Saudi Aramco needs cash with oil prices at a 17-year low — and now it may reportedly sell a piece of its pipeline unit
The precipitous drop in oil prices through the month has the world's largest producer strapped for cash ahead of some massive payments. The company still plans to dole out $75 billion in dividends this year despite the market turmoil and broad economic slump. Aramco also faces a payment deadline for its $70 billion purchase of chemicals producer Saudi Basic Industries, according to Bloomberg.
The company is rapidly boosting its production levels as the coronavirus tanks global oil demand through travel bans and stay-at-home orders. The move is in response to Russia's refusal to curb production and lower supply in the key commodity market. Tit-for-tat measures between Saudi Arabia and Russia have sinceas the two countries flood the market with new inventory.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Saudi Arabia's coronavirus death toll doubles to eight: spokesmanSaudi Arabia recorded four new fatalities from the coronavirus, bringing its death toll to eight, the health ministry spokesman told a news conference on Sunday.
Read more »
Saudi Arabia expands partial lockdown, German tourists leave UAESaudi Arabia halted entry and exit into Jeddah governorate on Sunday while hundreds of German tourists were repatriated from the United Arab Emirates as the coronavirus continued to spread in the region.
Read more »
Projectiles intercepted over Saudi Arabian cities of Riyadh, Jazan2 projectiles were intercepted over Saudi Arabia on Saturday, state media reports.
Read more »
Oil prices fall to 17-year low as Saudi Arabia-Russia standoff continues, coronavirus hits demandOil prices fell to the lowest in more than 17 years as demand plunged as a result of the pandemic, and an unrelenting price war between Saudi Arabia and Russia showed no signs of easing.
Read more »
Saudi forces intercept missile over Riyadh – state mediaThere was no immediate claim of responsibility for the attack, but Yemen's Iran-aligned Houthi rebels have previously launched missiles, rockets and drones on the Saudi capital and other cities.
Read more »