Breaking News
“By the end of April, we will not have that fear,” Ibrahim Al-Buainain, chief executive of Aramco Trading, said in an interview in London. “I am confident that the support and measures taken by countries will contain the virus.”
Marriott CEO says success isn’t guaranteed, but optimistic on balance in KSA
Vast wealth and the promise of dramatic change make for cautious optimism concerning Saudi Arabia, the chief executive…
260 Views | the publication reaches you by | Saudi Arabia Today
as the coronavirus causes massive economic disruption in China and spreads throughout the world. Jet fuel demand has been “slashed” by about 300,000 to 400,000 barrels a day, mostly in China, according to Al-Buainain.
While the abrupt halt in the movement of people and commercial activity threatens to “create a huge dent in the global economy,” trading has so far remained resilient, said Al-Buainain, speaking after the official opening of the trading unit’s new London office.
The trading unit has requested its full monthly allocation of crude from its parent, which in turn is seeing normal customer demand from China, he said.
The London office typically buys and sells about 300,000 to 400,000 barrels a day of crude oil, most of it produced by third parties rather than Aramco itself, Al-Buainain said.
Sentiment in markets had been upbeat just before the infection struck because Washington and Beijing were resolving differences over trade.
“Everyone was excited,” Al-Buainain said. “We were happy the trade war was moving in the right direction.”
Aramco aims to increase trading volumes of crude and refined products to 6 million barrels a day by the end of 2022, up from 4.5 million a day currently, he said.
That’s a year later than the target Al-Buainain outlined in September, which also had been pushed back.
The trading venture enables Aramco to balance crude in the upstream and downstream parts of its business, and to offer customers greater flexibility, he said.
The project for the design, engineering and procurement of the new 400,000m3/day Jubail II seawater reverse osmosis (SWRO)…
376 Views | the publication reaches you by | Saudi Arabia Today
Do you have information you want to reach our readers?
You can subscribe to our Facebook, Twitter and Google pages or use our RSS feed channel to always read the most important news about Saudi Arabia, the Gulf and the world.
The Arab states of the Persian Gulf are the seven Arab states which border the Persian Gulf, namely Bahrain, Iraq, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates (UAE).This excludes the non-Arab state of Iran. All of these nations except Iraq are part of the Gulf Cooperation Council (GCC).
