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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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Saudi Arabian Oil : Oil settles lower, shrugs off Saudi attack after climbing above $70/bbl

03/08/2021 | 03:50pm EDT
FILE PHOTO: A pump jack operates in the Permian Basin oil and natural gas production area near Odessa

NEW YORK (Reuters) - Oil prices settled lower on Monday, retreating from a session peak above $70 a barrel after attacks on oil facilities in Saudi Arabia lifted prices that high for the first time since the COVID-19 pandemic began.

Yemen's Houthi forces fired drones and missiles at the heart of the Saudi oil industry on Sunday, including a Saudi Aramco facility at Ras Tanura vital to petroleum exports. Riyadh said there were no casualties or loss of property.

"The situation evaporated when it became obvious that there was no damage to the largest oil facility in the world," said Bob Yawger, director of energy futures at Mizuho.

Brent climbed as high as $71.38 a barrel in early Asian trade, its highest since Jan. 8, 2020. It settled down $1.12 or 1.6% at $68.24.

U.S. West Texas Intermediate (WTI) crude settled down $1.04 or 1.6% at $65.05. The session high was $67.98 a barrel, its highest since October 2018.

Brent and WTI prices have climbed for four consecutive sessions.

(Graphic: Brent crude tops $70, WTI hits 2-year highs after reports of attacks on Saudi Arabian facilities -

)

The United States expressed alarm at "genuine security threats" to Saudi Arabia and said it would look at improving support for Saudi defences.

"The activity is worthy of some increased geopolitical premium," said Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Illinois.

The attack follows last week's move by the Organization of the Petroleum Exporting Countries, Russia and their oil producing allies, known as OPEC+, to agree on broadly sticking with output cuts despite rising crude prices.

"Last week's OPEC + agreement to restrain output at virtually current levels was a major development that has yet to be fully discounted," Ritterbusch said.

Also adding support, the U.S. Senate approved a $1.9 trillion stimulus bill, which is expected to boost fuel demand as the economy gets a lift. Economic data from the United States and China was also positive.

(Graphic: Brent crude oil prices top $70/barrel for the first time since the COVID-19 pandemic began -

)

(Reporting by Noah Browning and Florence Tan; Editing by Marguerita Choy, Edmund Blair and David Gregorio)

By Laura Sanicola


© Reuters 2021
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Financials
Sales 2021 1 203 B 321 B 321 B
Net income 2021 341 B 91 062 M 91 062 M
Net Debt 2021 306 B 81 563 M 81 563 M
P/E ratio 2021 20,9x
Yield 2021 3,98%
Capitalization 7 116 B 1 897 B 1 898 B
EV / Sales 2021 6,17x
EV / Sales 2022 5,63x
Nbr of Employees 79 000
Free-Float 1,76%
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Technical analysis trends SAUDI ARABIAN OIL COMPANY
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 16
Average target price 33,95 SAR
Last Close Price 35,60 SAR
Spread / Highest target 9,55%
Spread / Average Target -4,64%
Spread / Lowest Target -32,6%
EPS Revisions
Managers and Directors
NameTitle
Amin bin Hasan Al-Nasser President, CEO & Executive Director
Khalid H. Al-Dabbagh Senior VP-Finance, Strategy & Development
Yasir bin Othman Al-Rumayyan Chairman
Ahmad Abdul Rahman Al-Sa'adi Senior Vice President-Technical Services
Mark Moody-Stuart Independent Non-Executive Director
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