Latest news with #AminNasser
Business Times
4 days ago
- Business
- Business Times
Saudis raise crude prices to Asia after Opec+ adds barrels
[SINGAPORE] Saudi Arabia raised crude prices for a second consecutive month, signalling confidence in demand for its barrels as Organization of the Petroleum Exporting Countries and its allies (Opec+) continues to ramp up supply. State producer Saudi Aramco will raise the premium for Arab Light crude to Asia by US$1 a barrel for shipments in September, to US$3.20 a barrel, according to a price list seen by Bloomberg, the highest since April. The company was expected to increase the price of the grade by 90 US cents a barrel, according to a survey of refiners and traders. The world's biggest exporter has been leading the Opec+ in raising output as they seek bigger market share. So far, burgeoning demand for transport fuels has bolstered refining margins and helped the market to absorb the added barrels. Aramco chief executive officer Amin Nasser said this week that he's bullish that it will continue. 'The strength in oil market fundamentals is supporting demand for our crude and products,' Nasser told reporters on an earnings call. 'We expect the second half to be more than two million barrels per day higher than the first half.' In contrast to the hikes to Asian buyers, the kingdom cut prices for its European customers by the most in a year. All values to Europe were cut by US$1.30. Prices for shipments to the US nudged slightly higher. Many analysts and traders expect that the bulk of added output from Opec+, which is set to come this month and next, could weigh on prices later this year. Wall Street firms such as JPMorgan Chase and Goldman Sachs anticipate that prices will sink towards US$60 a barrel in the fourth quarter. On Sunday, Opec+, which includes partners such as Russia, agreed to raise production by 547,000 barrels a day in September. The planned increase, following a similar-sized boost for August, came as traders are waiting to see how US President Donald Trump's threats to punish Russia over the war in Ukraine could affect the market. Brent crude has held near US$70 a barrel lately as traders balance the Opec+ output hikes against the prospect of potential US measures against Russian oil sales. BLOOMBERG
Bloomberg
6 days ago
- Business
- Bloomberg
Saudi Oil Rig Decline Due to Completion of Projects, Says Aramco
The number of active oil rigs in Saudi Arabia fell after several oil-field projects aimed at maintaining production capacity were completed, said Aramco Chief Executive Officer Amin Nasser. Another factor was the kingdom's decision in January 2024 to maintain its maximum sustainable capacity, or MSC, at 12 million barrels a day, scrapping plans to boost it to 13 million barrels a day, Nasser said.
The National
6 days ago
- Business
- The National
Saudi Aramco posts 10th consecutive quarter decline in profit
Saudi Aramco, the world's top oil-exporting company, has reported a 22 per cent fall in its second-quarter profit in its 10th quarter decline as lower oil prices outweigh the impact of higher production. Net profit in the three months ended June fell to 85.02 billion Saudi riyals ($22.6 billion), from $109.01 billion, the company said on Tuesday in a filing to the Tadawul stock exchange, where its shares trade. That marked a 10th consecutive quarter of decline in profit. Revenue for the period decreased 11 per cent year-on-year to 378.8 billion riyals, down from 425.7 billion riyals in the same period last year, on lower crude oil prices and lower refined and chemical products prices, it said. "Market fundamentals remain strong and we anticipate oil demand in the second half of 2025 to be more than two million barrels per day higher than the first half. Our long-term strategy is consistent with our belief that hydrocarbons will continue to play a vital role in global energy and chemicals markets," said Aramco president and chief executive Amin Nasser. "We continue to invest in various initiatives, such as new energies and digital innovation with a focus on AI – aiming to leverage our scale, low cost, and technological advancements for long-term success.'
The National
6 days ago
- Business
- The National
Saudi Aramco posts 10th consecutive quarter decline
Saudi Aramco, the world's top oil-exporting company, has reported a 22 per cent fall in its second-quarter profit in its 10th quarter decline as lower oil prices outweigh the impact of higher production. Net profit in the three months ended June fell to 85.02 billion Saudi riyals ($22.6 billion), from $109.01 billion, the company said on Tuesday in a filing to the Tadawul stock exchange, where its shares trade. That marked a 10th consecutive quarter of decline in profit. Revenue for the period decreased 11 per cent year-on-year to 378.8 billion riyals, down from 425.7 billion riyals in the same period last year, on lower crude oil prices and lower refined and chemical products prices, it said. "Market fundamentals remain strong and we anticipate oil demand in the second half of 2025 to be more than two million barrels per day higher than the first half. Our long-term strategy is consistent with our belief that hydrocarbons will continue to play a vital role in global energy and chemicals markets," said Aramco president and chief executive Amin Nasser. "We continue to invest in various initiatives, such as new energies and digital innovation with a focus on AI – aiming to leverage our scale, low cost, and technological advancements for long-term success.'
Arab News
6 days ago
- Business
- Arab News
Saudi Aramco posts $24.5bn in Q2 profit, maintains steady dividends
RIYADH: Saudi Aramco reported adjusted net income of $24.5 billion for the second quarter of 2025, underlining its resilience in the face of market volatility and softer crude prices. For the first half of the year, adjusted net income stood at $50.9 billion, supported by consistent operational reliability and steady shareholder returns, the company said in a press release. Cash flow from operating activities came in at $27.5 billion for the quarter and $59.3 billion for the half-year period, while free cash flow reached $15.2 billion in the second quarter and $34.4 billion over the six-month span. Aramco's board declared a base dividend of $21.1 billion and a performance-linked dividend of $200 million for the second quarter, both set to be paid in the third quarter. In a statement, Amin Nasser, president and CEO of Aramco, said: 'Aramco's resilience was proven once again in the first half of 2025 with robust profitability, consistent shareholder distributions and disciplined capital allocation.' He added: 'Despite geopolitical headwinds, we continued to supply energy with exceptional reliability to our customers, both domestically and around the world.' Saudi Aramco reported a second-quarter net profit of $22.67 billion, down from $26.01 billion in the previous quarter and $29.07 billion a year earlier, as weaker oil prices trimmed top-line earnings. For the first half of 2025, net profit stood at $48.68 billion, highlighting Aramco's resilience amid market volatility and geopolitical uncertainty. Revenue declined from both the previous quarter and the year-ago period, as average realized crude oil prices fell to $66.7 per barrel from $76.3 in the first quarter and $85.7 in the second quarter of 2024. Nevertheless, Aramco maintained 100 percent supply reliability and pushed forward with key upstream projects. 'Market fundamentals remain strong and we anticipate oil demand in the second half of 2025 to be more than two million barrels per day higher than the first half,' Nasser added. 'Our long-term strategy is consistent with our belief that hydrocarbons will continue to play a vital role in global energy and chemicals markets, and we are ready to play our part in meeting customer demand over the short and the long term.' Aramco continued to advance the Berri, Marjan and Zuluf crude oil increments and confirmed that the Jafurah Gas Plant remains on track. Phase one of the Dammam development project was also brought onstream during the period.
