“The 18th OPEC and non-OPEC Ministerial Meeting has been called off,” OPEC Secretary General, HE Mohammad Sanusi Barkindo, said in a letter to Heads of Delegation of OPEC Member Countries and non-OPEC oil producing countries participating in the Declaration of Cooperation (DoC).

In 2019, Reliance announced the sale of a 20% stake to Saudi Aramco, the world's top oil exporting company.

Aramco and ADNOC are likely to use their connections to woo investments to their hydrogen and ammonia projects.

Aramco and an international investor consortium, including EIG and Mubadala, today announced the successful closing of the share sale and purchase agreement, in which the consortium has acquired a 49% stake in Aramco Oil Pipelines Company, a subsidiary of Aramco, for $12.4 billion.

Aramco President & CEO, Amin H. Nasser, said: “We are very pleased with the global investment community’s response to Aramco’s first international dollar Sukuk, which attracted demand 20 times the initial targeted issuance size.

Saudi Arabia is aiming to generate 50 percent of its energy from renewables by 2030, with the remainder provided by gas.

Net income for the first quarter of 2021 increased to SAR 81,440 ($21,717), from SAR 62,478 ($16,661) for the same period in 2020, primarily driven by higher crude oil prices, improved downstream margins and the consolidation of SABIC’s results, partly offset by lower crude oil volumes sold.

The kingdom exported 5.63 million b/d in February, according to JODI data released April 19, down 957,000 b/d from January.

With the production gains, OPEC+ compliance with its quotas slipped to 111% in March, compared with 113.5% in February, juiced by Saudi Arabia voluntarily cutting an additional 1 million b/d since January.

Upon closing, Aramco will receive upfront proceeds of around $12.4 billion, further strengthening its balance sheet through one of the largest energy infrastructure deals globally.