Aramco CEO Amin Nasser
Aramco resumes upstream action
Oil market recovery is financing a cautious renewal of spending on core domestic projects
Saudi Aramco benefitted from rising oil prices to post a 30pc year-on-year leap in profits in Q1, to SAR78.6bn ($21bn)—a sharp contrast to the 44pc slump seen across 2020 as whole. But despite the prospects of more cash to come, the firm remains loath to lift spending. Crude production averaged a mere 8.6mn bl/d in the first three months of 2021 but will be permitted to rise to 9.23mn bl/d in May and gradually more thereafter. With Brent above 65/bl since mid-April, Aramco’s coffers should swell accordingly. 30pc – Year-on-year increase in Q1 profit But the firm restated in its Q1 results its downward revision of full-year capex to $35bn. Non-core investments in US LNG liquefaction a
Also in this section
17 January 2025
Supply glut or supply deficit are both plausible outlooks, with tariffs and sanctions among the key risks that could swing the pendulum
17 January 2025
European Commission is on its way to meeting clean energy goals, but energy security concerns and higher costs may give it second thoughts
17 January 2025
The CEO of QatarEnergy has highlighted the potential impact a new EU directive could have on energy exports to the continent
16 January 2025
The government’s resource nationalism is aggravating the NOC’s debt position and could yet worsen if also tasked with the decarbonisation shift
