Aramco resumes upstream action

Oil market recovery is financing a cautious renewal of spending on core domestic projects

Saudi Aramco benefitted from rising oil prices to post a 30pc year-on-year leap in profits in Q1, to SAR78.6bn ($21bn)—a sharp contrast to the 44pc slump seen across 2020 as whole. But despite the prospects of more cash to come, the firm remains loath to lift spending. Crude production averaged a mere 8.6mn bl/d in the first three months of 2021 but will be permitted to rise to 9.23mn bl/d in May and gradually more thereafter. With Brent above 65/bl since mid-April, Aramco’s coffers should swell accordingly. 30pc – Year-on-year increase in Q1 profit But the firm restated in its Q1 results its downward revision of full-year capex to $35bn. Non-core investments in US LNG liquefa

Welcome to the PE Media Network

In 2021 Petroleum Economist is joined by Hydrogen Economist and Transition Economist to form the only genuinely comprehensive intelligence service covering the global energy industry

Want to read more?

Please choose from one of the following options:

Already registered?
Click here to log in Subscribe now
to get full access to PE + HE + TE editorial and data Register now
to receive our newsletters and unlock up to three articles per month for free Any questions?
Contact us

Comments

{{ comment.comment.Name }} Editor • {{ comment.timeAgo }}

Also in this section

Beijing strives to balance security and decarbonisation

15 October 2021

The ongoing global energy crunch underlines the difficult task facing China’s leaders in balancing energy supply security while reaching net zero in the next 40 years

Occidental exits Ghana

15 October 2021

The US super-indie is divesting its assets in the country

Gran Tierra cranks up the gears

14 October 2021

Midstream takeaway has returned to normal in Colombia, paving the way for production growth opportunities