Saudi Aramco Profits Fall Along with Lower Oil Production, Prices and Margins

The Kingdom of Saudi Arabia controlled Saudi Aramco Oil reported on Monday second quarter earnings of 112.81 billion Saudi riyals, roughly $30.08 billion down from $48.44 billion in the same period last year. The result came in slightly above the $29.8 billion expected. Aramco’s profit was affected by weakening refining and chemicals margins with the lower oil prices in the quarter. In 2022 the oil giant earned $US161 billion, the highest-ever recorded annual profit by a publicly listed company drew … Continue reading “Saudi Aramco Profits Fall Along with Lower Oil Production, Prices and Margins”

Saudi Arabia Makes First Big Move in Mining with Vale Nickel and Copper Deal

Saudi Arabia made its first big move into the global mining industry by purchasing from Brazilian mining giant Vale 3% of its nickel and copper business in two separate deals totaling $3.4B. This also gives the Kingdom a shift of its oil assets into energy transition assets. Vale made the announcement after releasing details of its second quarter profits. Vale said the deal’s proceeds will help finance as much as $30 billion of investments over the next decade to tap … Continue reading “Saudi Arabia Makes First Big Move in Mining with Vale Nickel and Copper Deal”

OPEC+ Announces Surprise Cut in Crude Oil Production of Over 1 million Barrels Per Day 

OPEC+ announced a surprise cut of over 1 million barrel per day crude oil production cut on Sunday ahead of the scheduled JMMC Monday. This is in addition to the already announced 500kppd previously announced by Russia. Saudi energy official says that this is a precautionary measure aimed at supporting the stability of the oil market. More member states are expected to announce their voluntary cut today. The oil production cut is the biggest from OPEC+ since they agreed on … Continue reading “OPEC+ Announces Surprise Cut in Crude Oil Production of Over 1 million Barrels Per Day “

Saudi Aramco Earned $US161 Billion in 2022, Highest Ever Publicly Listed Company Profit

The Kingdom of Saudi Arabia controlled Saudi Aramco Oil reported on Monday fourth quarter earnings of $US42.43 billion down from the previous quarter’s record high. For 2022 the oil giant earned $US161 billion, the highest-ever recorded annual profit by a publicly listed company drew immediate criticism from activists. Profits rose 46.5% over 2021 results of $US110 billion and $US49 billion in 2020. Aramco said its crude production was 11.5 million barrels a day in 2022 and said it hoped to … Continue reading “Saudi Aramco Earned $US161 Billion in 2022, Highest Ever Publicly Listed Company Profit”

EIA Forecast U.S. Crude Oil Production and Global Inventories Higher

In the December STEO, EIA estimate U.S. crude oil production will average 11.87 million barrels per day (b/d) in 2022. This is up from 11.83Mbpd in the prior forecast. The EIA forecasts 12.33 million b/d in 2023, up from 12.31mbpd which would set a record for most U.S. crude oil production in a year. The current record is 12.3mbpd, set in 2019. EIA forecast OPEC crude oil production will fall in November and December. On October 5, 2022, OPEC+ producers agreed … Continue reading “EIA Forecast U.S. Crude Oil Production and Global Inventories Higher”

EIA Forecasts U.S. Crude Oil Production Higher in 2022 With OPEC Output to Fall

In the November STEO, EIA estimate for U.S. crude oil production will average 11.83 million barrels per day (b/d) in 2022. This is up from 11.79Mbpd in the prior forecast. The EIA forecasts 12.31 million b/d in 2023, down from 12.63mbpd which would set a record for most U.S. crude oil production in a year. The current record is 12.3mbpd, set in 2019. EIA forecast OPEC crude oil production will fall in November and December. On October 5, 2022, OPEC+ producers … Continue reading “EIA Forecasts U.S. Crude Oil Production Higher in 2022 With OPEC Output to Fall”

EIA Expects Natural Gas Prices to Decline after January as Inventories Rebalance

In the November STEO, EIA estimate U.S. natural gas inventories ended October 2022 at more than 3.5 trillion cubic feet (Tcf). This is 4% below the five-year average and higher than what they had been forecasting. Storage falls in the EIA forecast by 2.1 Tcf this winter to 1.4 Tcf by the end of March 2023, 8% below the five-year average. Their Henry Hub spot price forecast was lowered to $6 MMBtu across 4Q22 and 1Q23, which is more than … Continue reading “EIA Expects Natural Gas Prices to Decline after January as Inventories Rebalance”

Saudi Aramco Profit $US42.43 billion With Decline in Refining and Chemicals Margins

The Kingdom of Saudi Arabia controlled Saudi Aramco Oil reported on Monday third quarter earnings of $US42.43 billion down from the previous quarter’s record high. Profit was driven by higher crude-oil prices and volumes sold. Profits were up from up from $30.43 billion in the same period a year earlier. The result follows big oil rivals record profits. The UK’s BP, Netherland’s Shell, America’s ExxonMobil, the largest U.S. oil company, Chevron and Phillips 66 all crushed earnings on surging oil and gas … Continue reading “Saudi Aramco Profit $US42.43 billion With Decline in Refining and Chemicals Margins”

OPEC+ To Cut Crude Oil Production 2 million Barrels Per Day 

OPEC+ agreed on a 2 million barrel per day crude oil production cut at the October meeting Wednesday. The oil production cut is the biggest from OPEC+ since April 2020. Oil prices had run up beforehand with estimates running up from 1mbpd last week to 2mpd by today’s meeting. WTI prices rose accordingly trading over $87.60 and Brent over $92 having bounced sharply from recent lows. Brent crude had dropped below $83 a barrel for the first time since January … Continue reading “OPEC+ To Cut Crude Oil Production 2 million Barrels Per Day “

EIA Forecasts U.S. Crude Oil Production of 70,000 bpd Lower in 2022 but Record for 2023

In the September STEO, EIA estimate for U.S. crude oil production will average 11.79 million barrels per day (b/d) in 2022. This is up 540kbpd this year but down from +610k in the August forecast. The EIA forecasts 12.63 million b/d in 2023, which would set a record for most U.S. crude oil production in a year. The current record is 12.3 million b/d, set in 2019. STEO Highlights Estimate EIA STEO Current Yr Crude Forecast (Bpd) Sep: 11.79M (prev … Continue reading “EIA Forecasts U.S. Crude Oil Production of 70,000 bpd Lower in 2022 but Record for 2023”