• 4 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 7 minutes Middle East on brink: Oil tankers attacked off Oman
  • 11 minutes CNN:America's oil boom will break more records this year. OPEC is stuck in retreat
  • 14 minutes The Latest: Iranian FM Says US Cannot Expect To ‘Stay Safe’
  • 8 hours The Pope: "Climate change ... doomsday predictions can no longer be met with irony or disdain."
  • 6 hours US Shale Drilling lacks regulatory body.
  • 1 min Ireland To Ban New Petrol And Diesel Vehicles From 2030
  • 1 hour Solar Panels at 26 cents per watt
  • 15 hours Coal Boom in Asia is Real and a Long Trend
  • 12 hours The Plastics Problem
  • 57 mins Trudeau approves Trans Mountain Pipeline
  • 4 hours Huge UK Gas Discovery
  • 22 hours As Iran Nuclear Deal Flounders, France Turns To Saudi For Oil
  • 6 hours OPEC, GEO-POLITICS & OIL SUPPLY & PRICES
  • 5 hours Malaysia Oil & Gas Updates
  • 12 hours Why Is America (Texas) Burning Millions of Dollars Per Day Of Natural Gas?
  • 12 hours The Magic and Wonders of US Shale Supply: Keeping energy price shock minimised: US oil supply keeping lid on prices despite global risks: IEA chief

Breaking News:

Oil Stabilizes On Small Crude Draw

GE Strikes Deals Worth $15B In Saudi Arabia

Riyadh

GE has closed preliminary agreements with Riyadh on a number of projects worth a collective US$15 billion, the company said. GE’s Vice Chairman John Rice traveled with President Trump on his first visit abroad, to Saudi Arabia. According to him, the deals will help Saudi Arabia with its Vision 2030 economic diversification program.

In a press release, GE said that about US$7 billion of the total investments will be dedicated to technology and solutions specifically from GE, including the company’s cloud-based data analytics platform Predix. The agreements involve the power and oil and gas sectors, among others.

The Vision 2030 program was conceived by Deputy Crown Prince Mohammed bin Salman in a bid to move the Kingdom away from oil and make it more resilient to price shocks like the one from 2014. One aspect of the program involves greater reliance on renewable energy, with the ambition to make the country a regional leader in renewable energy generation.

Another aspect of the diversification program is turning Saudi Arabia from an arms importer to an arms producer. Last week, the country’s sovereign wealth fund set up a company to that end, Saudi Arabian Military Industries. At the same time, over the weekend President Trump and King Salman inked a US$110-billion U.S. arms import deal.

Related: U.S. Shale Just Won’t Die: Bankrupt Drillers Rise Again

Meanwhile, OPEC’s largest producer is moving ahead with an output cut extension meant to bring global oil supplies within the limits of the five-year average range, which the cartel considers a balanced market. There are reports that the cuts may be deepened, but Saudi Arabia’s top oilman Khalid al-Falih told media that it may be enough if another one or two smaller oil producers join the cut to bring supply down and prices up.

Thanks to these reports, oil prices started the week with a rise. Brent inched above US$53 a barrel and WTI crossed back above the US$50 mark.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News