Government, Business, Fuel

Saudi Aramco Plans $25.6 Billion Share Sale in Richest IPO Ever

Man walks past a compound for Saudi Aramco in Jiddah, Saudi Arabia A man walks past a compound for Saudi Aramco in Jiddah, Saudi Arabia, on Nov. 3, 2019. (Amr Nabil/Associated Press)

DUBAI, United Arab Emirates — Saudi Arabian oil company Aramco on Dec. 5 set a share price for its IPO — expected to be the biggest ever — that puts the value of the company at $1.7 trillion, more than Apple or Microsoft.

Aya Batrawy | Associated Press
December 5, 2019
Business, Fuel

New England May Be One Cold Snap Away From Heating Fuel Crunch

Boston homes covered in snow Snow blankets a Boston neighborhood. (Getty Images)

Heating oil prices in the northeast U.S. may jump during cold snaps this winter, as the closing of the region’s biggest refinery and new clean-fuel rules for ships trim supply.

November 15, 2019
Government, Business, Technology, Fuel

World Thirst for Oil Keeps Growing, With SUVs a Key Culprit

SUV on road Michel Euler/AP

PARIS — The world’s thirst for oil will continue to grow until the 2030s, with climate-damaging emissions climbing until at least 2040 — and consumers’ insatiable appetite for SUVs is a big reason why.

Angela Charlton | Associated Press
November 13, 2019
Government, Business, Fuel

Offshore Oil to Peak in 2020, Then Join Shale in Market Drop, Analysts Say

An oil platform in the Gulf of Mexico An offshore oil platform in the Gulf of Mexico. (Getty Images)

Offshore oil production is expected to hit a peak in 2020 before joining the shale industry in a slowdown that could dramatically rewrite market supply predictions.

November 12, 2019
Government, Business, Fuel

Oil Falls Amid Uncertainty Over Trade War, OPEC Supply Cuts

Oil Falls An employee looks out from a platform above pipelines at a Duna oil refinery operated by MOL Hungarian Oil and Gas Plc in Szazhalombatta, Hungary. (Oliver Bunic/Bloomberg News)

Oil fell as traders awaited more concrete signs that the U.S. and China are resolving their trade dispute, and amid concerns that OPEC and its partners won’t deepen output curbs to prevent a glut.

Ann Koh and Grant Smith | Bloomberg News
November 8, 2019
Government, Business

Brazil Oil Auction a ‘Total Disaster’ as Bidders Stay Away

Oil platform off coast of Brazil An oil platform sits anchored off of the coast of Rio de Janeiro. (Getty Images)

Brazil’s largest-ever auction of oil deposits flopped, sending the real tumbling, after state-controlled Petroleo Brasileiro SA did most of the bidding while other major oil companies stayed away.

November 6, 2019
Government, Business, Fuel

Oil Near Six-Week High as US-China Trade Deal Hopes Increase

Oil A worker unloads crude oil from a tanker in Loving County, Texas. (Angus Mordant/Bloomberg News)

Oil held its biggest gain in almost seven weeks after improved U.S. and Chinese economic data aided the demand outlook, while optimism increased that the U.S. and China will resolve their trade dispute.

Alex Longley | Bloomberg News
November 4, 2019
Government, Business, Fuel

Report: Saudi Aramco Shares to Start Trading in December

 Saudi Crown Prince Mohammed bin Salman Saudi Crown Prince Mohammed bin Salman by Amr Nabil/AP

RIYADH, Saudi Arabia — The long-planned initial public offering of a sliver of Saudi Arabia’s state-run oil giant Saudi Aramco will see shares traded on Riyadh’s stock exchange in December, a Saudi-owned satellite news channel reported Oct. 29 as the kingdom’s marquee investment forum got underway.

Jon Gambrell | Associated Press
October 29, 2019
Government, Business

World’s Priciest Oil Auction May Raise $50 Billion in Brazil

Two oil platforms in Guanabara Bay Two oil platforms in Guanabara Bay surrounded by four towboats off the coast of Brazil. (Getty Images)

An auction next month of oil fields in Brazil may be the priciest ever held, raising at least $50 billion in licensing fees and compensation, according to people familiar with government estimates.

Sabrina Valle | Bloomberg News
October 21, 2019
Business, Breaking News

T. Boone Pickens Dies at Age 91

T. Boone Pickens T. Boone Pickens participated in the Transport Topics LiveOnWeb discussion on the benefits of natural gas via live remote from Dallas in 2016. (Joseph Terry/Transport Topics)

OKLAHOMA CITY — T. Boone Pickens, a brash and quotable oil tycoon who grew even wealthier through corporate takeover attempts, died Sept. 11. He was 91.

Cliff Brunt | Associated Press
September 11, 2019