Analysis Oil & Gas US sanctions unlikely to stop Iran’s oil smugglers Tighter US economic sanctions are unlikely to disrupt Iran’s oil exports in the long run because Tehran has developed a sophisticated system of oil smuggling, using a dedicated fleet of tankers and middlemen in multiple countries, industry observers say. The regime in Tehran has been under US sanctions since the Islamic revolution of 1979. But […] October 23, 2024
Energy Egypt slashes renewables target to focus on natural gas Egypt has cut its renewable energy goal for 2040 from 58 percent down to 40 percent and will focus on natural gas in order to meet increasing energy demand, according to Karim Badawi, the minister for petroleum. Before hosting the Cop27 climate conference in 2022, the North African state announced a target of achieving a […] October 22, 2024
Oil & Gas Aramco CEO bullish on Chinese oil demand Saudi Aramco’s CEO is confident that China’s bid to increase growth will have a positive impact on oil demand, especially due to chemicals needed for its energy transition. Amin Nasser said the world’s second biggest economy needs more chemicals for “the electric vehicles, for solar panels, so that’s huge growth there”. Speaking on the sidelines […] October 21, 2024
Analysis Energy Energy security at centre of EU-GCC collaboration The European Union and the GCC held their first summit this week, where they committed to “greater cooperation on energy security, including energy efficiency and renewable energies and hydrogen”, the parties said in a joint statement. The EU wants to strengthen its energy security by cementing ties with the GCC, following European states’ decision to […] October 18, 2024
Oil & Gas UAE oil exports to India rise, squeezing out GCC neighbours The UAE’s oil exports to India have risen sharply this year, contrasting with declines for other members of the GCC. In January to September 2024, Emirati exports were up 54 percent year on year, according to data from Reuters. However, exports from the Middle East as a whole have remained broadly stable, increasing by only […] October 17, 2024
Oil & Gas IEA confident global oil supply can absorb disruption Escalating tensions between Israel and Iran are fuelling concerns that an attack on Iranian production facilities could disrupt global oil supply. But forecasts by the International Energy Agency (IEA) suggest there are adequate global supplies to absorb the impact of such an event. Iran, a major oil exporter and Opec member, ships 1.6 million barrels […] October 15, 2024
Analysis Oil & Gas Middle East to dominate oil exports by 2050, says Opec The Middle East is forecast to provide almost 60 percent of the world's oil exports by 2050, according to Opec’s long-term outlook. Its oil producers are pursuing aggressive marketing strategies aimed at Southeast Asia and the Pacific region, where energy demand is growing. The Middle East accounted for 49 percent of global crude and condensate […] October 15, 2024
Oil & Gas Adnoc drops plan to upgrade UAE’s only LNG facility An upgrade of the Das Island liquefied natural gas plant has been cancelled by Adnoc Gas, as it shifts priorities towards greenfield developments. “We have a funnel of exciting opportunities in which we can invest while at the same time exercising capital discipline,” Adnoc Gas said. Das Island’s liquefaction and export terminal, the only LNG […] October 11, 2024
Analysis Renewable Energy Middle East on track to triple renewables capacity Middle East and North African countries are on track to triple their renewable capacity by 2030, mainly due to expansion of solar photovoltaic projects, the International Energy Agency has said. Renewables are forecast to increase from 53GW in 2023 to almost 150GW by the end of the decade, in which solar PV is expected to […] October 10, 2024
Analysis Oil & Gas National oil companies venture into trading business Traditionally conservative national oil companies (NOCs) in the Middle East are developing their trading businesses in pursuit of new sources of income and to eat into the bumper profits of commodities houses. OQ of Oman, Saudi Aramco, UAE’s Adnoc and QatarEnergies have successfully developed their refined products and trading over the last decade to catch […] October 9, 2024
Analysis Oil & Gas Fears for Strait of Hormuz oil gateway in Iran-Israel face-off The prospect of a sustained Iran-Israel conflict is raising concerns that Iran could respond by closing the Strait of Hormuz, the waterway critical to GCC oil and gas exports. Last month about 15 million barrels per day (bpd) of crude passed through the Strait of Hormuz, 36 percent of global seaborne oil exports, according to […] October 8, 2024
Analysis Oil & Gas Iran’s energy installations may be targeted in Israeli strikes Brent neared $79 a barrel on Friday, surging over 10 percent in a week, as markets and the wider world waited for a response to Iran’s attacking Israel with nearly 200 ballistic missiles on Tuesday. Israeli prime minister Benjamin Netanyahu may order an attack on one of Iran’s major oil centres or less significant installations […] October 4, 2024
Oil & Gas Without Opec+ ‘we would be in chaos’, says UAE minister Opec+ is doing a “noble” job of balancing supply and demand in the oil market, the UAE energy minister has said. “Without this group, we would be in chaos,” Suhail Al Mazrouei told a conference on Wednesday. “Opec+ has sacrificed more than others,” the minister said, adding that although the energy group’s members do not […] October 2, 2024
Analysis Oil & Gas North Field expansion to power Qatar’s economy Qatar’s economy is likely to record only modest growth this year, but analysts predict that revenues generated from a North Field gas expansion will make it among the fastest-growing globally in two years’ time. Gross domestic product is forecast to surge to nearly 13 percent in 2026, after sluggish growth of only 1.5 percent this […] October 1, 2024
Renewable Energy Green aviation fuel industry in UAE battles red tape The UAE is ready to produce “green” aviation fuel, but uncertainty around the regulations has delayed the take-off of the industry, a senior government representative said. Maryam Ali Al Balooshi, environment manager at the General Civil Aviation Authority, told a conference in Abu Dhabi that the UAE is working on unifying the certification of sustainable […] September 27, 2024
Oil & Gas Oil price fall pushes Saudi Arabia to look at raising output Saudi Arabia is preparing to raise its oil output from December, in an attempt to reclaim its shrinking global market share. The world’s biggest crude exporter will have to accept lower crude prices for longer but is resigned to giving up its $100 a barrel target price, according to reports. Oil prices dropped sharply on […] September 26, 2024
Aviation Etihad Airways to invest billions as it prepares for IPO Etihad Airways, the national airline of the UAE, is planning to invest $7 billion over the next five years and to double the size of its fleet by 2030 as it prepares to go public, its chief executive said. Antonoaldo Neves told a conference in Abu Dhabi on Wednesday that the investment is part of […] September 26, 2024
Energy Egypt to increase gas imports from Israel Egypt plans to increase natural gas imports from Israel by 20 percent from October, to meet its fast-growing domestic demand for electricity. Imports will reach 1.2 billion cubic feet per day (cfpd), according to reports. They were already up 18 percent in September from 850 million cfpd in July. The two countries have agreed to […] September 24, 2024
Renewable Energy Progress made on Gulf renewables but ‘more to do’ Executives from global companies used a United Nations climate change event on Monday to urge world leaders – including those in the Gulf – to stick to commitments agreed at the Cop28 summit in Dubai to treble renewable energy capacity by the end of the decade. The International Energy Agency (IEA) said on Tuesday that […] September 24, 2024
Renewable Energy Companies shortlisted for $1bn Oman wind farms Twelve companies have been shortlisted to build five large-scale wind power stations across Oman. The five projects, due to be completed by 2027, will bring a 20-fold increase in the amount of electricity generated by wind power in Oman, from 50MW to 1GW. The shortlist to build the projects, for a total investment of OMR500 […] September 23, 2024
Oil & Gas Egypt plans to restore full gas output in 2025 Egypt plans to restore its natural gas production to normal levels by June 2025, the prime minister has said. The country has become a net importer of fuel amid declining domestic output and increasing energy demand. Falling output from Zohr – Egypt’s largest natural gas field developed by Eni of Italy – led to daily […] September 20, 2024
Oil & Gas Second-half slide expected for Saudi petrochemical industry With higher shipping and logistic rates and stable prices of raw materials, Saudi petrochemical producers are likely to report lower earnings in the second half of the year, an expert has said. The companies reported margin peaks in the second quarter of the year, but they are likely to face pressures on profit margins in […] September 20, 2024
