Aramco Enters Lubricants Market with Launch of ORIZON® Product Range

Saudi Aramco. Asharq Al-Awsat
Saudi Aramco. Asharq Al-Awsat
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Aramco Enters Lubricants Market with Launch of ORIZON® Product Range

Saudi Aramco. Asharq Al-Awsat
Saudi Aramco. Asharq Al-Awsat

Aramco has announced its entry into Saudi Arabia’s domestic lubricants market, offering consumers a new line of lubricant products under the ORIZON® brand.

Aramco timed the ORIZON® launch to coincide with the inaugural Saudi Arabian Formula 1 Grand Prix in Jeddah, it said in a statement on Sunday.

Aramco is a global sponsor of Formula 1.

Aramco has introduced the ORIZON® product line in more than 20 cities including Riyadh, Jeddah and Dammam with more locations planned.

ORIZON® products include synthetic and semi-synthetic lubricants for gasoline engines and heavy-duty diesel engines, as well as driveline products, greases and brake fluids.

The company has also expanded the brand to include ORIZONPRO® which is a high-performance line for the industrial sector.

“Entering the lubricants market is an important milestone for the company, as we continue to expand our presence throughout the downstream value chain,” said Aramco Vice President of Fuels Yasser M. Mufti.

“ORIZON® products leverage Aramco’s extensive capabilities in research and development, making them a quality line of lubricants that boosts the local market offering and enhances consumer choice,” the statement quoted him as saying.

“The launch of ORIZON® further complements Aramco’s presence in the Kingdom’s downstream direct-to-consumer segment, following the inauguration of our first two service stations in Riyadh and Saihat recently,” he added.



Oil Falls on Demand Growth Concerns, Robust Dollar

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
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Oil Falls on Demand Growth Concerns, Robust Dollar

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)

Oil prices fell on Friday on worries about demand growth in 2025, especially in top crude importer China, putting global oil benchmarks on track to end the week down nearly 3%.
Brent crude futures fell by 33 cents, or 0.45%, to $72.55 a barrel by 0730 GMT. US West Texas Intermediate crude futures eased 32 cents, or 0.46%, to $69.06 per barrel, Reuters said.
Chinese state-owned refiner Sinopec said in its annual energy outlook released on Thursday that China's crude imports could peak as soon as 2025 and the country's oil consumption would peak by 2027 as diesel and gasoline demand weaken.
"Benchmark crude prices are in a prolonged consolidation phase as the market heads towards the year-end weighed by uncertainty in oil demand growth," said Emril Jamil, senior research specialist at LSEG.
He added that OPEC+ would require supply discipline to perk up prices and soothe jittery market nerves over continuous revisions of its demand growth outlook. The Organization of the Petroleum Exporting Countries and allies, together called OPEC+, recently cut its growth forecast for 2024 global oil demand for a fifth straight month.
Meanwhile, the dollar's climb to a two-year high also weighed on oil prices, after the Federal Reserve flagged it would be cautious about cutting interest rates in 2025.
A stronger dollar makes oil more expensive for holders of other currencies, while a slower pace of rate cuts could dampen economic growth and trim oil demand.
JPMorgan sees the oil market moving from balance in 2024 to a surplus of 1.2 million barrels per day (bpd) in 2025, as the bank forecasts non-OPEC+ supply increasing by 1.8 million bpd in 2025 and OPEC output remaining at current levels.
In a move that could pare supply, G7 countries are considering ways to tighten the price cap on Russian oil, such as with an outright ban or by lowering the price threshold, Bloomberg reported on Thursday.
Russia has circumvented the $60 per barrel cap imposed in 2022 using its "shadow fleet" of ships, which the EU and Britain have targeted with further sanctions in recent days.