Saudi Aramco: World's Biggest Oil Producer

By Henning Gloystein
Monday, April 1, 2019

Saudi Aramco was by far the world's biggest oil producer ahead of regional peers like Abu Dhabi National Oil Company (ADNOC) and listed oil majors Royal Dutch Shell, Total and BP, ratings agency Fitch said on Monday.

"Saudi Aramco is the largest oil producer globally by volume... In 2018 its liquids production and its total hydrocarbon production averaged 11.6 million and 13.6 million barrels of oil equivalent per day, respectively, well ahead of the upstream output of global and regional integrated producers such as ADNOC, Shell, Total and BP," Fitch said.

Fitch said state-owned Aramco "is less integrated into natural gas and downstream than some of its international peers, such as Shell and Total, which makes it more exposed to oil prices although this is mitigated by low cost of production, its downstream expansion strategy and, the acquisition of SABIC."

Saudi Aramco last week said it would buy a 70 percent stake in Saudi Basic Industries Corp (SABIC) from the kingdom's wealth fund for $69.1 billion in one of the biggest deals in the global chemical industry.

The rating agency said it put Saudi Aramco's "standalone credit profile (at) 'AA+'", adding that this "rating is capped by that of Saudi Arabia in view of strong linkage between the state and the sovereign."


(Reporting by Henning Gloystein; editing by Darren Schuettler)

Categories: Energy Middle East Oil Production

Related Stories

MODEC Ramps Up Hammerhead FPSO Work After ExxonMobil's Go-Ahead

SBM Offshore Starts Construction of FSO for Trion Oil Field off Mexico

Russia Targets 2028 for Sakhalin-3 Gas Project Start Up

Hibiscus Petroleum Starts Drilling at Teal West Field off UK

Yinson Production Nets DNV Approval for New FPSO Hull Design

Brownfield Output Decline Accelerates, says IEA

Floating Offshore Wind Test Center Planned for Japan

Santos and QatarEnergy Agree Mid-Term LNG Supply

CNOOC Starts Production at Offshore Field in South China Sea

OMV Exits Ghasha Gas Project off UAE with Lukoil Stake Sale

Current News

MODEC Ramps Up Hammerhead FPSO Work After ExxonMobil's Go-Ahead

Aesen, DOC JV Targets Subsea Cable Logistics

Timor Gap Boosts Stake in Finder Energy’s Timor-Leste Oil Fields

SBM Offshore Starts Construction of FSO for Trion Oil Field off Mexico

Russia Targets 2028 for Sakhalin-3 Gas Project Start Up

Seatrium Secures ABS Backing for Deepwater FPSO Design

MDL Secures Cable Laying Job in Asia Pacific

Hibiscus Petroleum Starts Drilling at Teal West Field off UK

Yinson Production Nets DNV Approval for New FPSO Hull Design

Hanwha Ocean's Tidal Action Drillship Starts Maiden Job with Petrobras

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com