Oil & Gas Upturn for manufacturing tipped to lift oil prices Rising manufacturing activity worldwide is likely to support higher oil prices in the second half of the year, a supply chain indicator suggests. However, analysts have warned that spare capacity among Opec+ and other oil producers is likely to ease upside pressure on crude prices. The GEP Global Supply Chain Volatility Index hit 0.21 in […] June 21, 2024
Oil & Gas Shell beats Aramco in race to buy LNG business Saudi Aramco, the world’s biggest oil exporter, has lost out to UK rival Shell in its bid to buy Pavilion Energy, a Singapore trader of liquefied natural gas (LNG), from Temasek, the Asian island nation’s sovereign investment fund. Both companies were shortlisted for a potential acquisition worth billions of dollars. No financial details of Shell’s […] June 19, 2024
Oil & Gas Upstream oil and gas ‘needs more annual investment’ Annual capital expenditure for exploration and production in the upstream sector of the oil industry needs to increase by 22 percent by 2030 because of growing demand and cost inflation, experts say. A cumulative $4.3 trillion needs to be invested between 2025 and 2030, according to a report by the International Energy Forum (IEF) and […] June 14, 2024
Analysis Renewable Energy Saudi summons energy to unearth geothermal potential A Saudi Arabian university has completed drilling a research well as the kingdom steps up efforts to harness its geothermal potential – which industry experts estimate could free up to 1 million barrels of oil a day for export. The 400m deep observation well was drilled by a team from King Abdullah University of Science […] June 13, 2024
Oil & Gas Opec and IEA poles apart on oil supply predictions Opec and the Paris-based International Energy Agency (IEA) have this week both issued reports with vastly differing predictions for the outlook for global crude production in the coming years. However, the opposing organisations agree on one thing: that China will be the determining factor in production and prices this year. In its latest annual medium-term […] June 12, 2024
Aviation Airbus to expand production in Morocco as orders grow European aircraft manufacturer Airbus is expanding its production capacity in Morocco to meet growing demand for its aircraft. The Airbus Atlantic Morocco Composites plant in Nouaceur aims to build parts for 75 A320 family aircraft per month by 2026. The 30,000 square metres plant, with 17,000 square metres dedicated to workshops, “specialises in producing composite […] June 11, 2024
Oil & Gas Deal for Iraq oil via Turkish pipeline coming ‘soon’ A deal is expected soon for Iraq to resume oil exports via a pipeline to the Turkish port of Ceyhan on the Mediterranean coast. The Iraqi oil ministry, Kurdistan’s Ministry of Natural Resources and international oil companies met on Sunday in Baghdad to discuss resuming production and exports, said Iraq’s oil minister, Hayan Abdul Ghani. […] June 10, 2024
Oil & Gas Crude market expected to recover after steep dive Leading analysts are anticipating a recovery in the crude market after prices tumbled following a decision by Opec+ to unwind voluntary output cuts, deepening a downward trend over the last two months. Two reports published this week forecast Brent’s return to levels around $85-$86 per barrel in the coming weeks and for the rest of […] June 7, 2024
Renewable Energy Clean energy spend rising but fossil fuels still dominate Investment in clean energy is rising in the Middle East but spending on hydrocarbon production still dominates, the International Energy Agency (IEA) has said. In its World Energy Investment report published on Thursday, the Paris-based watchdog said that for every $1 invested in fossil fuels in the region, only 20 cents was allocated to clean […] June 6, 2024
Analysis Oil & Gas Gulf oil producers anticipate peak in Chinese demand In any discussion of the outlook for oil prices, Chinese demand always features largely. For the Gulf this is particularly crucial. China is the main off-taker of Saudi, Iraqi, Omani, UAE and Kuwaiti crudes. At the weekend, Opec+ again committed to rolling over oil supply cuts to support crude prices but analysts say its efforts […] June 5, 2024
Analysis Oil & Gas Early demand is strong for Aramco’s $13bn share sale The Saudi oil giant Aramco’s secondary share offering opens to retail investors today in a sale that could bring huge dividend payouts if they set aside concerns over flagging oil prices and regional political tensions. Institutional investors covered the offer within a few hours on Sunday, but reports say Aramco is planning events in Britain […] June 3, 2024
Analysis Oil & Gas Iran needles the West with its growing oil production goals Iran has said it intends to raise its oil output to 4 million barrels per day from about 3.5 million bpd currently. Industry experts are sceptical about Tehran’s ambitions and say the announcement may be motivated by forthcoming elections. Javad Owji, the Iranian minister of petroleum, said on Thursday that 23 oil industry projects – […] June 3, 2024
Oil & Gas Opec optimistic about oil demand through to 2025 Opec continues to expect strong oil demand growth this year and next as the world economy remains resilient, the group’s chief said. “For 2024, oil demand growth is at 2.2 million barrels per day, with total global demand anticipated to average 104.5 million bpd,” Haitham Al Ghais, the secretary general of Opec, the Organisation of […] May 28, 2024
Manufacturing UAE to direct additional $6bn to local manufacturers The UAE is to direct an additional AED23 billion ($6.3 billion) to local manufacturers as it strives to develop its homegrown sectors and diversify its economy away from a reliance on hydrocarbons. Abu Dhabi state oil company Adnoc will expand its local manufacturing procurement programme for critical industrial products by AED20 billion to AED90 billion […] May 27, 2024
Artificial Intelligence UAE and France agree joint investments in AI France and the UAE are to increase their collaboration in artificial intelligence, including joint investments, as they seek to become leaders in the AI sector. The French economy minister, Bruno Le Maire, signed a strategic agreement with Khaldoon Al Mubarak, chief executive of the UAE investment fund Mubadala and a member of the Abu Dhabi […] May 22, 2024
Oil & Gas Adnoc buys 10% in LNG project in Mozambique Abu Dhabi National Oil Company (Adnoc) has acquired a 10 percent stake from Portugal’s Galp Energia in the Rovuma basin concession in Mozambique as part of its global growth strategy. The acquisition will allow the UAE energy major a share of the liquefied natural gas (LNG) production from the concession, which has a combined production capacity […] May 22, 2024
Energy France ‘open’ to UAE investing in its nuclear plants The French government is open to the UAE investing in the country’s nuclear power sector, its economy minister has said. Bruno Le Maire spoke to journalists in Abu Dhabi ahead of talks with Sultan Al Jaber, the UAE minister of industry and advanced technology, and Khaldoon Al Mubarak, chief executive of investment fund Mubadala and […] May 21, 2024
Analysis Oil & Gas Oil keeps Russia and China close, but analysts warn it won’t last Russia was China’s biggest oil supplier once again in April, according to official figures, staying ahead of Saudi Arabia thanks to its cheaper crude. However, crude flows from Riyadh to Beijing are expected to increase as the kingdom strengthens its presence in the Chinese energy sector, analysts have told AGBI. Russia’s crude oil exports to […] May 21, 2024
Renewable Energy UAE to roll out countrywide EV fast charger network The UAE is speeding up the expansion of its electric vehicle charger infrastructure in support of the energy transition, the shift from fossil-based systems of energy production. UAEV, a joint venture between the Ministry of Energy and Infrastructure and Etihad Water and Electricity that was announced on Monday, intends to build a network of high-performance […] May 20, 2024
Analysis Energy Saudi Arabia’s nuclear plans stall while UAE pushes on The UAE is moving ahead with its second nuclear power plant, but plans for Saudi Arabia’s first facility remain bogged down in controversy and delay. The kingdom is attempting to win US approval to enrich its own uranium and use US technology. Saudi Arabia said last year it would allow inspections of future nuclear facilities, […] May 19, 2024
Oil & Gas IEA and Opec move further apart on global oil demand The division between the International Energy Agency and oil producers’ group Opec has deepened as the Paris-based energy watchdog once again curtailed its oil demand outlook for 2024, amid softer macro sentiment. In its monthly report, the IEA forecast on Wednesday that world fuel demand will grow by 1.1 million barrels per day (bpd) this […] May 16, 2024
Energy Qatar bullish on LNG as it plans increased production Qatar’s energy minister said he is bullish on global demand for liquefied natural gas and his country is likely to push its production levels beyond those already targeted for 2030. “Technical capability is going to be assessed, and if there is more [gas], we probably will do more,” Saad Sherida Al Kaabi said at the […] May 15, 2024
