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 […]
Opinion Oil & Gas Oil’s war risk premium and the GCC capital markets Investors can no longer ignore the imminent IDF-Iran war in the heart of the world's pre-eminent oil province
Opinion Oil & Gas The talk is of oil, but gas is most at risk in the Iran-Israel conflict Leaders must wake up to the threat to global gas supply
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 […]
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 […]
Oil & Gas 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 […] November 8, 2024
Oil & Gas 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. […] November 8, 2024
Energy 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 […] November 8, 2024
Analysis Oil & Gas 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 […] November 7, 2024
Oil & Gas 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 […] November 7, 2024
Trade 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 […] November 6, 2024
Energy 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 […] November 6, 2024
EXCLUSIVE Oil & Gas 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 […] November 6, 2024
Oil & Gas 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 […] November 6, 2024
Energy 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 […] November 6, 2024
Economy 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 […] November 5, 2024
Oil & Gas 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 […] November 5, 2024
Oil & Gas 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 […] November 5, 2024
Oil & Gas 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 […] November 5, 2024
Sustainability 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 […] November 5, 2024
Oil & Gas 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 […] November 5, 2024
Energy 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 […] November 4, 2024
Markets 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 […] November 4, 2024
Artificial Intelligence Adnoc pioneers agentic AI to boost production forecasts by 90% Highly autonomous artificial intelligence, known as agentic AI, is being used for the first time by Abu Dhabi’s state oil company Adnoc in the hope of massively increasing the accuracy of production forecasts. Adnoc’s CEO Sultan Al Jaber said in a speech on the first day of the Adipec energy conference in Abu Dhabi that […] November 4, 2024
Oil & Gas 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, […] November 4, 2024