Aramco CEO honored with Kavaler Award

Aramco CEO honored with Kavaler Award
Amin Nasser
Short Url
Updated 29 July 2020

Aramco CEO honored with Kavaler Award

Aramco CEO honored with Kavaler Award
  • The award, which will be presented during a virtual ceremony this year

JEDDAH: Amin Nasser, the president and CEO of Saudi Aramco, is to receive the prestigious Kavaler Award for his work in the petrochemical industry. He is the first recipient outside of Europe and North America.

The award, which will be presented during a virtual ceremony this year, recognizes outstanding achievement in petrochemicals. Nasser’s honor comes during a year in which Aramco completed its milestone merger with Saudi Basic Industries Corporation (SABIC) to create a new force in the multibillion-dollar global industry.

“Nasser has made huge advances in petrochemicals with the $69bn acquisition of SABIC, the construction of mega-projects worldwide and the ongoing development of crude-to-oil technology,” said Joseph Chang, global editor of the Independent Commodity Intelligence Services (ICIS) Chemical Business website.

The recipient of the Kavaler Award is chosen by a peer group of executives in the chemicals industry, selected by the consultancy ICIS, and the Chemist’s Club, a professional executive organization. The decision takes into account profitability and commitment to environmental, social and governance issues, as well as innovation, mergers and acquisition activity.

“The level of activity for Aramco is unprecedented, for any company,” said Chang. 

“Its global ambitions and investments in petrochemicals will create waves in the industry for years to come.”

The Kavaler is the second major award Nasser will receive this year. In January he was named Energy Executive of the Year by the consultancy Energy Intelligence.


WEEKLY ENERGY RECAP: Despite long-term challenges, oil prices remain in healthy range

WEEKLY ENERGY RECAP: Despite long-term challenges, oil prices remain in healthy range
Updated 24 January 2021

WEEKLY ENERGY RECAP: Despite long-term challenges, oil prices remain in healthy range

WEEKLY ENERGY RECAP: Despite long-term challenges, oil prices remain in healthy range

Oil prices have been stable since early January, with Brent crude price hovering around $55. Brent crude closed the week slightly higher at $55.41 per barrel,
while West Texas Intermediate (WTI) closed slightly lower at $52.27 per barrel.

Oil price movement since early January in a narrow range above $50 is healthy, despite pessimism over an increase in oil demand, while expectations of US President Joe Biden taking steps to revive energy demand growth are
still doubtful. The US Energy Information Administration (EIA) reported a hike in US refining utilization to its highest since March 2020, at 82.5 percent. The EIA reported a surprise weekly surge in US commercial crude stocks by 4.4
million barrels. Oil prices remained steady despite the bearish messages sent from the International Energy Agency (IEA), which believes it will take more time for oil demand to recover fully as renewed lockdowns in several countries weighed on oil demand recovery.

The IEA’s January Oil Market Report came as the most pessimistic monthly report among other market bulletins from the Organization of the Petroleum Exporting Countries (OPEC) and EIA. It forecast oil demand will bounce back to 96.6 million bpd this year, an increase of 5.5 million bpd over 2020 levels.

Though the IEA has lowered its forecast for global oil demand in 2021 due to lockdowns and vaccination challenges, it still expects a sharp rebound in oil consumption in the second half of 2021,
and the continuation of global inventory depletion.

The IEA reported global oil stocks fell by 2.58 million bpd in the fourth quarter of 2020 after preliminary data showed hefty drawdowns toward the end of the year. The IEA reported OECD industry stocks fell for a fourth consecutive month at 166.7
million barrels above the last five-year average. It forecast that global refinery throughput is expected to rebound by 4.5 million bpd in 2021, after a 7.3 million bpd drop in 2020.

The IEA monthly report has led to some short term concern about weakness in the physical crude spot market, and the IEA has acknowledged OPEC’s firm role in stabilizing the market.

Controversially, the IEA believes that a big chunk of shale oil production is profitable at current prices, and hence insinuated that shale oil might threaten OPEC market share.

It also believes that US shale oil producers have quickly responded to oil price gains, winning market share over OPEC producers. However, even if US shale oil drillers added more oil rigs for almost three months in a row, the number of operating rigs is still less than half that of a year ago, at 289 rigs.

The latest figures from the Commodity Futures Trading Commission show that crude futures “long positions” on the New York Mercantile Exchange are at 668,078 contracts, down by 18,414 contracts from the previous week (at 1,000 barrels for each contract).