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

SAUDI ARABIAN OIL COMPANY

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Key Gulf Producer Says OPEC to Ease Oil Cuts With Oil Crisis Over

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10/13/2020 | 12:27pm EDT

By Benoit Faucon

OPEC and its allies are still planning to ease production cuts, the energy minister of the United Arab Emirates said, as top producers signaled the worst impact of the pandemic has passed.

The upbeat views come despite the Organization of the Petroleum Exporting Countries downgrading its oil-demand forecast for next year amid fears of a surge of Covid-19.

Speaking at an online energy forum, Minister Suhail Al Mazrouei, whose country is one of the top Persian Gulf oil producers, said "there have been no changes to the agreement" to increase output by 2 million barrels a day on Jan. 1.

OPEC and its allies won't have to make a final decision to open the spigots wider until meetings later this year, after already loosening restrictions in July from record cuts agreed in April in response to the pandemic.

Saudi Arabia has been debating whether the move to reopen the spigot should be delayed by a few months amid fears of a surge of the virus and returning Libyan oil production, officials have previously said.

Without commenting on OPEC policies, Amin Nasser, chief executive of state-run oil giant Saudi Arabian Oil Co., told attendees that the "recovery of demand will depend on the second wave" of Covid-19. Still, he said "the worst is definitely behind us" and that he expects demand to be back to normal in 2022.

Mr. Mazrouei concurred, saying "we have passed the eye of the storm." Both men said they were more optimistic than the International Energy Agency, a Paris-based organization advising energy consumers, which sees a full recovery no earlier than 2023.

Going forward, Aramco's Mr. Nasser said sharp cuts in investments during the pandemic could reverse the current surplus into an oil shortage going forward.

"If slashed spending is not restored, production of 9 million barrels a day will have disappeared by 2025," he said. "There is a concern we may end up with supply crunch."

The CEO of the state-run oil giant also said his company was ready for an international listing following a domestic listing last year but it was up to the government to decide.

Write to Benoit Faucon at benoit.faucon@wsj.com

(END) Dow Jones Newswires

10-13-20 1126ET


Stocks mentioned in the article
ChangeLast1st jan.
LONDON BRENT OIL -1.48% 39.92 Delayed Quote.-37.71%
SAUDI ARABIAN OIL COMPANY 1.17% 34.5 End-of-day quote.-2.13%
WTI -1.81% 38.005 Delayed Quote.-36.11%
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Financials
Sales 2020 823 B 219 B 219 B
Net income 2020 199 B 53 094 M 53 094 M
Net Debt 2020 322 B 85 764 M 85 764 M
P/E ratio 2020 35,6x
Yield 2020 4,00%
Capitalization 6 896 B 1 839 B 1 839 B
EV / Sales 2020 8,77x
EV / Sales 2021 6,73x
Nbr of Employees 79 000
Free-Float 1,76%
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Income Statement Evolution
Consensus
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Mean consensus HOLD
Number of Analysts 16
Average target price 32,46 SAR
Last Close Price 34,50 SAR
Spread / Highest target 13,0%
Spread / Average Target -5,91%
Spread / Lowest Target -30,4%
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
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