Tuesday, 22 January, 2019

MoU for oil refinery: Saudi energy minister will visit Gwadar tomorrow

Saudi Arabia announces rise in oil, gas reserves Brent crude and WTI prices continue strong start to 2019 as Saudi Arabia energy minister Khalid al-Falih cuts exports further
Russell Knight | 12 January, 2019, 19:15

Energy Minister Khalid Al-Falih said Wednesday the reserves are among the lowest cost in the world to recover and the most profitable.

Al-Falih is also the current chairperson of Maaden, a Saudi Arabian mining company and former chairperson of the Saudi oil giant, Aramco.

Saudi Arabia aims to work closely with the United States on its plans to build nuclear power generation capacity in the oil producing kingdom, the energy minister said on Wednesday (Jan 9).

Mr Al-Falih reiterated Crown Prince Mohammed bin Salman's comments in 2018 that Riyadh is aiming for Aramco's initial public offering in 2021.

He called on the industry to use this metric alongside profitability.

He also announced the output cut would go up by an additional 100,000 bpd reduction in February.

In addition, "U.S gulf coast gasoline inventory levels hit 89.4 million barrels, a new high, while distillate products rose at the highest level in a month rising by 8.9 million barrels", he added.

Democrat Gabbard says she will run for U.S. president in 2020
"'I have chose to run and will be making a formal announcement within the next week", she said on the show, which airs Saturday. An Iraq war veteran and member of the House Foreign Affairs Committee, Gabbard is also the first Hindu member of Congress .

High-Skilled Immigrants Could Get Path to Citizenship
The president has said that foreign workers should be selected based on skill and paygrade and must not replace Americans. Trump says the U.S. wants to encourage talented and highly skilled people to pursue careers in the U.S.

FDA warns of possible Hepatitis A contamination of Bauer's Candies' Modjeskas
It can range from a mild illness lasting a few weeks to a severe illness lasting several months, according to the CDC . The administration also advised that anyone who has consumed the product should consult with a doctor as a precaution.

Saudi Arabia confirmed for the first time that Dallas-based consultants DeGolyer and MacNaughton carried out the audit.

The country on Wednesday highlighted the value and power of Aramco, the world's largest oil company.

Despite this, USA bank Morgan Stanley cut its 2019 oil price forecasts by more than 10 per cent on Wednesday, pointing to "weakening economic growth expectations" and rising oil supply from outside OPEC as reasons for their lower price forecast.

Falih said Saudi oil remains among the cheapest in the world to extract, at only $4 a barrel.

The oil behemoth has so far largely avoided bond markets, relying nearly exclusively on its own cash or bank loans.

While Aramco prepares for its debut worldwide bond, the kingdom itself sold $7.5 billion of global debt on Wednesday in the first test of how much damage the killing of Washington Post columnist Jamal Khashoggi has inflicted on investor appetite.

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