Last mentioned: 1d ago
Target Completion
Deadline for 60% production increase and elimination of domestic oil-fired power.
Momentum Update
Aramco reports major progress toward the 60% growth target with infrastructure on track.
Jafurah Milestone
First condensate cargoes from the Jafurah field are sold to international buyers.
Strategy Launch
Aramco announces major gas expansion plans as part of Vision 2030.
Global oil benchmarks WTI and Brent surged approximately 20% in early Monday trade, reaching their highest levels since July 2022. The price spike follows a significant escalation in the U.S.-Israeli war with Iran and the naming of a hardline successor to the Iranian Supreme Leadership.
Saudi Aramco is reporting significant progress in its multi-billion dollar gas expansion strategy, aiming to increase production by 60% by 2030 compared to 2021 levels. This shift is designed to optimize the Kingdom's energy mix, replace liquid fuels in power generation, and establish a major foothold in the global LNG market.