Saudi Aramco's decision to suspend plans for expanding oil-production capacity raises questions about the future of petroleum. The company's financial results for 2023 provide insight into their stance.
That is the question that in recent weeks has hung over Saudi Aramco . The desert kingdom’shas a central position in the world’s oil markets. Its market value of $2trn, five times that of the second-biggest oil firm, ExxonMobil, and its rich valuation relative to profits are predicated in large part on its bountiful reserves of crude and its peerless ability to tap them cheaply and, as oil goes, cleanly (see chart 1).
So Saudi Arabia’s energy ministry stunned many industry-watchers in January by suspending the firm’s long-trumpeted and costly plans for expanding oil-production capacity from 12m to 13m barrels per day (b/d). Was it proof that even the kingpin of oil had finally accepted thatTo get a hint of Aramco’s answer, all eyes turned to its financial results for 2023, reported on March 10th. No one expected a repeat of the year before, when high oil prices and surging demand propelled Aramco’s annual net profit to $161bn, the highest ever for any listed firm anywher
Saudi Aramco Petroleum Oil-Production Capacity Financial Results Future
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Saipem First to Call Drop in Aramco Orders Over Oil Expansion Plan ScrappingItaly's Saipem oilfield services company said on Thursday that it was anticipating a 20% fall in orders from Aramco as a result of the Saudi oil giant's orders from on high in late January to scrap plans for expanding capacity
Read more »
Aramco Team Series Tampa: England's Charley Hull finishes runner-up to Alexandra ForsterlingEngland's Charley Hull finishes runner-up to Germany's Alexandra Forsterling at the Aramco Team Series in Tampa, as Bronte Law places third.
Read more »
Saudis Complete Transfer of 8% in Aramco to the Sovereign Wealth FundSaudi Arabia has completed the transfer of an 8% stake in its state oil giant Aramco from state ownership to the Kingdom's sovereign wealth fund
Read more »
Unnamed Reuters Sources Say Aramco, ADNOC in US LNG TalksReuters on Wednesday cited unnamed sources as saying that giant Saudi Aramco and Abu Dhabi National Oil Company ADNOC are in talks to invest in American liquefied natural gas
Read more »
Lewis Hamilton doesn’t have “full faith” in Mercedes rear end in Saudi ArabiaLewis Hamilton reflects on a tricky Thursday at the Saudi Arabian Grand Prix.
Read more »