The completion of the transaction enhances Aramco’s presence in the global petrochemicals industry, a sector expected to record the fastest growth in oil demand in the years ahead.
Refineries in the Asia-Pacific are raising run rates while demand is gradually picking up as lockdown measures are eased, resulting in increased imports.
American benchmark West Texas Intermediate (WTI) was at $37.77 a barrel at the same time for a 1.6% fall after ending the previous day at $38.38 per barrel.
Oil demand may not recover to pre-pandemic levels until 2022 at the earliest.
Saudi Aramco has given itself more time to pay for an almost-$70 billion acquisition of Saudi Basic Industries Corp. as this year’s slump in oil prices stretches its finances.
Under the terms of the agreement, PIF will provide Aramco with a loan to purchase a stake in Sabic.
Oil snapped a two-day gain as a second wave of coronavirus cases in China and a report pointing to a further swelling in US stockpiles cast doubt on the demand outlook in the world’s two largest economies.
Petrol price on Wednesday was hiked by 55 paise per litre and diesel by 60 paise a litre, marking the 11th consecutive day of increase in rates that now totals to Rs 6.02 for petrol and Rs 6.4 for diesel.
A key importer of oil products and the region’s largest buyer of gasoline — is staying focused on aiming for fuel self-sufficiency, despite the recent fall out between the country’s state-owned Pertamina and Saudi Aramco over the Cilacap Refinery Development Master Plan.
Oil dropped in Asia as fears of a resurgence of coronavirus in China cast fresh doubt on the demand outlook, and a report pointed to a further swelling in US crude stockpiles.