Habeck has launched several initiatives to lessen Germany's energy dependence on Russia since it invaded its neighbour Ukraine.
Qatar's Emir Sheikh Tamim bin Hamad al-Thani received Habeck on Sunday and the two discussed ways to enhance bilateral relations, particularly in the energy sector, the Emiri court said in a statement on Sunday.
A spokesperson for the German economics ministry in Berlin confirmed that a deal had been clinched.
"The companies that have come to Qatar with (Habeck) will now enter into contract negotiations with the Qatari side," the spokesperson said.
Sunday 20 March 2022
Aramco fuels #Saudi index as 2021 profit soars | Reuters
Aramco fuels Saudi index as 2021 profit soars | Reuters
Saudi Arabian stocks ended higher on Sunday after full-year profit from state oil producer Saudi Aramco (2222.SE) more than doubled to beat forecasts while other Gulf markets were mixed.
Saudi Arabia's benchmark index (.TASI) gained 0.8% with Saudi Aramco (2222.SE) advancing 3.4% to 43.25 riyals, valuing it at 8.64 trillion riyals ($2.3 trillion).
The oil giant made $110 billion in net profit in 2021, up from $49 billion a year earlier and ahead of an average analyst estimate of $106 billion, according to Refinitiv Eikon. read more
The surge in Aramco's share price on Sunday moved its market valuation above that of Microsoft (MSFT.O), though it remains behind Apple (AAPL.O) on $2.68 trillion.
Aramco Chief Executive Amin Nasser told a call about the firm's earnings there had been no impact from attacks on its supply to customers. read more
Yemen's Iran-aligned Houthi group fired missiles and drones at Saudi energy and water desalination facilities, causing a temporary drop in output at a refinery but no casualties, the Saudi energy ministry said on Sunday. read more
In Qatar, the index (.QSI) lost 0.5%, snapping two sessions of gains, hit by a 1.1% fall in the Gulf's largest lender Qatar National Bank (QNBK.QA).
Outside the Gulf, Egypt's blue-chip index (.EGX30) finished 2.3% higher, with most stocks in the index in positive territory including top lender Commercial International Bank (COMI.CA) which climbed 3.9%.
Egypt, often the world's top wheat importer, plans to set a fixed price for unsubsidised bread for three months, supply minister Ali Moselhy said in an interview with local television on Sunday.
The government has taken several steps to protect wheat supplies since Russia's invasion of Ukraine, which largely cut off shipments from Egypt's two top suppliers and left the North African country scouting for alternative exporters. read more
Saudi Arabian stocks ended higher on Sunday after full-year profit from state oil producer Saudi Aramco (2222.SE) more than doubled to beat forecasts while other Gulf markets were mixed.
Saudi Arabia's benchmark index (.TASI) gained 0.8% with Saudi Aramco (2222.SE) advancing 3.4% to 43.25 riyals, valuing it at 8.64 trillion riyals ($2.3 trillion).
The oil giant made $110 billion in net profit in 2021, up from $49 billion a year earlier and ahead of an average analyst estimate of $106 billion, according to Refinitiv Eikon. read more
The surge in Aramco's share price on Sunday moved its market valuation above that of Microsoft (MSFT.O), though it remains behind Apple (AAPL.O) on $2.68 trillion.
Aramco Chief Executive Amin Nasser told a call about the firm's earnings there had been no impact from attacks on its supply to customers. read more
Yemen's Iran-aligned Houthi group fired missiles and drones at Saudi energy and water desalination facilities, causing a temporary drop in output at a refinery but no casualties, the Saudi energy ministry said on Sunday. read more
In Qatar, the index (.QSI) lost 0.5%, snapping two sessions of gains, hit by a 1.1% fall in the Gulf's largest lender Qatar National Bank (QNBK.QA).
Outside the Gulf, Egypt's blue-chip index (.EGX30) finished 2.3% higher, with most stocks in the index in positive territory including top lender Commercial International Bank (COMI.CA) which climbed 3.9%.
Egypt, often the world's top wheat importer, plans to set a fixed price for unsubsidised bread for three months, supply minister Ali Moselhy said in an interview with local television on Sunday.
The government has taken several steps to protect wheat supplies since Russia's invasion of Ukraine, which largely cut off shipments from Egypt's two top suppliers and left the North African country scouting for alternative exporters. read more
Ukraine conflict opens diplomatic and energy opportunities for #Qatar | Reuters
Ukraine conflict opens diplomatic and energy opportunities for Qatar | Reuters
Russia's invasion of Ukraine has opened up diplomatic and commercial opportunities for gas exporter Qatar to expand energy sales to the West and bolster its alliance with Washington amid U.S. tensions with other Gulf Arab states.
Qatar has sought a largely neutral stance on the conflict, but while trying to avoid choosing sides, it has signalled through its response that it can offer significant political and economic assistance to Western partners.
With many European energy importers looking urgently for ways to ease their heavy dependence on Russia, Qatar has suggested it could direct more gas in future to Europe.
Saudi Arabia and the United Arab Emirates in contrast have resisted Western calls for a rapid rise in oil output to contain a jump in crude prices caused by the conflict in Ukraine.
Those two leading Gulf Arab powers, which sought for years to isolate Qatar, have seen their own relations with Washington strained in recent years, partly over concerns about U.S. security commitments to its Gulf Arab partners.
Russia's invasion of Ukraine has opened up diplomatic and commercial opportunities for gas exporter Qatar to expand energy sales to the West and bolster its alliance with Washington amid U.S. tensions with other Gulf Arab states.
Qatar has sought a largely neutral stance on the conflict, but while trying to avoid choosing sides, it has signalled through its response that it can offer significant political and economic assistance to Western partners.
With many European energy importers looking urgently for ways to ease their heavy dependence on Russia, Qatar has suggested it could direct more gas in future to Europe.
Saudi Arabia and the United Arab Emirates in contrast have resisted Western calls for a rapid rise in oil output to contain a jump in crude prices caused by the conflict in Ukraine.
Those two leading Gulf Arab powers, which sought for years to isolate Qatar, have seen their own relations with Washington strained in recent years, partly over concerns about U.S. security commitments to its Gulf Arab partners.
After Oil’s Surge, #Saudi Aramco Hikes Spending to Boost Output - Bloomberg
After Oil’s Surge, Saudi Aramco Hikes Spending to Boost Output - Bloomberg
Saudi Aramco will increase spending and issue bonus shares as oil’s surge to more than $100 a barrel bolsters the company’s plan to boost crude and natural gas production.
The Saudi Arabian firm, like rivals such as BP Plc and Chevron Corp., has experienced a sharp turnaround from 2020, when the coronavirus pandemic hammered energy demand and forced it to shelve several projects.
Net income rose to $110 billion in 2021, up from $49 billion a year earlier, the state-controlled company said on Sunday. Aramco will probably increase capital expenditure to between $40 billion and $50 billion this year, compared with $32 billion in 2021.
Aramco, the world’s biggest energy exporter, forecasts more growth in investment until the middle of the decade. That makes it stand out from many other competitors who are cutting back on fossil fuels to reduce carbon emissions. Aramco has said oil and gas consumption will remain strong for decades and that the run up in prices underscores the need for more exploration.
The company wants to raise crude-production capacity to 13 million barrels a day from 12 million by 2027, a project that will cost billions of dollars. It is also trying to increase gas output by more than 50% by 2030.
Saudi Aramco will increase spending and issue bonus shares as oil’s surge to more than $100 a barrel bolsters the company’s plan to boost crude and natural gas production.
The Saudi Arabian firm, like rivals such as BP Plc and Chevron Corp., has experienced a sharp turnaround from 2020, when the coronavirus pandemic hammered energy demand and forced it to shelve several projects.
Net income rose to $110 billion in 2021, up from $49 billion a year earlier, the state-controlled company said on Sunday. Aramco will probably increase capital expenditure to between $40 billion and $50 billion this year, compared with $32 billion in 2021.
Aramco, the world’s biggest energy exporter, forecasts more growth in investment until the middle of the decade. That makes it stand out from many other competitors who are cutting back on fossil fuels to reduce carbon emissions. Aramco has said oil and gas consumption will remain strong for decades and that the run up in prices underscores the need for more exploration.
The company wants to raise crude-production capacity to 13 million barrels a day from 12 million by 2027, a project that will cost billions of dollars. It is also trying to increase gas output by more than 50% by 2030.
#Saudi Aramco sees healthy demand growth as spare capacity shrinks | Reuters
Saudi Aramco sees healthy demand growth as spare capacity shrinks | Reuters
Global oil demand is growing healthily as economies recover from the pandemic and spare production capacity is declining, the CEO of Saudi Arabia's state oil company Aramco said on Sunday.
Oil prices have surged to 14 year highs above $100 per barrel in recent weeks as Russia's invasion of Ukraine prompted fears of supply disruptions, leading Western countries to urge producers such as Saudi Arabia to increase output.
"Global spare capacity is around 2 million barrels per day, which is not significant enough to deal with these geopolitical events and what is happening in the market," Aramco (2222.SE) CEO Amin Nasser said in a media call after the company reported bumper 2021 results. read more
Nasser said he expected demand to return to pre-pandemic levels by the end of this year.
Asked whether Saudi Arabia would pump more oil to fill any gaps in the market left by the Ukraine conflict, Nasser said it would produce according to guidelines from the Saudi energy ministry.
Global oil demand is growing healthily as economies recover from the pandemic and spare production capacity is declining, the CEO of Saudi Arabia's state oil company Aramco said on Sunday.
Oil prices have surged to 14 year highs above $100 per barrel in recent weeks as Russia's invasion of Ukraine prompted fears of supply disruptions, leading Western countries to urge producers such as Saudi Arabia to increase output.
"Global spare capacity is around 2 million barrels per day, which is not significant enough to deal with these geopolitical events and what is happening in the market," Aramco (2222.SE) CEO Amin Nasser said in a media call after the company reported bumper 2021 results. read more
Nasser said he expected demand to return to pre-pandemic levels by the end of this year.
Asked whether Saudi Arabia would pump more oil to fill any gaps in the market left by the Ukraine conflict, Nasser said it would produce according to guidelines from the Saudi energy ministry.
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