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...The advisory services company, which is part of Los Angeles-based B Riley Financial, does restructuring and turnaround work, forensic accounting and litigation support, and valuations....
...This investor added: “Since Russia’s invasion of Ukraine, [oil companies] are seen as providing countries with energy security rather than being terrible companies polluting the world — and they have used...
...Last year, Aramco acquired a 10 per cent stake in Shenzhen-listed Rongsheng Petrochemical for $3.6bn and entered a venture with two other Chinese companies to build a 300,000 b/d refinery and petrochemicals...
...The planned downgrade would have taken their financial strength rating down three notches, from B++ to B-, they said....
...For the current year, the company expects profits of between £490mn and £550mn....
...The company said it would launch new ecommerce platforms in France and Poland, in the hope of replicating the success of its UK-based B&Q online marketplace....
..., which said on Thursday that it expected oil demand to rise by 2.2mn b/d this year and 1.8mn b/d in 2025....
...The company produced an average of 10.7mn b/d of crude oil and other liquids last year, down from 11.5mn b/d in 2022....
...In January, Saudi Arabia halted a plan to expand the kingdom’s daily oil production capacity from 12mn barrels a day to 13mn b/d, which was expected to cost Aramco about $40bn between 2024 and 2028....
...The Opec+ oil cartel has agreed a deal to cut an extra 1mn barrels a day of oil production while Saudi Arabia will extend a voluntary cut of a similar amount, two people familiar with the decision said on...
...The outlook for oil demand this year remains unclear. The IEA predicts oil demand will grow by 1.2mn b/d, about half the pace of 2023, while Opec believes demand growth will be higher at 2.2mn b/d....
...No mention of the B-word, then....
...These have picked up markedly in recent years, from a low of about 400,000 b/d in the pandemic year of 2020 to about 1.4mn b/d recently, according to Richard Bronze at Energy Aspects....
...US production rose by roughly 1.5mn b/d to a record 13.5mn b/d in 2023 while that of Iran increased to an average of roughly 3.9mn b/d from about 3mn b/d a year earlier, said Claudio Galimberti, North America...
...That means the company has 3mn b/d of spare capacity that it could bring online to meet any sudden rise in demand, reducing the immediate need to increase its maximum output further, said the person familiar...
...It goes through the history of the company, from how it began to where it is now....
...The IEA report contrasts with Opec’s analysis, which predicts that oil demand will continue to grow steadily, by about 2.3mn b/d this year, before falling to a still “robust” 1.8mn b/d in 2025....
..., the company said in an announcement....
...The revision comes after the company pledged to devote a higher proportion of spending to oil and gas last year, and other oil groups such as BP have slowed their retreat from oil....
...Saudi Arabia’s energy ministry on Tuesday asked the state oil company Saudi Aramco to halt a planned 1mn barrels per day expansion in oil production to 13mn b/d. This had been due by 2027....
...The annual jamboree is produced by Jay-Z’s entertainment company Roc Nation. The R&B singer has the stature for the marquee event....
...Mindful of the risk that fresh sanctions on Venezuela might push up oil prices in a US election year, Washington will allow US major Chevron to continue a joint venture with Venezuela’s national oil company...
...The west’s energy watchdog has predicted that Opec+ members will keep their voluntary production cuts for the whole of 2024, generating a “slight deficit” in oil compared with its previous forecast of a...
...The IEA now expects oil demand growth to tumble from a year-on-year rate of 2.8mn b/d in the third quarter of 2023 to 1.9mn b/d in this quarter....
...Brent crude, the international benchmark, traded as high as $92 a barrel on Friday after breaking above $90/b last week for the first time since October....
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