Opinion Oil & Gas Iran, Israel and the one simple question for oil markets Geopolitical pressures are building on global energy markets April 15, 2024
Oil & Gas UAE’s Adnoc explored acquiring BP Abu Dhabi National Oil Company (Adnoc) explored the possibility of acquiring British oil major BP but abandoned the plan as it did not fit into its strategic growth objectives, a media report said. The talks did not advance beyond the initial stages, Reuters reported, citing informed sources. The UAE state oil company also sought advice […] April 14, 2024
Oil & Gas Opec stands by predictions for oil demand growth Opec predicts robust fuel use this summer and has stuck to last month’s forecast of relatively strong growth in oil demand in 2024 and 2025. The oil producers’ organisation predicted in its monthly report that global demand will rise by 2.25 million barrels per day (bpd) in 2024 and by 1.85 million bpd in 2025. […] April 12, 2024
Oil & Gas British companies strike deal on Moroccan offshore gas licences Two British energy companies have completed a deal over stakes in two offshore Moroccan gas licences. The transaction between Chariot Energy and Energean, announced Wednesday, involves the Lixus and Rissana offshore licences. The Lixus Offshore licence covers an area of sea north of Rabat of approximately 1,800 sq km, with water depths ranging from the […] April 11, 2024
Oil & Gas Oil price to hit $100 if Opec+ cuts continue says Vitol chief Crude prices are likely to reach $100 per barrel in 2024 if Opec+ maintains its output cuts, a global commodity trader has said. The supply-constrained market has already reached an average price of $83 per barrel this year, S&P Global Commodity Insights reported, quoting Vitol CEO Russell Hardy’s speech on Tuesday at a summit in […] April 10, 2024
Opinion Oil & Gas Qatar’s role as LNG colossus will grow with North Field Geopolitics, high oil price and LNG demand are upsides for Qatar April 9, 2024
Energy ADIA joins $600m fundraise by Indian power company Indian power company, JSW Energy Limited, has raised 50 billion rupees ($600 million) by selling shares to institutional investors, which includes UAE sovereign fund Abu Dhabi Investment Authority (ADIA). The qualified institutions placement was 3.2 times oversubscribed, including global asset managers such as GQG, Blackrock, Nomura, Wellington, and UBS the Indian company said in a […] April 7, 2024
Energy Aramco and Shell near final stage of Pavilion Energy talks Saudi Aramco and Shell, which are competing to buy the assets of Singapore’s Temasek-owned liquefied natural gas (LNG) trading firm Pavilion Energy, are now locked in price negotiations after completing the due diligence process, three sources with knowledge of the matter said. The potential sale comes a decade after the Singapore state investment firm set up Pavilion […] April 7, 2024
Opinion Economy Economic diversification is the GCC’s top priority Saudi Arabia has taken great steps to diversify its economy – Kuwait must follow suit April 3, 2024
Oil & Gas Abu Dhabi’s Lunate buys stake in Adnoc’s pipelines US companies Blackrock and KKR have sold their 40 percent stake in Abu Dhabi National Oil Company’s (Adnoc) oil pipeline infrastructure assets to Abu Dhabi alternative investor Lunate. Lunate is backed by Abu Dhabi sovereign wealth fund ADQ and has $105 billion of assets under management. The acquisition was made by one of Lunate’s funds. […] April 3, 2024
Oil & Gas Aramco invests $8bn to raise gas output by 60% Saudi Aramco is building on its natural gas reserves to free more crude oil for value-added refining and export. As part of the strategy, the oil giant has awarded engineering, procurement and construction contracts worth $8 billion for a major expansion of its Fadhili gas plant in the Eastern Province. The contracts for the gas […] April 3, 2024
Economy Saudi-listed companies’ total profits tumble by 17% The total profits of Saudi-listed companies fell 17 percent year on year to SAR126.8 billion ($33.8 billion) in the fourth quarter of 2023, research has found. The drop has been attributed to the country’s economic contraction as oil production cuts continue. But sectors such as banks, insurance, transport and pharmaceuticals showed improvement in Q4, reflecting […] April 2, 2024
Oil & Gas Adnoc Gas to invest $13bn in domestic and international growth Adnoc Gas plans to invest more than $13 billion in domestic and international growth opportunities over the next five years, chairman Sultan Al Jaber told the company’s annual general meeting on Monday. Al Jaber said that the company was progressing with several “significant’ projects to accelerate its growth. Predictable margin business was expected to increase […] April 1, 2024
Opinion Oil & Gas The IEA and Opec: 50 years of prickly co-existence The two organisations were managing to get along until climate change entered the equation April 1, 2024
Oil & Gas Oil prices rise again ahead of Opec+ talks on Wednesday Crude oil prices consolidated on Monday, following a run of increases in the first quarter, fuelled by signs of recovery in China, tighter supplies by the Opec+ producers and geopolitical tensions. Brent was trading slightly higher at $87.28 a barrel in the morning, while West Texas Intermediate rose to $83.45. Brent has gained about 15 […] April 1, 2024
Energy Adnoc cuts Upper Zakum exports to fuel its refinery Exports of Upper Zakum crude from the UAE fell sharply in March after Abu Dhabi National Oil Company (Adnoc) diverted more supply to its own refinery and boosted shipments of its lighter Murban oil, according to traders, analysts and shipping data. The swap in oil grades at Adnoc’s Ruwais refinery has tightened medium-sour crude supply […] April 1, 2024
Analysis Oil & Gas Iran’s gas ambitions under pressure Iran has trebled its natural gas production in 10 years, becoming the largest producer in the Middle East. But Qatar’s expansion of its liquefied natural gas (LNG) production in the world’s largest natural gas field, shared by the two nations, is likely to undermine Tehran’s output ambitions, analysts say. Iran holds the world’s second-largest gas […] April 1, 2024
Oil & Gas Adnoc begins output at new block off Abu Dhabi Abu Dhabi state oil company Adnoc has commenced crude oil production from its Belbazem offshore block to achieve its strategy of producing five million barrels per day (bpd) by 2027. The block is operated by Al Yasat Petroleum, a joint venture between Adnoc and China National Petroleum Corporation (CNPC), the UAE state-owned Wam news agency […] March 28, 2024
Oil & Gas Oil industry needs trillions in investment, says Opec chief The global oil and gas industry needs trillions of dollars in investment to sustain stable supply and meet growing energy demand, the secretary general of Opec has warned. Haitham Al Ghais said this week that the upstream sector needed more than $11 trillion, the downstream sector would need just under $2 trillion, and the midstream […] March 27, 2024
Economy Saudi exports fall 10% on oil output cuts Saudi Arabia’s exports fell by more than 10 percent in January compared to the previous year due to a reduction in oil exports. The Saudi economy has taken a hit from Opec+ oil output cuts over the past year, although non-oil exports rose slightly by 0.8 percent. Riyadh promoted the cuts in an effort to […] March 27, 2024
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
