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Saudi Aramco Increases Light Crude $3

An Aramco oil tank at the Production facility at Saudi Aramco's Shaybah oilfield (File photo: Reuters)
An Aramco oil tank at the Production facility at Saudi Aramco's Shaybah oilfield (File photo: Reuters)
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Saudi Aramco Increases Light Crude $3

An Aramco oil tank at the Production facility at Saudi Aramco's Shaybah oilfield (File photo: Reuters)
An Aramco oil tank at the Production facility at Saudi Aramco's Shaybah oilfield (File photo: Reuters)

Saudi Arabia raised the September official selling prices (OSPs) for the flagship Arab light crude to $3 a barrel above the Oman/Dubai average for Asia, announced Aramco.

Saudi Arabia set its Arab Light OSP to northwest Europe at a discount of $1.70 a barrel against ICE Brent for September. Its OSP to the United States was at a premium of $1.35 a barrel over Argus Sour Crude Index (ASCI).

Oil prices have witnessed remarkable increases after their collapse due to the coronavirus outbreak and have risen 40 percent since the beginning of this year, amid optimistic economic prospects.

On Wednesday, the US Energy Information Administration (EIA) said that crude oil stockpiles rose while gasoline inventories fell, indicating steady demand for fuel.

Crude inventories rose by 3.6 million barrels in the week to July 30 to 439.2 million barrels, compared with analysts' expectations in a Reuters poll for a 3.1-million-barrel drop.

The EIA said that stocks at the Cushing, Oklahoma, delivery hub for US crude futures, however, fell for an eighth straight week, dropping by 543,000 barrels to 34.9 million barrels, their lowest since January 2020.

Gasoline stocks fell by 5.3 million barrels, the EIA said, far more than expectations for a 1.8-million-barrel drop.

Distillate stockpiles, including diesel and heating oil, rose by 833,000 barrels, versus expectations for a 543,000-barrel drop.

The Administration reported that net US crude imports increased by 510,000 bpd last week.

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Saudi Arabia Tackles Carbon Management Challenges at COP 29

Speakers participate in a discussion session in the Saudi pavilion during the COP29. (Asharq Al-Awsat)
Speakers participate in a discussion session in the Saudi pavilion during the COP29. (Asharq Al-Awsat)
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Saudi Arabia Tackles Carbon Management Challenges at COP 29

Speakers participate in a discussion session in the Saudi pavilion during the COP29. (Asharq Al-Awsat)
Speakers participate in a discussion session in the Saudi pavilion during the COP29. (Asharq Al-Awsat)

During a panel discussion titled, “The Carbon Management Challenge: Scaling Carbon Management to Gigaton Levels” at the Saudi Pavilion at COP 29, speakers highlighted the critical role of international collaboration in advancing carbon capture technologies and emphasized Saudi Arabia’s ambitious goal of achieving net-zero emissions by 2060.

The discussion focused on Saudi Arabia’s adoption of the Circular Carbon Economy framework, which centers on four key pillars: reducing emissions, reusing carbon, recycling, and removing carbon.

The participants pointed to the importance of international cooperation in developing new carbon capture technologies and establishing independent carbon transport and storage projects. According to reports, over 50 advanced carbon capture and storage (CCS) projects are currently in progress globally, with a combined capacity of 50 million tons. Furthermore, investment decisions have been made for 44 additional CCS projects under development around the world.

The session also explored advancements in various industries, such as the cement sector. Countries like Japan, China, and European nations have made significant progress in carbon capture technologies, while emerging economies such as Canada and Thailand are working on financing decarbonization efforts in the cement industry.

The speakers underscored the crucial role of governments in enabling these initiatives by making financial investments and developing the necessary infrastructure. They also pointed out that supportive government policies are essential for driving these projects forward and fostering collaboration between the public and private sectors. This aligns with the Clean Energy Ministerial’s focus on advancing policies for carbon capture, utilization, and storage technologies.

The participants further stressed that global goals to reduce emissions and combat climate change can only be achieved through international cooperation, robust policy frameworks, and the sharing of expertise across all stakeholders.