oil industry

China’s oil demand has dropped by about 3 million barrels a day, or 20% of total consumption, prompting refineries to scale back production as their storage tanks fill up.

The muted and short-term reaction in the crude oil market on the escalation of conflict between the US and Iran signals the end of petroleum diplomacy between the oil states, especially those in the Middle East.

In its December IPO round, Saudi Aramco had already raised a record US$25.6 billion, indicating that it could sell additional shares through over-allotment.

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SINGAPORE (Dec 20): Saudi Arabian Oil Co (Saudi Aramco), the kingdom’s national oil corporation (NOC) and world’s biggest oil producer, had a positive debut on the Tadawul exchange. Its shares have gone up 19% from its IPO price of SAR32, closing at S

(Dec 4): The institutional tranche of Saudi Aramco’s planned initial public offering (IPO) has been almost three times oversubscribed, receiving orders worth 189.04 billion riyals ($69.8 billion), financial advisers for the IPO said on Tuesday.

Persistently low crude oil prices have hampered upstream and midstream activity. This has been worsened by the increasing emphasis on sustainability and decarbonisation. Will the oil industry remain in the doldrums?