For months, Saudi Arabia’s oil minister, Prince Abdulaziz bin Salman, arguably the most powerful individual in the oil business, has urged his fellow producers to keep a tight rein on output, fearing additional crude could flood the world’s markets and cause prices to drop. At the same time, some producers, notably Russia, have been chafing to open the spigot a bit more.On … [...] about Saudi Arabia Keep Control of the Oil Market Despite a Production Hike.
Oil (Petroleum) and Gasoline
Saudi Aramco’s Profit Fell 44 Percent in 2020
Saudi Aramco, Saudi Arabia’s national oil company, said on Sunday that its net income last year had fallen by 44 percent, to $49 billion, as lower oil prices stemming from the pandemic cut into earnings.The company’s chief executive, Amin H. Nasser, described 2020 in a statement accompanying the earnings data as “one of the most challenging years in recent history.”But Aramco, … [...] about Saudi Aramco’s Profit Fell 44 Percent in 2020