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Saudi Arabia's Aramco Creates New Positions for Upstream, Downstream Businesses

A Saudi Aramco sign is pictured at an oil facility in Abqaiq, Saudi Arabia, Oct. 12, 2019. (Reuters Photo)
A Saudi Aramco sign is pictured at an oil facility in Abqaiq, Saudi Arabia, Oct. 12, 2019. (Reuters Photo)
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Saudi Arabia's Aramco Creates New Positions for Upstream, Downstream Businesses

A Saudi Aramco sign is pictured at an oil facility in Abqaiq, Saudi Arabia, Oct. 12, 2019. (Reuters Photo)
A Saudi Aramco sign is pictured at an oil facility in Abqaiq, Saudi Arabia, Oct. 12, 2019. (Reuters Photo)

Saudi Arabian oil giant Aramco on Thursday named Nasir Al-Naimi as president of its upstream business and Mohammed Al-Qahtani as president of its downstream business.

The state oil company said the newly created positions and appointments, which have been approved by the board, will be effective from July 1.

It also said that the board approved the positions as part of the company’s transition to meet the global energy needs.

Aramco listed on the Saudi bourse in late 2019, raising $25.6 billion in its IPO and later sold more shares to raise the total to $29.4 billion.

 

 

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Gold Edges Up as Investors Seek Fed Clues from US Data

FILE PHOTO: A woman picks a gold earring at a jewelry shop in the old quarters of Delhi, India, May 24, 2023. REUTERS/Anushree Fadnavis/File Photo
FILE PHOTO: A woman picks a gold earring at a jewelry shop in the old quarters of Delhi, India, May 24, 2023. REUTERS/Anushree Fadnavis/File Photo
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Gold Edges Up as Investors Seek Fed Clues from US Data

FILE PHOTO: A woman picks a gold earring at a jewelry shop in the old quarters of Delhi, India, May 24, 2023. REUTERS/Anushree Fadnavis/File Photo
FILE PHOTO: A woman picks a gold earring at a jewelry shop in the old quarters of Delhi, India, May 24, 2023. REUTERS/Anushree Fadnavis/File Photo

Gold prices edged higher on Tuesday, supported by US rate cut bets and geopolitical concerns, while the focus shifted to economic data due this week for clues into the Federal Reserve's interest rate path.
Spot gold was up 0.1% at $2,640.65 per ounce, as of 0810 GMT, after falling by as much as 1% on Monday. US gold futures were 0.2% higher at $2,663.40, Reuters reported.
US data this week includes the job openings due later on Tuesday, the ADP employment report on Wednesday, and the payrolls report on Friday.
"The next big thing is going to be the payrolls on Friday night because it'll tell us whether the Fed is essentially going to green-light the interest rate cut in a couple of weeks," said Kyle Rodda, financial market analyst at Capital.com.
Fed Governor Christopher Waller on Monday said, with inflation still forecast to fall to 2%, he is inclined "at present" to support another rate cut later this month.
The comments boosted expectations of a rate cut at the Fed's Dec. 17-18 meeting to nearly 75% compared from 66% a day before.
"It seems we're just oscillating in one place until a new trigger emerges," said Ilya Spivak, head of global macro at Tastylive.
Non-yielding gold tends to thrive in a low-interest-rate environment and during periods of geopolitical turmoil.
Driving tensions in the Middle East, the Israeli military targeted dozens of Hezbollah positions across Lebanon on Monday.
Elsewhere, spot silver gained 1.3% to $30.89 per ounce, platinum added 0.6% to $952.18 and palladium rose 1% to $991.21.