• 3 minutes Nucelar Deal Is Dead? Iran Distances Itself Further From ND, Alarming Russia And France
  • 5 minutes Don Jr. Tweets name Ukraine Whistleblower, Eric Ciaramella. Worked for CIA during Obama Administration, Hold over to Trump National Security Counsel under Gen McCallister, more . . . .
  • 9 minutes Shale pioneer Chesepeak will file bankruptcy soon. FINALLY ! The consolidation begins
  • 12 minutes China's Blueprint For Global Power
  • 2 hours Who writes this stuff? "Crude Prices Swing Between Gains, Losses"
  • 2 hours Pioneer's Sheffield in Doghouse. Oil upset his bragging about Shale hurt prices. Now on campaign to lower expectations, prop up price.
  • 10 hours Climate Change Consensus Shifts in Wind, But Gas Is Still the Right Move
  • 11 hours World oil demand will keep growing until 2030, climate-damaging emissions longer, says IEA
  • 7 mins EU has already lost the Trump vs. EU Trade War
  • 5 hours Iran Finds New Oil Field With Over 50 Billion Barrels: Rouhani
  • 3 hours Atty General Barr likely subpeona so called whistleblower and "leaker" Eric Ciaramella
  • 2 hours Joe Biden, his son Hunter Biden, Ukraine Oil & Gas exploration company Burisma, and 2020 U.S. election shenanigans
  • 2 hours Trump On Farage's Radio Show ...
  • 1 hour Does .001 of Atmosphere Control Earth's Climate?!
  • 6 hours Iran's Master Plan?
  • 8 mins China's Renewables Boom Hits the Wall
  • 5 hours Saudi Aramco IPO Will Not Save Kingdom

Breaking News:

Oil Rebounds On Surprise Crude Draw

Alt Text

A Bear’s Guide To Oil Markets

2019 hasn’t been the year…

Alt Text

The Counterintuitive Cure For Low Oil Prices

As oil demand continues to…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

Saudi Aramco’s Chief Sees Oil Rebounding In H1 2017

Crude oil prices will rise in the first half of next year as the commodity’s fundamentals return to balance, Aramco’s chief executive, Amin Nasser, said. Without providing details about what he was basing this optimistic prediction on, the executive added that after this rebound, demand for the commodity will remain stable.

Saudi Arabia’s state oil giant, which is preparing for a partial privatization in 2018, will play a leading role in the country’s transformation into a greener economy, Nasser also said, adding that Saudi Arabia will turn increasingly to gas by doubling its daily output to 23 billion standard cu ft. The goal is for gas to account for 70 percent of power generation fuels in Saudi Arabia.

The company will also help the government achieve its goal of producing 9.5 GW of electricity from renewable energy sources by 2030, under the Vision 2030 plan.

Despite this upbeat attitude towards renewable energy and clean gas, Nasser did not forget to note that investments in oil and gas should continue, as the transition to renewables will be a long one.

Last week Aramco sealed a 50/50 joint venture deal with U.S. drilling services provider Nabors for the ownership, operation and management of onshore rigs in Saudi Arabia. The two companies said the move was part of the kingdom’s economic diversification efforts.

Nasser also said that the prep work for Aramco’s IPO is going according to plan, and that the oil giant will start reporting quarterly results sometime next year. This would be certainly good news for potential investors, who have balked at Aramco’s lack of transparency. With zero information about the company’s actual financial status and prospects, any investment would be risky business.

Aramco will be listed on the local stock exchange, Tadawul, as well as on one or more foreign venues, which are currently being reviewed. After a legislative change approved in August, foreign investors would be able to directly take part in the share sale. Riyadh is planning to sell 5 percent of the company, for which they hope to get around US$100 billion.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage



Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play