Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Saudi Arabian Stock Exchange  >  Saudi Arabian Oil Company    2222   SA14TG012N13

SAUDI ARABIAN OIL COMPANY

(2222)
  Report
SummaryChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsPress ReleasesOfficial PublicationsSector newsMarketScreener StrategiesAnalyst Recommendations

Demand issues to overshadow OPEC+ supply next year - Aramco trading arm chief

10/28/2020 | 03:34am EST
A 3D printed oil pump jack is seen in front of displayed Opec logo in this illustration picture

(Reuters) - The Organization of the Petroleum Exporting Countries (OPEC) and its allies will have to contend with a "lot of demand issues" before raising supply in January 2021, given throughput cuts by oil refiners, the head of Saudi Aramco's trading arm said.

OPEC and its allies plan to raise production by 2 million barrels per day (bpd) from January after record output cuts this year as the coronavirus pandemic hammered demand, taking overall reductions to about 5.7 million bpd.

"We see stress in refining margins and see a lot of refineries either cutting their refining capacity to 50-60% or a lot of refineries closing," Ibrahim Al-Buainain said an interview with Gulf Intelligence released on Wednesday.

"I don't think the (refining) business is sustainable at these rates (refining margins)."

However, Chinese oil demand is likely to remain solid through the fourth quarter and into 2021 as its economy grows while the rest of the world is in negative territory, he added.

Among the uncertainties facing the oil market are rising Libyan output on the supply side and a second wave of global COVID-19 infections, especially in Europe, on the demand side, Al-Buainain said.

Complicating efforts by other OPEC members and allies to curb output, Libyan production is expected to rebound to 1 million bpd in the coming weeks.

(Reporting by Arpan Varghese and Eileen Soreng in Bengaluru and Roslan Roslan Khasawneh in Singapore; Editing by David Goodman)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
LONDON BRENT OIL 0.17% 47.68 Delayed Quote.-27.73%
SAUDI ARABIAN OIL COMPANY 0.56% 35.9 End-of-day quote.1.84%
WTI 0.29% 45.26 Delayed Quote.-26.73%
All news about SAUDI ARABIAN OIL COMPANY
04:09aSaudi Arabia may raise Asia crude prices in January - survey
RE
01:45aSAUDI ARABIAN OIL : Aramco announces expansion of its flagship localization prog..
PU
11/27Malaysia's Petronas warns of challenging fourth quarter amid volatile oil pri..
RE
11/27Malaysia's Petronas warns of challenging fourth quarter amid volatile oil pri..
RE
11/24SUPPLIES UNAFFECTED BY HOUTHI ATTACK : Saudi Aramco
RE
11/24Saudi Aramco says domestic supplies unaffected by attack on Jeddah plant
RE
11/24Saudi tells U.N. that Houthis to blame for Aramco attack
RE
11/24NEWS HIGHLIGHTS : Top Energy News of the Day
DJ
11/24NEWS HIGHLIGHTS : Top Energy News of the Day
DJ
11/24NEWS HIGHLIGHTS : Top Energy News of the Day
DJ
More news
Financials
Sales 2020 816 B 218 B 218 B
Net income 2020 203 B 54 077 M 54 077 M
Net Debt 2020 316 B 84 377 M 84 377 M
P/E ratio 2020 35,9x
Yield 2020 3,86%
Capitalization 7 146 B 1 905 B 1 905 B
EV / Sales 2020 9,14x
EV / Sales 2021 6,90x
Nbr of Employees 79 000
Free-Float 1,76%
Chart SAUDI ARABIAN OIL COMPANY
Duration : Period :
Saudi Arabian Oil Company Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends SAUDI ARABIAN OIL COMPANY
Short TermMid-TermLong Term
TrendsBullishNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 16
Average target price 32,47 SAR
Last Close Price 35,75 SAR
Spread / Highest target 9,09%
Spread / Average Target -9,18%
Spread / Lowest Target -32,9%
EPS Revisions
Managers
NameTitle
Amin bin Hasan Al-Nasser President, CEO & Executive Director
Yasir bin Othman Al-Rumayyan Chairman
Khalid H. Al-Dabbagh Senior VP-Finance, Strategy & Development
Ahmad Abdul Rahman Al-Sa'adi Senior Vice President-Technical Services
Mark Moody-Stuart Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
SAUDI ARABIAN OIL COMPANY1.84%1 905 295
ROYAL DUTCH SHELL PLC-42.21%137 946
TOTAL SE-23.37%118 487
PETROCHINA COMPANY LIMITED-32.23%113 012
PETRÓLEO BRASILEIRO S.A. - PETROBRAS-14.45%62 842
GAZPROM-27.57%57 880