Energy Foreign ship in Gulf waters detained for ‘smuggling fuel’ Iranian authorities seized a foreign ship attempting to smuggle fuel out of the country and detained its crew, state news agency IRNA said today. Iran, which has some of the world’s cheapest fuel prices due to heavy subsidies and the plunge in value of its national currency, has been fighting rampant fuel smuggling by land […] May 18, 2022
Energy Borouge to sell 10% of shares in IPO as it lists on ADX Abu Dhabi National Oil Company (ADNOC) and its Austrian chemicals partner Borealis AG are planning an initial public offering (IPO) of their petrochemicals joint venture Borouge on the Abu Dhabi Securities Exchange (ADX). Borouge, a specialty plastics firm that produces polyolefins used in items such as cars and food packaging, said its offering will consist […] May 18, 2022
Analysis Sustainability Oman: the next hydrogen energy superpower With lengthy daytime sun, strong overnight winds and an accessible coastline, H2 investors and developers have long admired Oman, dubbed a “future renewable superpower,” by green energy titans. The government has noticed their admiration, and is looking to hydrogen to help power the oil-rich country’s energy grid and recharge its fossil fuel-reliant economy. Since announcing […] May 17, 2022
Energy Saudi puts its energy into increasing oil output Saudi Arabia is on track to lift oil production capacity by more than 1 million barrels per day to over 13 million by the end of 2026 or start of 2027, the energy minister said on Monday. Prince Abdulaziz bin Salman told an energy conference in Bahrain that production could be maintained at that level should market […] May 17, 2022
Energy Israel ramps up gas output, looks to supply Europe Israel is on track to double its natural gas production to 40 billion cubic metres and hopes to sign a framework deal with Europe this summer May 16, 2022
Energy Strong oil prices lift Saudi Aramco profits by 82% State-owned oil producer Saudi Aramco yesterday reported an almost 82 percent rise in first-quarter net profit, broadly in line with analyst forecasts, helped by strong oil prices. Aramco, which is at par with Apple Inc as the world’s most valuable company, reported a net income of $39.5 billion for the quarter to March 31 from […] May 16, 2022
Opinion Energy Short supply and rising demand to sustain oil at $100 a barrel The market is feeling the consequences of an underinvestment in hydrocarbons projects May 12, 2022
Energy ‘Ghost armada’ tankers go dark to ship sanctioned Iranian oil The "ghost armada" tankers are busier than ever, and shipping bigger cargos. They mostly supply Asian markets, according to analysts May 12, 2022
Energy Aramco takes bite out of Apple as world’s most valuable company Saudi Aramco overtook US tech giant Apple as the world’s most valuable company yesterday, fuelled by a rise in oil prices The same global economic drivers that are buoying the energy company’s profits are adding to an inflation surge, dampening demand for technology stocks. Aramco traded near its highest level on record, with a market capitalisation […] May 12, 2022
Energy Germany and Qatar ‘at odds over LNG deals’ Germany and Qatar’s talks over liquefied natural gas supply deals have run into difficulties, according to three sources familiar with the negotiations. Berlin needs to secure large volumes of LNG to reduce its dependence on Russian gas, but sources said the Germans were reluctant to accept Qatar’s condition that they sign deals lasting at least […] May 10, 2022
Energy Sharp oil rise swings Oman budget into the black Oman’s budget recorded a surplus of 357 million rials ($929.7 million) by the end of the first quarter, boosted by a more than 70 percent rise in oil revenue as output and prices surged, finance ministry data showed. That compared with a deficit of 751 million rials in the same period a year earlier, the […] May 10, 2022
Energy Lack of investment to blame for fuel price surge, says minister The gap between crude prices and prices for jet fuel, diesel and gasoline was around 60 percent in some cases due to lack of investment in refining capacity, Saudi Arabia’s energy minister Prince Abdulaziz bin Salman said yesterday. The prince, speaking at an aviation summit in Riyadh, said the world needed to look at energy […] May 10, 2022
Energy EU ‘may offer sweeteners to get its ban on Russian oil’ The European Commission is considering offering landlocked eastern European Union states more money to upgrade oil infrastructure in a bid to convince them to agree to an embargo on Russian oil, according to an EU source. The measures are part of a package of new sanctions against Russia for its invasion of Ukraine, but an […] May 9, 2022
Energy Abu Dhabi’s ADQ strikes $4.2bn investment deal with Greece The deal was agreed as the Greek prime minister, Kyriakos Mitsotakis, held talks with Crown Prince Sheikh Mohammed Bin Zayed Al-Nahyan in Abu Dhabi. May 9, 2022
Energy TotalEnergies says Yemen plant could take six months to restart TotalEnergies’ plant in Yemen is “preserved”, the head of the French oil major said on Thursday, though it could take some six months to restart operations there. “According to our assumptions, it could take six months to restart the plant,” Chief Executive Patrick Pouyanne said in a call, noting that the energy giant was not part of […] May 6, 2022
Analysis Energy Saudi Arabia leads OPEC move to drop energy watchdog’s data A decision driven by Saudi Arabia that OPEC+ should stop using oil data from the West’s energy watchdog reflected concern about US influence on the figures, said sources, adding to strain on ties between Riyadh and Washington. The Organisation of the Petroleum Exporting Countries and allies including Russia, a group referred to as OPEC+, has […] May 3, 2022
Energy Iran looks to boost oil cooperation with Venezuela Iranian Oil Minister Javad Owji said on Twitter on Tuesday that he met Venezuelan President Nicolas Maduro during his visit to the Latin American ally and that the two oil producers aimed to develop their cooperation. “Today I had meetings with the President of Venezuela, Mr. Maduro and other high-ranking Venezuelan officials,” Owji said on […] May 3, 2022
Analysis Energy Tapping oil stockpiles may not be enough to plug loss of Russian supply Top oil consuming nations may find that one of their main tools to fight high global oil prices – the release of strategic stockpiles – will prove inadequate to soothe markets starved of Russian supply since its invasion of Ukraine. The 31-member International Energy Agency, representing industrialised nations but not Russia, presided over the fourth […] May 2, 2022
Energy Turkey hikes gas prices, as inflation tops 60% in March Turkish state-owned energy importer BOTAS said it had raised natural gas prices for industrial facilities by 50 percent and those for households by 35 percent, raising the prospect of further stoking inflation, which is expected to top 60 percent in March. BOTAS also said natural gas prices for electricity production were going up by 44.3 […] April 29, 2022
Energy Oil will cushion Middle East from economic impact of Ukraine war The war in Ukraine will sharply reduce economic growth in the Central Asian region in 2022, but higher oil prices will partly cushion the blow for the Middle East and North Africa, the International Monetary Fund said on Wednesday. Both regions, however, will feel the impact of surging commodity prices, the IMF said, warning higher […] April 29, 2022
