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Energy

Energy news covering oil, gas and renewable energy across the Middle East. Energy investment news and analysis of energy markets.

Analysis & opinion

Saudi Arabia's Crown Prince Mohammed bin Salman waves during the joint EU-GCC summit in Brussels, Belgium

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 […]

Opec secretary general Haitham Al Ghais at the Rio Oil & Gas & Energy 2024 meeting in Brazil last month

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 […]

Fatih Birol, the IEA’s managing director, said that policy incentives allow the Middle East to take advantage of the cost-competitiveness of solar power Mena Middle East

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 […]

Latest Energy News

Sefe CEO Dr Egbert Laege and Adnoc executive vice president Fatema Al Nuaimi sign the long-term LNG supply deal

Adnoc signs 15-year supply deal for Ruwais LNG

Adnoc, the Abu Dhabi state oil company, has signed its first long-term sales and purchase agreement for the lower-carbon Ruwais liquefied natural gas (LNG) project. The 15-year, 1 million tonnes per annum (mtpa) agreement was signed with Sefe Marketing and Trading Singapore, a subsidiary of Germany’s Sefe – Securing Energy For Europe – at the […]

Oil prices fall as worries over US hurricane decline

Oil prices fell slightly on Friday as the risk that a hurricane in the Gulf of Mexico will significantly affect US oil and gas output declined, while the market weighs how President-elect Donald Trump’s policies might affect supplies. Brent crude oil futures fell 47 cents, or 0.6 percent, to $75.16 per barrel by 04:46 GMT. […]

NESR was delisted from the New York exchange after failing to meet a filing deadline but the issue has been resolved

NESR considers dual listing after Nasdaq return

National Energy Services Reunited (NESR) is considering a dual listing as it prepares to ring the Nasdaq bell for the second time in its relatively short history. NESR was created in the UAE in 2017 through a special purpose acquisition company to raise money from New York and become the first publicly listed energy company […]

Trump Iran oil

Top of Trump’s to-do list: sanctions against Iran

Donald Trump’s second term as US president, which is due to start in January, is likely to bring a significant strengthening of sanctions against Iran and a resumption of the “maximum pressure policy”, industry experts believe. In his first term as president, Trump withdrew from the Joint Collective Plan of Action, a 2015 accord which […]

A screen at the New York Stock Exchange after Donald Trump won the US presidential election

Oil slips as investors digest US election fallout

Oil slipped on Thursday, extending a sell-off triggered by the US presidential election, as a strong dollar and lower crude imports in China outweighed supply risks from a Trump presidency and output cuts caused by Hurricane Rafael. Donald Trump’s election win initially triggered a sell-off that pushed oil down more than $2 as the dollar […]

A stand in Beirut displays Arabic newspapers featuring the inauguration of President Donald Trump in 2017. The Arab world has generally welcomed Trump's return to the White House

Arab world welcomes Trump back to the White House

The Arab world has hailed Donald Trump’s successful bid to return to the White House, with his long-standing personal, business and political ties to the region bringing hopes of closer bilateral relationships with the United States for the next four years. The Emir of Qatar, Tamim bin Hamad Al Thani, was the first GCC leader […]

Saudi Electricity Company reported an 18 percent year-on-year growth in net profit to SAR6.9 billion

Saudi Electricity Q3 profit rises as revenue jumps 18%

Saudi Electricity Company, 75 percent-owned by the sovereign Public Investment Fund, reported an 18 percent year-on-year growth in net profit to SAR6.9 billion ($1.84 billion). Revenue jumped 18 percent to SAR28.3 billion from SAR23.8 billion a year ago driven by an increase in electricity production revenue. There was also continued growth in the subscriber base and […]

Enertsol Deep Well Services

Adnoc Drilling JV M&A war chest to rise to $2bn

Enersol Energy Solutions, the joint venture between Abu Dhabi’s Adnoc Drilling and the investment company Alpha Dhabi, is looking to expand its war chest by $500 million to $2 billion. The company has already spent $800 million on acquisitions this year. In its latest deal, the fourth since January, Enersol has acquired a 95 percent […]

President Donald Trump addresses supporters at a rally at the Palm Beach County Convention Center in Florida

Oil prices fall as Trump wins US election

Oil prices fell on Wednesday as the US dollar rallied on Donald Trump’s election as president. Investors believe a Trump presidency will bolster the dollar as interest rates may need to remain high to combat inflation resulting from any new tariffs and polices that may further pressure China’s economy, weakening demand there. Brent crude oil futures were down […]

Nature, Outdoors, Sea

Revenues of six Adnoc subsidiaries reach $24bn

Six subsidiaries of Abu Dhabi National Oil Company (Adnoc) collectively generated AED89 billion ($24.23 billion) in revenues and achieved net profits of AED16 billion in the first half of 2024. The performance was driven by strong growth strategies, state-run WAM news agency reported. Adnoc Distribution, 77 percent-owned by the UAE oil giant, saw a 12.9 […]

Saudi Arabia's finance minister Mohammed Al Jadaan on stage at the FII conference. The country's revenue has risen 12%

Saudi Arabia’s deficit rises again as oil output cuts bite

Saudi Arabia’s budget deficit was SAR58 billion ($15.5 billion) in the first nine months of 2024, rising by SAR30 billion in the third quarter alone and confirming predictions of a funding crunch for the country’s giga-projects.  The finance ministry said in October that it expects to post an overall deficit of SAR118 billion this year […]

Helmet, Adult, Male Third-quarter earnings before interest and taxes from Aramco’s hydrocarbon extraction business fell 12.9 percent year on year to $52.8 billion

Saudi Aramco blames lower sales for drop in profit

Saudi Aramco, the world’s largest listed oil company, reported a 21 percent drop in third-quarter net profit on Tuesday that it blamed on lower crude prices and sales volumes and shrinking refining margins. The state-controlled conglomerate made a net profit attributable to shareholders of $26 billion in the three months to September 30, down from […]

Drillships off the coast of Limassol, Cyprus. The country says Adnoc is interested in gas acquisitions in the region

Adnoc has expressed interest in Cyprus gas, minister says

United Arab Emirates energy major Abu Dhabi National Oil Co (Adnoc) has expressed interest in Cyprus’ emerging natural gas sector, the country’s energy minister told Reuters on Monday. Major gas discoveries and developments off Egypt and Israel have attracted companies to offshore developments in the eastern Mediterranean in recent years, while state-owned Adnoc sees gas […]

Eni had paused its operations at the Zohr gas field but plans to resume drilling in Egypt by the end of the year

Italy’s Eni will restart gas drilling in Egypt and Libya

Italian energy company Eni is reviving its exploration operations on Zohr, Egypt’s largest natural gas field, by the end of the year, its CEO confirmed on Monday. “After some time, we were not really working on Zohr, we will restart drilling by the end of the year, and we are going to drill another well […]

UAE energy minister Suhail Al Mazrouei said the UAE is a model for an ambitious and practical transition to clean energy

UAE to invest $54bn to meet sustainable energy goals

The UAE plans to invest up to AED200 billion ($54.4 billion) to meet sustainable energy demand over the next six years, minister of energy and infrastructure Suhail Al Mazrouei has said. The move intends to “decarbonise economy and achieve net-zero emissions by 2050”, the UAE state-run Wam news agency reported. “Our efforts to diversify the […]

More oil could come from Opec producer Iran as Tehran has approved a plan to increase output by 250,000 barrels per day

Oil trades in tight range ahead of US election result

Oil prices traded in a narrow range on Tuesday ahead of what is expected to be an exceptionally close US presidential election, after rising more than 2 percent in the previous session as Opec+ delayed plans to hike production in December. Brent crude futures were up 45 cents, or 0.6 percent, to $75.53 a barrel by 12:26 […]

Employees at Sabic's Jubail manufacturing site; increased prices for products helped raise profits

Sabic announces SAR1bn profit in dramatic turnaround

Saudi Arabian petrochemical giant Sabic (Saudi Basic Industries Corp) has announced profit in Q3 2024 of SAR1 billion ($266.2 million) in a marked turnaround from the same period last year. In 2023, the company reported a Q3 loss of SAR2.88 billion. Revenues in Q3 2024 were up 3 percent year on year, and the company […]

Investors check prices at Oman's stock exchange. OQ Base Industries is due to list in December

OQ’s methanol unit is latest in Oman’s privatisation push

OQ Base Industries is to sell up to 49 percent of its shares through an initial public offering in Oman – the fourth flotation of an OQ subsidiary since March 2023. The Omani state oil company raised OR748.8 million ($1.94 billion) in October by offloading a 25 percent stake in its upstream subsidiary OQ Exploration […]

A worker at Nahr Bin Umar oil field, Iraq. Brent and WTI posted weekly declines of about 4 percent and 3 percent, respectively, last week

Oil gains 3% after Opec+ delays output hike

Oil prices rose about 3% on Monday on a decision by Opec+ to delay by a month plans to increase output, while the market braced for a crucial week that includes the US presidential election. US Democratic candidate Kamala Harris and Republican Donald Trump remain virtually tied in opinion polls ahead of Tuesday’s election day, […]