Rising crude prices and falling Opec spare capacity have spurred Saudi Arabia to call on oilfield services firms to bolster the kingdom's drilling fleet.
Saudi Aramco, the state-owned oil monopoly, met leading services companies in the region last week, including Halliburton, which has headquarters in Houston and Dubai. The firms discussed plans to increase the kingdom's rig count this year by 28 per cent to 118 from 92, Bill Herbert, an analyst at the US investment bank Simmons, said last week.
The move was unexpected, he said, but "with Libyan production falling, Saudi Arabia may feel it has to be ready for higher production capacity".
Saudi officials said extra drilling activity would be needed to maintain the kingdom's estimated 12.5 million barrels per day (bpd) of oil production capacity. That includes 12 million bpd of Aramco capacity and another 500,000 bpd maintained by the US oil company Chevron on behalf of Saudi Arabia in the neutral zone between the kingdom and Kuwait.
"It's not to expand capacity. It's to sustain current capacity on new fields and old fields that have been bottled up," an official told Reuters.
Analysts put Saudi oil output last month at 9 million bpd, the highest since October 2008. That may have raised apprehensions inside the kingdom, as well as internationally, about Aramco's ability to pump oil even faster to meet rising world demand.
A recent Bloomberg News survey suggests Opec production fell last month as extra volumes from Saudi Arabia, the UAE and some other Opec members failed to cover a sharp drop in Libyan output to a 49-year low. Data compiled by the news agency indicate Saudi Arabia could increase production by 2.5 million bpd within 30 days. That is significantly less than the 3.5 million bpd of spare output capacity Ali al Naimi, the Saudi oil minister, said on March 8 the kingdom had at its disposal, and lower still than the 4 million bpd production cushion it may have had before fighting broke out in Libya.
"The numbers show that it will take a while before the Saudis and others make up for Libya's missing barrels," Rick Mueller, the director of oil markets at Energy Security Analysis, told Bloomberg. "This is why Brent is above US$115."
North Sea Brent crude, the European benchmark, topped $119 per barrel on Friday, as US light crude in New York reached a new 30-month high above $108.
Khalid al Falih, the Aramco chief executive, said last month the state oil company stood ready to cover any shortfall in Libyan crude supplies. Mr al Naimi said Saudi Arabia had developed two light, low-sulphur crude blends that were close to the specifications of Libya's high-quality crude.
But with oil exports from Nigeria, the biggest African producer, also threatened by increasing sabotage attacks in the run-up to presidential elections, the pressure on Gulf oil producers is growing.
Opec oil shipments are expected to fall to their lowest level since October, according to the tanker tracker Oil Movements.
"I can't see any movements from Libya at all," Roy Mason, the firm's founder, told Bloomberg.
Oil Movements predicted shipments would fall to 22.91 million bpd in the four weeks ending on April 16, down 2.3 per cent from volumes shipped in the previous four-week period.
While Saudi Arabia may already be exceeding its Opec production quota by about 950,000 bpd, the UAE also boosted output last month by about 160,000 bpd to more than 2.5 million bpd.
tcarlisle@thenational.ae
COMPANY%20PROFILE
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In%20the%20Land%20of%20Saints%20and%20Sinners
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Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
Company%20Profile
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The Penguin
Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz
Creator: Lauren LeFranc
Rating: 4/5
The Buckingham Murders
Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu
Director: Hansal Mehta
Rating: 4 / 5
Movie: Saheb, Biwi aur Gangster 3
Producer: JAR Films
Director: Tigmanshu Dhulia
Cast: Sanjay Dutt, Jimmy Sheirgill, Mahie Gill, Chitrangda Singh, Kabir Bedi
Rating: 3 star
COMPANY%20PROFILE%20
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SPECS
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
What to watch out for:
Algae, waste coffee grounds and orange peels will be used in the pavilion's walls and gangways
The hulls of three ships will be used for the roof
The hulls will painted to make the largest Italian tricolour in the country’s history
Several pillars more than 20 metres high will support the structure
Roughly 15 tonnes of steel will be used
Dubai World Cup prize money
Group 1 (Purebred Arabian) 2000m Dubai Kahayla Classic - $750,000
Group 2 1,600m(Dirt) Godolphin Mile - $750,000
Group 2 3,200m (Turf) Dubai Gold Cup – $750,000
Group 1 1,200m (Turf) Al Quoz Sprint – $1,000,000
Group 2 1,900m(Dirt) UAE Derby – $750,000
Group 1 1,200m (Dirt) Dubai Golden Shaheen – $1,500,000
Group 1 1,800m (Turf) Dubai Turf – $4,000,000
Group 1 2,410m (Turf) Dubai Sheema Classic – $5,000,000
Group 1 2,000m (Dirt) Dubai World Cup– $12,000,000
RACE SCHEDULE
All times UAE ( 4 GMT)
Friday, September 29
First practice: 7am - 8.30am
Second practice: 11am - 12.30pm
Saturday, September 30
Qualifying: 1pm - 2pm
Sunday, October 1
Race: 11am - 1pm
SPECS
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The biog
Hometown: Cairo
Age: 37
Favourite TV series: The Handmaid’s Tale, Black Mirror
Favourite anime series: Death Note, One Piece and Hellsing
Favourite book: Designing Brand Identity, Fifth Edition
THE BIO: Martin Van Almsick
Hometown: Cologne, Germany
Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)
Favourite dessert: Umm Ali with dark camel milk chocolate flakes
Favourite hobby: Football
Breakfast routine: a tall glass of camel milk
TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
Company%20Profile
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COMPANY%20PROFILE
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The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
UAE%20v%20West%20Indies
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Company%20Profile
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info-box
COMPANY PROFILE
Company name: Happy Tenant
Started: January 2019
Co-founders: Joe Moufarrej and Umar Rana
Based: Dubai
Sector: Technology, real-estate
Initial investment: Dh2.5 million
Investors: Self-funded
Total customers: 4,000
The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
KINGDOM%20OF%20THE%20PLANET%20OF%20THE%20APES
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Wes%20Ball%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Owen%20Teague%2C%20Freya%20Allen%2C%20Kevin%20Durand%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3.5%2F5%3C%2Fp%3E%0A
THE TWIN BIO
Their favourite city: Dubai
Their favourite food: Khaleeji
Their favourite past-time : walking on the beach
Their favorite quote: ‘we rise by lifting others’ by Robert Ingersoll
The%20specs
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Slow loris biog
From: Lonely Loris is a Sunda slow loris, one of nine species of the animal native to Indonesia, Malaysia, Thailand and Singapore
Status: Critically endangered, and listed as vulnerable on the International Union for Conservation of Nature red list due to growing demand in the global exotic pet trade. It is one of the most popular primate species found at Indonesian pet markets
Likes: Sleeping, which they do for up to 18 hours a day. When they are awake, they like to eat fruit, insects, small birds and reptiles and some types of vegetation
Dislikes: Sunlight. Being a nocturnal animal, the slow loris wakes around sunset and is active throughout the night
Superpowers: His dangerous elbows. The slow loris’s doe eyes may make it look cute, but it is also deadly. The only known venomous primate, it hisses and clasps its paws and can produce a venom from its elbow that can cause anaphylactic shock and even death in humans
Results
1. New Zealand Daniel Meech – Fine (name of horse), Richard Gardner – Calisto, Bruce Goodin - Backatorps Danny V, Samantha McIntosh – Check In. Team total First round: 200.22; Second round: 201.75 – Penalties 12 (jump-off 40.16 seconds) Prize €64,000
2. Ireland Cameron Hanley – Aiyetoro, David Simpson – Keoki, Paul Kennedy – Cartown Danger Mouse, Shane Breen – Laith. Team total 200.25/202.84 – P 12 (jump-off 51.79 – P17) Prize €40,000
3. Italy Luca Maria Moneta – Connery, Luca Coata – Crandessa, Simone Coata – Dardonge, Natale Chiaudani – Almero. Team total 130.82/198.-4 – P20. Prize €32,000