Saudi Arabia’s oil exports hit 25-month high in April: JODI

Update Saudi Arabia trailed as the second-largest crude supplier to China, with May volumes up 9 percent on year at 7.82 million tons, or 1.84 million bpd. (Supplied)
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Saudi Arabia trailed as the second-largest crude supplier to China, with May volumes up 9 percent on year at 7.82 million tons, or 1.84 million bpd. (Supplied)
Update Saudi Arabia’s oil exports hit 25-month high in April: JODI
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This is the highest monthly level of volume since March 2020 when the Kingdom’s exports were 7.39 million bpd. (Shutterstock)
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Updated 21 June 2022

Saudi Arabia’s oil exports hit 25-month high in April: JODI

Saudi Arabia trailed as the second-largest crude supplier to China, with May volumes up 9 percent on year at 7.82 million tons.
  • Production grew by 141,000 barrels per day to 10.44 million bpd in April: JODI

RIYADH: Saudi Arabia’s crude oil exports grew 147,000 barrels per day in April to 7.38 million, according to the latest monthly data released by the Joint Organisations Data Initiative.

This is the highest monthly level of volume since March 2020 when the Kingdom’s exports were 7.39 million bpd.
Exports of crude rose by 2 percent in April from 7.24 million bpd in March 2022.
Year-on-year, the Kingdom’s shipments of crude abroad surged by 1.97 million bpd — an increase of 36.5 percent. 
As for the production of crude, in April it grew by 141,000 bpd to 10.44 million bpd. Production rose by 1.4 percent from 10.3 million bpd in March.

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Russia overtakes KSA China’s crude oil imports from Russia soared 55 percent from a year earlier to a record level in May, displacing Saudi Arabia as the top supplier, as refiners cashed in on discounted supplies amid sanctions on Moscow over its invasion of Ukraine, reported Reuters.
Imports of Russian oil, including supplies pumped via the East Siberia Pacific Ocean pipeline and seaborne shipments from Russia’s European and Far Eastern ports, totaled nearly 8.42 million tons, according to data from the Chinese General Administration of Customs.

FASTFACTS

• Year-on-year, the Kingdom’s shipments of crude abroad surged by 1.97 million bpd — an increase of 36.5 percent.  

• Crude production rose by 1.4 percent from 10.3 million bpd in March.

• China’s crude oil imports from Russia soared 55 percent from a year earlier to a record level in May, displacing Saudi Arabia as the top supplier.

That is equivalent to roughly 1.98 million barrels per day (bpd) and up a quarter from 1.59 million bpd in April. China is the world’s biggest crude oil importer.
Chinese firms, including state refining giant Sinopec and state-run Zhenhua Oil, have ramped up purchases of Russian oil, enticed by steep discounts after Western oil majors and trading houses pulled back due to sanctions.
Saudi Arabia trailed as the second-largest supplier, with May volumes up 9 percent on year at 7.82 million tons, or 1.84 million bpd.
This was down from April’s 2.17 million bpd. Russia took back the top ranking after a gap of 19 months.
Customs data released on Monday also showed China imported 260,000 tons of Iranian crude oil last month, its third shipment of Iran oil since last December, confirming an earlier Reuters report.
Despite US sanctions on Iran, China has kept taking Iranian oil, usually passed off as supplies from other countries. The import levels are roughly equivalent to 7 percent of China’s total crude oil imports.
China’s overall crude oil imports rose nearly 12 percent in May from a low base a year earlier to 10.8 million bpd, versus the 2021 average of 10.3 million bpd.
Customs reported zero imports from Venezuela. State oil firms have shunned purchases since late 2019 for fear of falling foul of secondary US sanctions.
Imports from Malaysia, often used as a transfer point in the last two years for oil originating from Iran and Venezuela, amounted to 2.2 million tons, steady versus April but more than double the year-earlier level.
Imports from Brazil fell 19 percent from a year earlier to 2.2 million tons, as supplies from the Latin American exporter faced cheaper competition from Iranian and Russian barrels.


SAMI ranked among top 100 defense firms after 2,898% hike in revenue

SAMI ranked among top 100 defense firms after 2,898% hike in revenue
Updated 14 sec ago

SAMI ranked among top 100 defense firms after 2,898% hike in revenue

SAMI ranked among top 100 defense firms after 2,898% hike in revenue

RIYADH: The Saudi Arabian Military Industries has made it to the list of the 100 largest defense companies for the year 2022, according to Defense News rating.

SAMI, ranked 98, has seen a massive 2,898 percent jump in revenue in 2021, compared to a year earlier. 

The state-owned firm’s revenue jumped from roughly $20 million in 2020 to $605 million in 2021.

The increase in revenue and the company’s global ranking follow its acquisition of the Advanced Electronics Co. in December 2020. 

In line with Vision 2030, the Saudi government has been consolidating companies within SAMI to achieve a 50 percent technology transfer target. 

SAMI has also attributed its growth to its weapons and missiles business, its emerging technologies division, in addition to its joint ventures including Saudi Aircraft Accessories and Components Co., Navantia and Thales.

Data for the Top 100 list comes from information solicited from companies, their annual reports, analysts and from research by Defense News.


Walaa Insurance gets CMA nod to hike $227m capital for SABB Takaful merger

Walaa Insurance gets CMA nod to hike $227m capital for SABB Takaful merger
Updated 57 min 47 sec ago

Walaa Insurance gets CMA nod to hike $227m capital for SABB Takaful merger

Walaa Insurance gets CMA nod to hike $227m capital for SABB Takaful merger

RIYADH: Walaa Cooperative Insurance Co. has received approval from the Capital Market Authority to increase its capital in order to merge with SABB Takaful.

By issuing over 20 million ordinary shares, Walaa Insurance's capital will increase to SR850 million ($227 million), up from SR646 million, according to a bourse filing.

Walaa Cooperative revealed today that its losses widened to SR27 million during the first half of 2022, compared to SR13 million in the same period last year.


NRG Matters - US power consumption to rise to record high in 2022; KAPSARC team attends energy event in Tokyo 

NRG Matters - US power consumption to rise to record high in 2022; KAPSARC team attends energy event in Tokyo 
Updated 58 min 50 sec ago

NRG Matters - US power consumption to rise to record high in 2022; KAPSARC team attends energy event in Tokyo 

NRG Matters - US power consumption to rise to record high in 2022; KAPSARC team attends energy event in Tokyo 

RIYADH: On a macro level, power consumption in the US is expected to rise to a record high in 2022. Zooming in, a delegation from Saudi Arabia’s King Abdullah Petroleum Studies and Research Center attended a conference in Tokyo to discuss decarbonization and renewable energy challenges and opportunities. 

Looking at the bigger picture

• US power consumption is expected to rise to a record high in 2022 as the economy grows, Reuters reported citing the US Energy Information Administration’s Short-Term Energy Outlook.

The EIA forecast power demand will climb to 4,027 billion kWh in 2022, from 3,930 billion kWh in 2021, before sliding to 4,018 billion kWh in 2023.

•  Électricité de France is seeking €8.34 billion ($8.5 billion) from the French state, its main shareholder, in compensation, as the government forced it to sell power at cut-rate prices to protect consumers from the surging inflation.

The French government is defending its decision to force EDF to sell more of its nuclear power output at a discount as the measure is taken in the wider interest of consumers due to surging energy prices, Bloomberg reported. 

Through a micro lens

• The Emirates Water and Electricity Co. has signed an initial agreement with the Abu Dhabi Department of Economic Development to reinforce the competitiveness of the emirate’s energy sector, Trade Arabia reported.

The joint initiative aims to boost sustainability best practices and promote the adoption of clean energy certificates across Abu Dhabi’s industrial sector. 

• A delegation from the King Abdullah Petroleum Studies and Research Center, KAPSARC,  participated in plenary and  specialized sessions in the 43rd International Association for Energy Economics held in Tokyo, the Saudi Press Agency reported. 

During the sessions, researchers discussed the future role of fossil fuels, challenges and opportunities for decarbonization and renewable energy, as well as energy economics, the electricity market, transportation issues and oil market stability.


Egypt In-Focus — Bidding starts for water desalination project; Environmental study of $1bn industrial complex begins

Egypt In-Focus — Bidding starts for water desalination project; Environmental study of $1bn industrial complex begins
Updated 10 August 2022

Egypt In-Focus — Bidding starts for water desalination project; Environmental study of $1bn industrial complex begins

Egypt In-Focus — Bidding starts for water desalination project; Environmental study of $1bn industrial complex begins

CAIRO: Egypt’s annual urban consumer inflation has surged to 13.6 percent year-on-year in July, according to the Central Agency for Public Mobilization and Statistics.

On a monthly basis, headline inflation went up by 1.3 percent, after a slight decline of 0.1 in June, reported Reuters.

These changes may have an impact on changes to the country’s current interest rate of 11.25 percent, which will be decided on Aug. 18.  

Egypt starts bids on water desalination project

The Sovereign Fund of Egypt has started bids on the contract for the development of desalination plants powered by renewable energy sources, reported MEED.

The contract bids by the prequalified companies are to be received by Sept. 22.

This project aims to acquire up to 3.8 million cubic meters per day of water desalination capacity over the next two years.

It falls in tandem with Egypt’s long-term water strategy plan of procuring 100 water desalination plants by 2050.

Study on $1 billion industrial complex

A study on the environmental effects of developing an industrial complex for ferroalloys is being carried out in Egypt.

The $1 billion Arab Alloys project will cover an area of 40,000 square meters in Egypt’s Suez Canal Economic Zone and take five years to be completed, according to MEED.


ACWA Power starts operations at $797m desalination plant in UAE

ACWA Power starts operations at $797m desalination plant in UAE
Updated 10 August 2022

ACWA Power starts operations at $797m desalination plant in UAE

ACWA Power starts operations at $797m desalination plant in UAE

RIYADH: ACWA Power Co., which is part-owned by Saudi Arabia’s Public Investment Fund, has announced the start of operations at the Umm Al-Quwain desalination plant in the UAE.

The $797 million plant, known as Umm Al-Quwain IWP, has the capacity to generate 682,000 cubic meters per day of desalinated potable water, according to a bourse filing.

The Saudi-listed utility provider holds a 40 percent stake in the project, from which it expects a positive financial impact starting from the ongoing quarter onward.