Energy Opec+ unlikely to adjust output before June meeting Opec+ is unlikely to make any oil output policy changes until a full ministerial gathering in June, three Opec+ sources told Reuters ahead of next week’s gathering of ministers that is not expected to make any policy recommendations. The Organization of the Petroleum Exporting Countries and allies led by Russia, known as Opec+, will hold […] March 27, 2024
Energy China’s energy security is ‘set in stone’ says Aramco CEO Saudi Aramco’s dedication to China’s energy security is “set in stone”, President and CEO of the state oil company Amin Nasser has said. “China has a vitally important place in our global investment strategy,” he said in his speech at the China Development Forum 2024. “Aramco was among the leading direct investors in China last […] March 26, 2024
Renewable Energy Germany’s Nordex to invest $1bn in Turkey’s wind energy sector German wind turbine maker Nordex plans to invest €1 billion ($1.1 billion) as part of its expansion strategy in Turkey. The company aims to increase its wind energy capacity by 1 gigawatt (GW) next year from the existing 3.5 GW, state-owned Anadolu Agency reported, quoting CEO Jose Luis Blanco. He said that Ankara will be able to […] March 26, 2024
Opinion Oil & Gas Oil traders ponder Putin’s reaction to Moscow attack, and decide: buy Russia's response can only mean upward pressure on crude markets March 25, 2024
Energy Oman signs LNG supply pact with Germany’s Sefe State-backed Oman LNG has signed a three-year pact to supply 0.4 million metric tonnes per annum (mtpa) of liquefied natural gas (LNG) to German headquartered Sefe Secure Energy for Europe (Sefe) from 2026. The binding term sheet was signed in August 2023, with the formal agreement being signed during the Berlin Energy Transition Dialogue 2024, […] March 24, 2024
Energy US Republicans call IEA an ‘energy transition cheerleader’ Members of the US Republican Party have hit out at the International Energy Agency, criticising its latest forecasts and accusing it of becoming an “energy transition cheerleader”. Leaders from the Republicans, who hold the majority in the Congress, have opened a joint probe into the Paris-based watchdog this week, accusing the agency of straying from […] March 22, 2024
Economy Qatar’s gas expansion plans to drive budget surplus until 2030 Qatar is expected to retain budget surpluses until 2030, driven by an increase in gas production at the North Field Expansion (NFE) project, Fitch Ratings has said. The budget surplus is forecast at 8.6 percent of GDP in 2024, compared to 9.3 percent percent in 2023, the rating agency said in a report. “Oil and […] March 21, 2024
Energy Arab Energy Fund reveals second year of record income The Arab Energy Fund, previously known as Apicorp, has announced a second consecutive year of record net income. The fund, which is based in Riyadh and focused on the Mena energy sector, announced net income of $225 million in 2023, up by more than half on 2022’s figure. The Arab Energy Fund (TAEF) said the […] March 20, 2024
Analysis Renewable Energy Kuwait playing catch-up with latest renewables strategy Kuwait still has a way to go on its energy transition, industry experts say, despite the announcement of a 20-year renewables strategy. Salem Al-Hajraf, minister of electricity, water and renewable energy, said on March 7 that the country is targeting carbon neutrality by 2050. “We … need an increase in solar energy, which is considered […] March 20, 2024
Trade Turkey imposes dumping duties on solar panel imports Turkey plans to implement anti-dumping measures on solar panel imports from five countries to combat unfair competition, according to a local media report. The countries are Vietnam, Malaysia, Thailand, Croatia and Jordan, state-run Anadolu Agency reported, citing the government’s official gazette. The solar panel imports will be subject to a fee of $25 per sq m, […] March 20, 2024
Renewable Energy Masdar to buy 50% stake in US green energy producer UAE’s clean energy company Masdar has signed a deal to acquire a 50 percent stake in Terra-Gen Power Holdings II, one of the largest independent renewable energy power producers in the US. Masdar will buy the stake from Energy Capital Partners, a US investment company. No financial details on the deal were shared. Igneo Infrastructure […] March 20, 2024
Renewable Energy Energy transition strategy ‘visibly failing’, says Aramco CEO Saudi Aramco’s chief executive believes the current global energy transition strategy is “visibly failing on most fronts” and needs an urgent reset. Despite $9.5 trillion of investment in the past two decades, other energy sources have still not scaled up sufficiently to offer an alternative to hydrocarbons, Amin Nasser told the CERAWeek by S&P Global […] March 19, 2024
Oil & Gas Iran gives local companies $13bn to lift oil output Iran has announced contracts with local companies worth more than $13 billion to boost its oil output. The sanctions-hit country wants to develop six oil fields to add around 400,000 barrels per day (bpd) and will rely on domestic expertise, Iran’s official news agency, Shana reported on Sunday. The agency said that the deals were […] March 18, 2024
Oil & Gas Kuwaiti oil major to buy 50% of Italian biodiesel producer The Italian subsidiary of Kuwait Petroleum International (KPI), the international downstream subsidiary of state-owned Kuwait Petroleum Corporation (KPC), has signed an agreement to purchase 50 percent of Eco Fox, an Italian biofuel producer. The deal will help develop, produce and distribute sustainable biofuels that will reduce carbon emissions in the transportation sector, state-owned Kuna news […] March 18, 2024
Renewable Energy Morocco offers new incentives for green hydrogen investors Morocco has launched new incentives to attract investors in green hydrogen projects. The Rabat government has allotted 1 million hectares (almost 3,900 square miles) of land for new projects as part of its “hydrogen offer,” the office of Morocco’s prime minister, Aziz Akhannouch, said in a statement. The first phase involves making 300,000 hectares of […] March 17, 2024
Oil & Gas IEA predicts oil supply will turn to deficit in 2024 Global crude markets supplies will shift from surplus into deficit in 2024, the International Energy Agency (IEA) has predicted, implying higher hydrocarbon prices. The Paris-based watchdog raised its forecast for this year’s oil demand on Thursday on an improved outlook for the US economy and increased bunker fuel use, as attacks by the Houthis on […] March 15, 2024
Oil & Gas US approves $500m loan for Bahrain oil project The US export credit agency has approved a $500 million loan guarantee for Bahraini state-backed Bapco Energies. The Export-Import Bank of the United States (Exim) board of directors greenlit the project after voting last month to notify Congress about potentially supporting the expansion of an oil and gas field in the Gulf nation. JP Morgan […] March 15, 2024
Energy Turkey to conduct new oil explorations in Black Sea Turkey will undertake three hydrocarbon explorations in the Black Sea this year, the country’s energy and natural resources minister, Alparslan Bayraktar, has confirmed. “One of the goals in the vision of 2053 is to end Turkey’s energy dependency. This is such a great goal that it will affect the face of Turkey and the future […] March 15, 2024
Oil & Gas Oil prices edge up following crude outlook reports Oil prices rose early on Wednesday, supported by Opec’s encouraging outlook for crude demand and a report by the US Energy Information Administration (EIA) forecasting tighter world oil supplies. Brent prices traded up 1 percent, close to $83 per barrel, while West Texas Intermediate was up the same at just over $78 per barrel. Saudi […] March 13, 2024
Energy Adnoc and BP suspend bid for Israel’s NewMed Energy Abu Dhabi state oil company Adnoc and BP have suspended a proposed $2 billion bid to buy a major stake in Israel’s NewMed Energy as a result of the ongoing conflict in Gaza. The Tel Aviv Stock Exchange-listed natural gas operator, part of the Israeli conglomerate Delek Group, said on Wednesday that the deal was […] March 13, 2024
