Saudi Oil Rigs Slump to Lowest in 20 Years, Outpaced by Gas
Saudi Arabia's oil rig count fell to 20 in July from 46 in early 2024, the lowest since February 2005, according to Baker Hughes data. The number has been on an 18-month downward trajectory, following Riyadh's decision to scrap plans to boost Aramco 's capacity to 13 million barrels a day, keeping it at 12 million instead.
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Yahoo
24 minutes ago
- Yahoo
Cheniere and JERA Sign Long-Term LNG Sale and Purchase Agreement
HOUSTON, August 07, 2025--(BUSINESS WIRE)--Cheniere Energy, Inc. ("Cheniere" or the "Company") (NYSE: LNG) and JERA Co., Inc. ("JERA") jointly announced today that Cheniere Marketing, LLC ("Cheniere Marketing") and JERA have entered into a long-term liquefied natural gas ("LNG") sale and purchase agreement ("SPA"). Under the SPA, JERA has agreed to purchase approximately 1.0 million tonnes per annum ("mtpa") of LNG from Cheniere Marketing on a free-on-board basis from 2029 through 2050. The purchase price for LNG under the SPA is indexed to the Henry Hub price, plus a fixed liquefaction fee. "We are pleased to enter into this multi-decade agreement with JERA, the largest power producer in Japan and one of the largest buyers of LNG in the world," said Jack Fusco, Cheniere's President and Chief Executive Officer. "This SPA fortifies our longstanding relationship with JERA, which is based upon years of cooperation and mutually beneficial LNG trade. We look forward to providing our flexible, reliable and cleaner burning LNG to JERA through 2050 under this new long-term agreement." Yukio Kani, Global CEO and Chair of JERA adds, "JERA and Cheniere have built a trusted relationship over many years, and we are pleased to extend this relationship further. This long-term agreement with Cheniere—a global leader in LNG—supports JERA's strategy to diversify and strengthen our LNG procurement portfolio, reinforcing our role as a long-term energy partner in the U.S. and deepening our commitment to securing reliable energy supplies. Together, we will continue to contribute to the energy security, stability, and sustainability of Japan and the broader region for decades to come." About Cheniere Cheniere Energy, Inc. is the leading producer and exporter of LNG in the United States, reliably providing a clean, secure, and affordable solution to the growing global need for natural gas. Cheniere is a full-service LNG provider, with capabilities that include gas procurement and transportation, liquefaction, vessel chartering, and LNG delivery. Cheniere has one of the largest liquefaction platforms in the world, consisting of the Sabine Pass and Corpus Christi liquefaction facilities on the U.S. Gulf Coast, with total production capacity of approximately 49 mtpa of LNG in operation and an additional over 12 mtpa of expected production capacity under construction, inclusive of estimated debottlenecking opportunities. Cheniere is also pursuing liquefaction expansion opportunities and other projects along the LNG value chain. Cheniere is headquartered in Houston, Texas, and has additional offices in London, Singapore, Beijing, Tokyo, Dubai and Washington, D.C. For additional information, please refer to the Cheniere website at and Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, filed with the Securities and Exchange Commission. About JERA JERA is a global energy leader and Japan's largest power generation company focused on providing cutting-edge solutions to the world's energy issues. Established in 2015, the Company produces one-third of Japan's electricity, and is one of the largest LNG buyers in the world. JERA has global reach and strength throughout the energy supply chain, from participation in LNG upstream projects and fuel procurement, through fuel transportation to power generation. In support of a responsible energy transition, JERA has committed to achieving net-zero CO₂ emissions from its domestic and overseas businesses by 2050. Forward-Looking Statements This press release contains certain statements that may include "forward-looking statements" within the meanings of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical or present facts or conditions, included herein are "forward-looking statements." Included among "forward-looking statements" are, among other things, (i) statements regarding Cheniere's financial and operational guidance, business strategy, plans and objectives, including the development, construction and operation of liquefaction facilities, (ii) statements regarding regulatory authorization and approval expectations, (iii) statements expressing beliefs and expectations regarding the development of Cheniere's LNG terminal and pipeline businesses, including liquefaction facilities, (iv) statements regarding the business operations and prospects of third-parties, (v) statements regarding potential financing arrangements, (vi) statements regarding future discussions and entry into contracts, (vii) statements relating to Cheniere's capital deployment, including intent, ability, extent, and timing of capital expenditures, debt repayment, dividends, share repurchases and execution on the capital allocation plan, and (viii) statements relating to our goals, commitments and strategies in relation to environmental matters. Although Cheniere believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere's periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere does not assume a duty to update these forward-looking statements. View source version on Contacts Cheniere Energy, Inc. Investors Randy Bhatia, 713-375-5479Frances Smith, 713-375-5753 Media Relations Randy Bhatia, 713-375-5479Bernardo Fallas, 713-375-5593 JERA Co., Inc. Media
Yahoo
24 minutes ago
- Yahoo
Oil Recovers With Traders Awaiting Possible Trump-Putin Meeting
(Bloomberg) -- Oil recovered from Wednesday's decline, with traders awaiting the outcome of a planned meeting between Presidents Vladimir Putin and Donald Trump in the coming days. All Hail the Humble Speed Hump Mayor Asked to Explain $1.4 Billion of Wasted Johannesburg Funds Three Deaths Reported as NYC Legionnaires' Outbreak Spreads Major Istanbul Projects Are Stalling as City Leaders Sit in Jail PATH Train Service Resumes After Fire at Jersey City Station Brent futures climbed toward $68 a barrel after earlier switching between gains and losses. Kremlin foreign policy aide Yuri Ushakov told reporters Russia and the US had agreed on a venue for the meeting, which would be disclosed later. Wednesday's trading session saw a deluge of news around Trump's push for a ceasefire in Ukraine, with the president doubling tariffs on Indian goods due to the nation's purchases of Russian energy. The levies won't take effect for another three weeks and stopped short of more punitive measures around oil supplies that some traders had feared. Crude has moved lower in August following a run of three monthly gains. Traders are positioning for a potential glut later this year after OPEC+ returned millions of barrels of shuttered capacity to the market. In addition, there are concerns about a slowdown in economic growth and weaker energy consumption as Trump's broader trade tariffs exact a toll, with a globe-spanning swathe of punitive levies coming into effect on Thursday. 'The current production and inventory surge will continue capping Brent in the early $70s, and once we have a solution to the current Russia-Ukraine peace issue, we expect to see a sharp move lower,' said Robert Rennie, head of commodity and carbon research at Westpac Banking Corp. As Trump piles pressure on India, the nation's state-owned oil refiners are pulling back from purchases of Russian crude for now, according to people with knowledge of the companies' plans. Any step back from Russian oil purchases would likely boost the value of alternative grades. Trump said on Wednesday there was a 'very good chance' he would meet soon with Putin and Ukrainian leader Volodymyr Zelenskiy, in another bid to broker peace. While there's been no move yet against China, another top importer, Trump said that was possible. US data on Wednesday showed nationwide crude inventories fell 3 million barrels last week as refiners ran at the highest levels for the season since 2019. Still, crude holdings at the key Cushing hub extended a rebound from critical lows, expanding for a fifth week. That's the longest run of builds since 2023. The Pizza Oven Startup With a Plan to Own Every Piece of the Pie Russia's Secret War and the Plot to Kill a German CEO AI Flight Pricing Can Push Travelers to the Limit of Their Ability to Pay A High-Rise Push Is Helping Mumbai Squeeze in Pools, Gyms and Greenery Government Steps Up Campaign Against Business School Diversity ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Forbes
43 minutes ago
- Forbes
U.S. Investors Rush Into Middle East: $50+ Billion In Recent Mega-Deals
U.S. investors are making massive bets on Saudi Arabia and the UAE. Recent months have seen a flurry of billion-dollar commitments that signal a fundamental shift in how American capital views the Gulf region. "When the winds of change blow, some build walls, others build windmills." That ancient proverb captures the mindset of a new wave of American investors eyeing the Middle East not as a geopolitical question mark, but as a global growth engine. The Mega-Deal Wave Here are three recent, high-profile examples of U.S. investors or firms making major deals or launching investments in Saudi Arabia: 1. Salesforce – $500 Million AI Investment At LEAP 2025 held in Riyadh, Salesforce announced plans to invest $500 million in artificial intelligence operations in Saudi Arabia. Their investment includes launching the Hyperforce platform in partnership with AWS, deploying Agentforce via local service providers, providing Arabic-language AI support, and establishing a regional HQ in Riyadh. Part of the program also aims to train 30,000 Saudi citizens by 2030. 2. Public Investment Fund (PIF) Partnerships with U.S. Asset Managers During President Trump's May 2025 Saudi-U.S. Investment Forum, Saudi Arabia's sovereign wealth fund (PIF) signed MOUs worth up to $12 billion total with top U.S. asset managers. Among them: 3. American Tech Firms Working with Humain Saudi Arabia's newly launched AI platform Humain secured partnerships with several U.S. tech companies in May 2025: These agreements anchor U.S. semiconductor and cloud providers in the Kingdom's AI build-out. These agreements anchor U.S. semiconductor and cloud providers in the Kingdom's AI build-out and represent over $40 billion in combined commitments. The Transformation Behind the Money These investments aren't happening in a vacuum. They're responding to one of the most ambitious economic transformation programs in modern history. Saudi Arabia's Vision 2030, the brainchild of Crown Prince Mohammed bin Salman, aims to pivot the Kingdom from oil dependence to a diversified economy powered by tourism, technology, and private enterprise. Flagship projects like NEOM—a $500 billion smart city stretching across the Red Sea coast—are emblematic of the scale and ambition. Behind this push is the Public Investment Fund (PIF), Saudi Arabia's $900 billion sovereign wealth fund. Once a passive domestic investor, PIF has become one of the most influential capital allocators in the world, making bold bets in sports, tech, gaming, infrastructure, and clean energy. Meanwhile, the UAE, anchored by Abu Dhabi and Dubai, has taken a different but equally effective approach: positioning itself as the Middle East's financial, logistics, and innovation hub. The Abu Dhabi Investment Authority (ADIA) and Mubadala Investment Company, with combined assets over $1.5 trillion, have not only expanded their global footprints but are actively co-investing with and backing foreign companies entering the region. Why Now? Three Converging Forces Three factors are drawing unprecedented U.S. capital toward the Gulf: Capital-Rich, Partner-Hungry Ecosystems: Saudi and Emirati leaders are eager to bring in global expertise. Whether through joint ventures, incentive-laden investment zones, or direct stakes in strategic sectors, American investors who bring operating know-how, brand value, or intellectual property are welcome guests. It's not uncommon for sovereign funds to co-invest or provide capital to accelerate these ventures. Demographics Driving Demand: The Middle East has one of the youngest populations on Earth, nearly two-thirds under the age of 35. That's translating into surging demand across education, housing, healthcare, tech, and consumer services. Investors who understand the aspirations of this next generation digitally fluent, globally ambitious, and culturally rooted can build enduring franchises. Stability and Sovereign Ambition: While Western markets wrestle with political gridlock, rising interest rates, and regulatory unpredictability, the Gulf offers a paradoxical mix of centralized control and long-term stability. Sovereign funds think in decades, not quarters. This creates fertile ground for patient capital. The AI and Tech Focus What's particularly striking about these recent deals is their concentration in artificial intelligence and technology infrastructure. The Salesforce announcement, the Humain partnerships with Nvidia and AMD, and AWS's $5 billion "AI Zone" investment all point to the same conclusion: the Gulf states are positioning themselves as global AI powerhouses. This isn't just about buying technology—it's about building entire ecosystems. Saudi Arabia's commitment to train 30,000 citizens in AI through the Salesforce partnership, combined with the massive infrastructure investments from U.S. tech giants, suggests a comprehensive approach to becoming a technology leader, not just a consumer. What This Means for American Capital The recent wave of commitments totaling over $50 billion when you add up the major deals—represents more than opportunistic investing. It signals a fundamental reorientation of global capital flows. For decades, Middle Eastern oil wealth flowed West, seeking returns in established markets. Now, that dynamic is reversing. American investors, asset managers, and technology companies are flowing East, chasing growth in emerging markets backed by sovereign wealth. The early movers such as Salesforce, Franklin Templeton, Nvidia, and Fisher Investments aren't just making financial bets. They're establishing strategic beachheads in what could become the next major global growth region. The Bottom Line The Middle East is no longer a frontier, it's a fast-emerging epicenter of capital, innovation, and long-term vision. The recent wave of billion-dollar commitments from America's most sophisticated investors proves that the Gulf has moved from the periphery to the center of global investment strategy. For American capital, the question is no longer if to engage with the Gulf but how to do so successfully. The window for early-mover advantage remains open, but it won't stay that way forever. Next week: The five principles every U.S. investor needs to master before entering Middle East markets—and the sectors offering the biggest opportunities.
