Saudi oil – Atlanti Gaz http://atlantigaz.com/ Tue, 17 May 2022 22:49:44 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://atlantigaz.com/wp-content/uploads/2021/04/cropped-icon-1-32x32.png Saudi oil – Atlanti Gaz http://atlantigaz.com/ 32 32 Sportswashing has never been easier – but the Saudis hit oil again with the spirit of Newcastle https://atlantigaz.com/sportswashing-has-never-been-easier-but-the-saudis-hit-oil-again-with-the-spirit-of-newcastle/ Tue, 17 May 2022 13:33:27 +0000 https://atlantigaz.com/sportswashing-has-never-been-easier-but-the-saudis-hit-oil-again-with-the-spirit-of-newcastle/

It was easy for Amanda Staveley and PIF to get Newcastle fans to buy into their project – but the owners must never spoil the unity that currently drives the Magpies…

Say what you owe on the Saudi PIF – and there are many things that absolutely must be said and repeated loud and clear – but the owners of Newcastle play a blinder with their football club.

It’s been just over six months since Amanda Staveley walked into St James’s Park with the world’s most powerful checkbook in her briefcase, and the transformation has been stunning.

PIF, Staveley and the Reuben Brothers bought a wreck – a club tearing each other apart with a team doing the same, showing more fighting between them on the training ground than on the pitch, while tumbling towards the Championship.

Now look at them. A finish in the first half seems trivial without the context of Newcastle’s first half of the season. Given that, it’s hard to argue against Eddie Howe being named manager of the year.

“Something special is moving at St James’ Park. Buckle up,” was the warning from Newcastle’s Twitter account on Tuesday night accompanied by the latest and grandest of their much-maligned post-victory team photos, this one featuring the players, staff, their families and a background of around 9,000 Geordies on the Gallowgate.

It’s true. With absolutely everyone – players, fans, local media, Ant and Dec – interested in Newcastle’s fortunes having signed on to the PIF project, something very special is brewing on Tyneside. And everything was so easy.

If there was ever a club ripe for this kind of takeover, it’s Ashley-era Newcastle United – the ramshackle focal point of a one-team, football-mad city full of desperate fans to feel something other than apathy and resentment. towards the people who lead and manage their club.

Apologies if this tweet caused your lunch to reappear, but it’s no wonder Staveley remained so determined to get a deal done, even though the Premier League offered the impression of resistance as long as they had piracy issues on its product in Saudi Arabia. . Staveley could see the opportunity. Couldn’t everyone?

Granted, not everyone has the PIF means or motivation to take down Ashley’s legacy and everything they hope they might lose, and left the manual on how do not to run a football club, Staveley and his cronies could hardly fail in the first phase.

They haven’t gone the wrong way yet in the eyes of the majority of Newcastle fans, and the North East’s adoration of their Saudi overloads has allowed the owners to push their luck a bit. The Saudi-themed third kit for next season is proof of that. Some Newcastle fans feel a little uneasy about it; most don’t care; many more will buy it to wear with tea towels on their heads.


Ian King: Are the Saudis wearing a Newcastle shirt on a mast to see if it will fly?


As long as the owners of Newcastle are saying the right things and doing the right things when it comes to their football club, it is hard to see the spirit that has been generated on Tyneside dissipating. And that, despite all the money and oil in Saudi Arabia, is the strongest force behind Newcastle right now.

We have seen it elsewhere. Jurgen Klopp gave Liverpool reason to believe, while Marcelo Bielsa prompted a similar buy-in at Leeds United. While in Merseyside and West Yorkshire the unifying figure was the manager, in Tyneside it is Staveley who is the face of Newcastle owners.

As all three clubs have demonstrated, the by-product of such solidarity is success. Yet so few clubs and owners seem capable of harnessing such energy. Or maybe they just don’t want to, for fear of losing power.

PIF’s motivation for the project and the somewhat unique nature of Newcastle required the Toon Army base to sign up and buy immediately. Luckily, they were so desperate for change and genuine hope that they weren’t wooed. If a black-and-white-striped Vladimir Putin had waved Ashley, fired Steve Bruce, put money in the transfer kitty and promised a team worthy of that support, some ushanka-clad fans might look away from his other interests.

Of course, that would be the silly fringe that every club carries among their fans. But it doesn’t take much for most fans to feel invested. The PIF showered Newcastle fans with the attention they needed, and gestures as simple as Staveley’s husband Mehrad Ghodoussi waving a flag were elated. “If there was a symbol of how far we’ve come over the past six months, this is it,” said Wor Flags member Thomas Concannon.

This serves to underscore how neglected they were during Ashley’s stewardship. No more fooling him. And nobody can blame Newcastle fans for once again enjoying their notoriety, with the atmosphere at St James’ Park every bit as potent as what you’ll see and hear at Anfield and elsewhere.

There are few clubs in Europe more united than Newcastle at the moment and, crucially, perhaps none with that harmony coupled with unlimited resources to match their ambition. But unity, whatever its harvest, is the key ingredient. We see at PSG what happens when it is forgotten. Staveley and PIF would be mad to make the same mistake later once the honeymoon period has passed, while other owners could benefit – and profit – from looking to replicate the emotion of St James.

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Ticker: Ski visits hit record high for 2021-22 season; Saudi oil profits jump 80% https://atlantigaz.com/ticker-ski-visits-hit-record-high-for-2021-22-season-saudi-oil-profits-jump-80/ Sun, 15 May 2022 20:12:59 +0000 https://atlantigaz.com/ticker-ski-visits-hit-record-high-for-2021-22-season-saudi-oil-profits-jump-80/

The 2021-2022 ski season broke a record for the total number of skier visits to resorts across the country.

The national figure of 61 million skier visits was up 3.5% from the previous season, according to the National Ski Area Association.

“This record attendance indicates that the ski industry in the United States is in good health and that the demand for outdoor recreation remains strong. There were signs of this during the 2020-21 season as the realities of the Covid-19 pandemic caused more people to seek outdoor activities,” the association said in a statement.

Across the country, the Rocky Mountain region reported a record number of skier visits at 25.2 million, while the Northeast, Midwest and Pacific Southwest all saw increases from the 2020-2021 season, according to the association.

The national total of skier visits breaks the previous record of 60.5 million set in the 2010-2011 season.

Saudi oil profits jump 80%

Oil giant Saudi Aramco said on Sunday its profits soared more than 80% in the first three months of the year.

Windfall first-quarter earnings from the company formerly known as Saudi Arabian Oil Co., which overtook Apple as the world’s most valuable company last week, show record net profit of $39.5 billion , up from $21.7 billion in the same period last year.

Oil prices hit a 14-year high of $139 a barrel in March immediately after Russia invaded Ukraine. International benchmark Brent traded above $111 a barrel on Sunday.

Shares of Aramco jumped 1.85% on the earnings report on Sunday, with a share priced at 41.40 Saudi riyals, or $11.04 on the Tadawul stock market.

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Saudi Arabia and Kuwait seek to exploit the potential of the Al-Durra gas field https://atlantigaz.com/saudi-arabia-and-kuwait-seek-to-exploit-the-potential-of-the-al-durra-gas-field/ Fri, 13 May 2022 19:54:39 +0000 https://atlantigaz.com/saudi-arabia-and-kuwait-seek-to-exploit-the-potential-of-the-al-durra-gas-field/

Saudi Arabia and Kuwait seek to exploit the potential of the Al-Durra gas field

Saudi Energy Minister Prince Abdulaziz bin Salman with his Kuwaiti counterpart Mohammed Al-Fares. (Provided)

The foreign ministries of Saudi Arabia and Kuwait issued a joint statement last month affirming their right to develop and “exploit the natural resources” of the Al-Durra gas field in the Kuwaiti-Saudi neutral zone. of the Persian Gulf. This should be welcomed positively by the global community, especially by European countries, whose natural gas supplies are under severe strain due to the war in Ukraine. While the EU, which gets around 40% of its gas from Russia, has imposed tough sanctions on Moscow in response to its attack on Ukraine, without a reliable alternative supply of oil and natural gas it cannot not afford to follow the United States in the total boycott of Russia. fuel.

The two countries also reiterated a previous invitation to Iran to negotiate the eastern border of the divided submerged area. The initial invitation, which received no response, was sent following Tehran’s assertion that the March 21 declaration by Kuwait and Saudi Arabia to initiate development in the region was illegal, despite the signing of a memorandum of understanding in December 2019. Iranian Foreign Ministry spokesman Saeed Khatibzadeh claimed that parts of Al-Durra – which Iran calls Arash – are located in areas between Iran and Kuwait whose borders have not been defined.

Kuwait Petroleum Corporation and Saudi Arabia’s Aramco Gulf Operations Company had announced the joint venture through Saudi Arabia’s Minister of Energy and Kuwait’s Minister of Petroleum, Electricity, Water and Renewable Energy. It is positive to see a decision to include renewable energy in this ministerial role to demonstrate Kuwait’s commitment to combating climate change and protecting the health of people and the planet.

The Al-Durra field is not new – it was discovered in 1967 and is estimated to contain gas reserves of around 20 trillion cubic feet. Last November, the Kuwait Petroleum Corporation commissioned a consultant to assess the safest and most cost-effective ways to develop the site and separate the stakeholder share in accordance with previous agreements and the MoU. The Kuwaiti-Saudi contract that was signed last month plans to extract up to 1 billion cubic feet of pipeline-grade natural gas per day, with an additional 84,000 barrels per day of condensate. By-products will include natural gas liquids such as butanol and propane.

Discord is likely to have erupted following the sharp rise in the price of natural gas

Dr. Bashayer Al-Majed

However, Khatibzadeh says that according to international regulations and procedures, the three nations must be included in the negotiations and have a share of the opportunities to exploit the wealth offered by the gas field. Iran insists that the Saudi-Kuwaiti deal contravenes previous agreements and is therefore invalid.

Controversy is likely to have erupted following the sharp rise in the price of natural gas due to limited supply across Europe following the war in Ukraine, which is expected to boost profits to be made from Al-Durra. Iran does not want to risk losing the chance to exploit this opportunity while it lasts. Indeed, local media reports that Iranian Oil Minister Javad Owji has announced that Iran will start drilling in the Arash field, while Khatibzadeh has claimed that Tehran has the right to exploit the Arash’s resources. the region. If true, tensions could further escalate between the Kuwaiti-Saudi partnership and Iran.

This follows acrimony that has already built up after the March attack on a Saudi oil refinery by the Houthi rebel group in Yemen. Previous UN investigations have concluded that Iran was providing military aid to the Houthis. Riyadh stressed that such attacks pose additional risks to the safe delivery of oil from the Kingdom to the rest of the world – the suggestion being that it is in everyone’s interest to support the fight against the Houthis.

Although US President Joe Biden and British Prime Minister Boris Johnson have both asked Saudi Arabia to increase its oil and gas production – the Kingdom and the United Arab Emirates are the only OPEC countries with sufficient spare capacity to meet Europe’s needs if the EU boycotts Russian energy – Riyadh opted to stick to its OPEC+ agreement (to which Russia is a party) to limit the increase in its production at 400,000 barrels per day, with an additional 32,000 barrels from May 1. This aims to limit inflation and stabilize prices after the COVID-19 pandemic drastically reduced demand for the oil. However, Saudi Aramco, which posted record profits in 2021, agreed last month to increase oil production spending from $31.9 billion to $40 billion to $50 billion this year.

If Saudi Arabia and Kuwait can come to an agreement with Iran to formalize the eastern border of the divided submerged area to allow them to extract natural gas from Al-Durra without escalating tensions, it could give a boost to Gulf economies and help ensure a secure supply for Europe. There is huge potential in Al-Durra waiting to be realized.


Dr. Bashayer Al-Majed is Professor of Law at Kuwait University and Visiting Scholar at Oxford. Twitter: @BashayerAlMajed

Disclaimer: The opinions expressed by the authors in this section are their own and do not necessarily reflect the views of Arab News

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Saudi Arabia-listed Petro Rabigh posts $173m profit as oil prices soar in first quarter https://atlantigaz.com/saudi-arabia-listed-petro-rabigh-posts-173m-profit-as-oil-prices-soar-in-first-quarter/ Thu, 12 May 2022 14:01:25 +0000 https://atlantigaz.com/saudi-arabia-listed-petro-rabigh-posts-173m-profit-as-oil-prices-soar-in-first-quarter/

RIYADH: Saudi shares closed lower for the fourth straight day in the final trading session of the week as traders struggled to gain ground and energy prices fluctuated.

Oil price volatility continued, with Brent crude hitting $105.38 a barrel and WTI crude hitting $103.61 a barrel, as of 3:32 p.m. KST.

Saudi Arabia’s main stock index, TASI, fell 4.06% to 12,835, while the parallel market, Nomu, also fell 0.12% to 22,646.

Saudi Industrial Export Co. climbed 9.98% to lead the winners, following its shareholders’ approval to raise its capital by 800% to SR194 million ($51 million).

The financial sector continued to struggle as Banque Saudi Fransi fell 9.96% to lead the fallers, while Alinma and Al Rajhi fell 7.09 and 6.53%, respectively.

Shares of Saudi Aramco, the dominant player in the Saudi oil market, edged down 1.76%.

Saudi Basic Industries Corp., known as SABIC, fell 1.63%, despite a 33% increase in first-quarter profits.

Herfy Food Services Co. slid 8.27%, although the company posted an 11.5% rise in first-quarter profit.

In the healthcare sector, Al-Dawaa Medical Services Co. lost 5.02%, after announcing a 10% increase in quarterly profits, while Nahdi Medical Co. edged down 5.81%.

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US gas prices have peaked, but the oil market may signal relief https://atlantigaz.com/us-gas-prices-have-peaked-but-the-oil-market-may-signal-relief/ Tue, 10 May 2022 21:14:44 +0000 https://atlantigaz.com/us-gas-prices-have-peaked-but-the-oil-market-may-signal-relief/

As the summer driving season approaches, the national average price for regular gasoline climbed Tuesday to a nominal record high of $4.37 a gallon. But relief could be on the way, with oil prices falling below $100 a barrel, down about 10% since the weekend.

It may take a week for prices at the pump to reflect fluctuations in the price of crude oil, which rose from over $120 for the West Texas intermediate, the US benchmark, in March. It ended Tuesday at $99.76.

The weakness reflects a slowdown in the Chinese economy due to the lockdown of several cities battling the Covid-19 pandemic, as well as a growing consensus among traders that the global economy is also slowing.

“I think the consumer will get a little break here,” said Tom Kloza, global head of energy analysis at Oil Price Information Service. “Just pay attention to the months of July and August. I think the consumer will be driving this summer, whether it’s $4 a gallon or $6 a gallon.