Fitch revises Saudi Aramco's outlook to 'positive'

The outlook for Saudi Arabia's Aramco has been ranked as positive by rating agency Fitch as oil prices continue to soar from the Russian invasion of Ukraine.

Energy

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�� Staff & Agencies

26 April, 2022

Oil prices��have soared since Russia's invasion of Ukraine sparked supply fears, prompting Western powers to implore Saudi Arabia [Getty]

Ratings agency Fitch on Monday revised its outlook for state-owned Saudi ��to "positive" from "stable", citing a similar action on the country.

The agency had raised its outlook on to "positive" from "stable" earlier this month on the back of improvements in the country's sovereign balance sheet thanks to higher oil revenues.

��have soared since Russia's invasion of Ukraine sparked supply fears, prompting Western powers to implore Saudi Arabia and other members of the OPEC cartel to ramp up production.

Houthis confirm Saudi Aramco oil attack near F1 venue

MENA

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�� Staff & Agencies

On Friday, a��rebel attack on a Saudi oil plant set off a huge fire near Jeddah's Formula One circuit during televised practice sessions on Friday, part of a wave of assaults on Aramco facilities.

Smoke billowed near the circuit and the second practice was delayed in the attack, one of 16 drone-and-missile attacks by the Iran-backed rebels around the kingdom.

The wave of assaults comes ahead of the seventh anniversary of a��intervention against the rebels in Yemen, a country in the grip of a major��.

(Reuters)